When consumers speak about value, the meaning of the word has shifted. Instead of simply being about finding the best deal, the conversation around value is increasingly focused on sustainability and environmentally friendly purchasing decisions – the value they’re seeking reflects their concern over how their shopping habits will impact not only themselves but their community and the environment. The core question is: Will their financial investment – no matter how large or small – have a measurable, positive impact?
Having lived through an era of excessive spending and unsustainable consumption driven in large part by fast fashion, there is a rapid awakening among shoppers today. Thanks to an increasing awareness of issues like climate change and its role in our daily lives, consumers are beginning to take a closer look at their consumption habits and lean into the world of resale retail and secondhand shopping.
Understanding the Impact of Fast-Fashion Purchases
Thanks to a culture of swiping up and influencers’ impact on trends and their followers, fast fashion has emerged as an outlet that provides access to current trends at an attainable price for those who are financially constrained. However, due to the cheap price tag on these trendy products, consumers will quickly wear out their clothing and need to replace them sooner than if they purchased a higher quality option at a higher price – leading to growing piles of fashion waste in landfills around the globe.
The retail industry is one of the largest contributors to the impact our actions have made on the environment – and have had a lasting effect on air pollution, water consumption and pollution, along with waste accumulation. Fortunately, the consumer awareness surrounding environmental impact is continuing to grow, and gives consumers the ability to make mindful, intentional decisions about where they shop and what they purchase.
Discovering the Value of Resale Purchases on Spending and Item Quality
Now, while consumers are on the hunt for a more mindful, economic approach to their spending, they still want to experience products that are authentic and unique to their ever-evolving identity – and with the availability of the five brands under the Winmark umbrella, consumers have access to high-quality used items from clothes to musical instruments and sports equipment that support their need for value out of each purchase.
As we continue to watch consumer trends through the end of 2020, the retail industry has seen a radical transparency in the value of clean products, services and places, along with a desire to spark joy dominating the consumer mindset and a demand for greater longevity from their purchases – making any of the Winmark franchise brands an ideal opportunity for potential franchise candidates.
Adapting to a Growing Population with Limited Space
Along with the value that resale retail brings to the consumer market, it also offers a solution to shrinking spaces as urbanization rapidly increases. By 2050, 68 percent of the world’s population is projected to live in urban areas – shrinking available space in the home, office and shared environments for every consumer purchase. As a result of this rapid urbanization, consumers will not only have to cut down on their spending habits, but also consolidate their current belongings and efficiently utilize their space.
With the addition of a Winmark franchise brand within a community, consumers have the ability to supply their community with quality used items as well as decrease their contributions to the waste produced by the retail industry. Additionally, the sharing economy is incredibly well-positioned to help consumers attain a convenient shopping experience and more sustainable consumption habits.
As we continue to look to the future and how we can change the outcomes of our actions on the environment, consumer trend reports expect to see ethical business philosophies increase and the sharing economy evolve beyond the economic benefits to the environmental and social benefits by 2025, and by 2030 expect to see the sharing economy force urban planners to focus on an efficient use of resources and space.
Since 1988, Winmark has been making a difference within the resale industry, and continues to help spread awareness of the benefits of resale shopping bring to the consumer. Adding a Winmark franchise brand to your community creates a space for affordable, high-quality and convenient items and offers community members the ability to maximize their space and the constraints of their budget.
If you’re interested in providing access to items of higher value at a sustainable price, get started by downloading any of our franchise reports.