Retail is a Sleeping Gianthttps://www.chutegerdeman.com/wp-content/uploads/2020/12/Retail-is-a-Sleeping-Giant.jpg1440428Chute GerdemanChute Gerdemanhttps://secure.gravatar.com/avatar/27b8b1d5d4480e694e1d763231b8e868?s=96&d=mm&r=g
This year hasn’t been your average success story. For many businesses, they’ve been humbled by the current circumstances across the world. Retail headlines are filled with doom and gloom, which is understandable, but in times of madness, we should look to the silver linings and learn from them. There is positivity in retail, and many stories have gone under the radar. We’re reopening our memories, reinventing relaxation and learning as we go. That said, let’s take a more-in-depth look at how 2020 is silently revitalizing retail.
Families are getting back to the basics. This year, we’re seeing more home-cooked meals, DIY projects around the house, and family-inclusive activities than ever before. Hasbro, one of the world’s leading toy and game brands, has seen its product sales grow over 20%. With the holiday season in swing, those numbers could grow even further. Courtesy of Netflix Original “The Queens Gambit,” paired with 2020’s stay-at-home cabin fever, chess is making a massive comeback. A game older than the U.S.A itself, one retailer saw their chess sales triple compared to last year. Truly a unique time to be alive, we’re reopening the door to some of our favorite activities that seemed to slip away from us over the years. It seems what goes around really does come around.
Hobby Turned Habit
Extra downtime enables consumers to revisit old hobbies. Perhaps no other activity has benefitted more from a global pandemic than golf. With limited options for fun, golf has become a safe haven for existing players and a new adventure and challenge for beginners. Data has shown that in July alone, rounds of golf have grown 20% nationwide, with more youth jumping into the sport. The impact this will have on the sport and its new fandom will further solidify interest in golf and it’s longevity. The rush to get a set of clubs has boosted some product sales by 93%,reaching record-breaking heights. As one of the safest options for a socially distanced activity, golf has seen the sport proliferate. New players have become catalysts for the sport’s future, giving retailers a revitalized hope in their product offering.
Vacations are different, or even non-existent, and attractive destinations are changing in current times. More individuals find themselves at peace in the great outdoors—discovering new and creative ways to enjoy and become connected to mother earth. The proof is clear; camping equipment sales reached $605m by June, seeing a 31% increase year-over-year. Rather than flying, consumers are opting for more traditional travel. RV sales tell the story, with local retailers entirely out of products at times and unable to keep up with demand. As a whole, the RV industry has seen almost a 5% increase in sales, even with three months of no consumer interaction.
We know that consumers long for retail, and the industry is not only changing, but it’s also adapting. Consumers have embraced forgotten favorites and are taking on new challenges. The longing for learning seems to be a theme we will be watching in the months to come. We believe retail will see a surge of benefits from these new consumer attitudes. With open minds and a desire for experience once again, we’re going to see retail disruption reach new heights in 2021.