Abundance of Choice and Perpetual Motion

As competition for the consumer dollar increases, the amount of choice from individual product categories is overwhelming. The abundance of choice has lead consumers to become more discerning in their approach to purchases. Companies, publications and websites exist specifically to help consumers find the right products to suit their individual needs, such as taste, size or colouring.

Key drivers:

• Consumerism/rising affluence: consumers have greater buying power and are spending more
• Individualism/customisation: companies and consumers driving amount of choice
• Retail competition: fashion is democratised
• Connectivity: increased access to 24/7 shopping
• Globalisation: improved access to global brands/retailers
• Mass marketing and production

Key consumer segments:

• Affluent females: working, independent women, looking to assert their independence expect choice
• Transumers: well travelled, wealthy consumers exposed to global markets
• Generation X, Y, millenials: consumers who have grown up with choices (eg. Coke, Diet Coke, Lemon Coke, Pepsi etc)
• Baby boomers: wealthiest generation in history, own everything they need, enjoy the luxury of choice

More choice means greater discernment and expectations

Today’s experienced, well-informed consumers have a long list of high expectations that they apply to each and every product, service and experience on offer. Consumers now enjoy doing research, ‘competitive analysis’ and benchmarking, and often do it far more diligently than most corporations. Intelligence on the best, cheapest, most original and relevant products has never been so openly available to consumers.

Proliferation of choice is showing no sign of slowing down with companies such as Ralph Lauren allowing consumers to customise their own polo shirts.

• A medium sized supermarket today has around 22,000 product lines compared with a late 1960’s supermarket that stocked a mere 2,000
• US consumers buy twice as much clothing as they did 15 years ago
• Women in the UK buy 10 times more clothing than they did 10 years ago
• By 2010, China is expected to have 250 million consumers who can afford luxury products: 17 times the present number

Online fashion retail benefits time conscious consumers

Growth of online fashion retail simplifies the purchase process for consumers, but also adds to the abundance of choice. Companies such as amazon.com are simplifying choice for consumers by providing recommendations based on previous purchases and preferences.

Consumers are also providing online recommendations based on their own purchase experiences through blogs, with approximately 120,000 new blogs being created everyday.

The world has changed pace. Trend cycles are shorter, lifestyles are faster, information is instant and available 24/7, all whilst consumers’ attention spans are diminishing.

Products allow us to live on the run and maximize time

• Mobile internet: browse and interact direct from your mobile phone, ie. ebay, msn, news, mobile t.v
• Mobile commerce: buy products from your mobile phone or download music from the iTunes store for your ipod
• Wireless internet access: work on the train or at the coffee shop from your mobile, blackberry or laptop

Merino wool - the perfect choice for today’s fast paced environment

Faced with an abundance of choice, consumers will always look for quality. Merino wool is the smart, timeless and versatile fibre choice, with the added advantage of being produced in a natural, sustainable manner.

Time is the most precious commodity for today’s consumers, and thanks to evolution and innovation, Merino wool has easy care, quick dry qualities, making them practical and convenient for time-poor consumers. The transeasonal attributes of Merino wool also make it the perfect apparel choice for busy professionals - providing protection from the cold in the harsh outdoor weather whilst providing comfort in air conditioned environments such as offices, public transport and planes.

Recognised by many as the most luxurious natural fibre in the world, Australian Merino wool offers all the qualities that today’s consumers need and expect from their garments.

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