Budget alternatives to pricey originals
Implications - The recession has restricted the ability for some to indulge in certain goods, but a variety of alternatives are popping up to semi-satisfy those desires. Consumers are becoming more creative and open-minded, actively seeking ways around restrictions and becoming open to budget-friendly compromises.
1. Affordable Luxury - The recession has seen a rise in affordable alternatives for high-end fashion, such as budget-friendly luxury fashion lines and accessible rental services.
2. Fast Fashion - The success of fast fashion in the clothing industry has led to the expansion of the concept into home furnishings and interior design, allowing for trendy updates to home decor on a budget.
3. DIY Apparel - Consumers are seeking greater control over their fashion choices and are expressing this desire through the popularity of do-it-yourself fashion products and customizable clothing options.
1. Fashion Retail - Fashion retailers can take advantage of the demand for affordable luxury by offering budget-friendly high-end clothing lines and accessible rental services.
2. Home Furnishings - Expansion of the fast fashion concept into home furnishings presents an opportunity for companies to offer trendy, seasonal updates to home decor at affordable prices.
3. E-commerce - The popularity of customizable clothing and do-it-yourself fashion products presents opportunities for e-commerce companies to offer more personalized shopping experiences.