A fashion ‘pick-me-up’ continues to provide a shining light amidst the bleakness
BY WENDY LONG
Another evening, another dinner appointment – on a Monday night! This would’ve been rare pre-COVID-19, but now does it matter that it’s on a weekday? Or a public holiday? Why does remote working make everything seem like one big square in the calendar? Or perhaps it’s just me filling up my planner with social dining appointments as I try to forget the daunting fact that the last time I boarded an airplane (that actually flew to somewhere) was before the start of the year. The next time I’ll board a plane (to cross over oceans and not just to have a meal above the tarmac) will most likely be next summer – if I’m lucky! I’m already bracing myself for yet another forgotten spring.
At this (by now) seemingly routine weekday dinner, as I walked into the private room, I was greeted by the first guest who had already arrived minutes ahead of anyone else. You know, the ones who are ‘late’ if they arrive on time because they are always very politely early. He welcomed us (latecomers) with a sparkling smile, hearty laughter, and wide-open arms, and I immediately returned the exuberant greeting with a genuine compliment, “I love your jeans! Are they Balmain? Those biker seam details at the knees are a giveaway!” I’m glad I made the right guess for – I suspect – that’s the real reason behind the glow on my friend’s face, and I could totally relate to that. “Aren’t they lovely? What do you think of my Gucci shirt and Saint Laurent sneakers? DHL delivered these just hours before our dinner. What perfect timing – fresh out of the box!” The joy of unboxing knows no boundaries, as we could all secretly attest to that.
At our subsequent dinners and Sunday brunches – there are many such occasions – the same friend will always have a new outfit to wear to our gatherings! All promptly delivered by courier and purchased on Mr Porter! Yes, I know we are in the midst of uncertain times, and perhaps it’s wise to be prudent. Although a little retail therapy wouldn’t hurt, would it? After all, we are all stranded on our tiny island, adjusting to a new normal, and with the festive season just around the corner, everything about December
that we used to know will now be in disarray. We will have to revitalize the holiday spirits. Just the other day, as I walked by a boutique (an internationally known brand) with rows of mannequins dressed up in ski gear, I thought to myself, who’s going skiing? Who’s buying this stuff now?! I believe this is the same dilemma faced by retailers with inventories that follow the northern hemisphere seasons. How does one sell cashmere, wool, and fur to consumers who are stranded in the tropics? Perhaps that is why I’ve been dancing the rain dance, as I’m hoping the temperature will plummet, low enough for me to not look ridiculous in sweaters and boots, right here in sunny Singapore. Though I had long thrown senses to the heat, wearing said items, nonetheless – warm weather be damned!
The festive year-end season is the peak period for retailers. It’s (supposed to be) the most wonderful time of the year for both retailers and consumers, where it’s ka-ching! all the way. If retailers do not capitalize on this season, they will miss out on a massive chunk of their balance sheet. So how should they react to this unusual year-end season, which is unlike anything anyone has ever experienced?
There is a huge advantage, for starters, with most of the population being stuck here and not traveling. That’s literally a captive market. What would usually be an outflow, as this group of consumers previously shop overseas during their travels, is now a prime target market. They are not traveling anywhere anytime soon. The main competition will then be online spending on overseas websites. What should retailers here do to redirect consumer spending to domestic expenditures?
For instance, take my friend who bought all these fashion items online instead of from the boutiques right here in our malls. What should retailers do to capture this market share? How do we get consumers to go back to the malls and shop in the boutiques? Of course, local retailers can and should enhance their online presence to provide more opportunities for consumers to shop. However, they should bear in mind that once a potential consumer is in the virtual realm, there’s no stopping them from opening another browser and surfing through a competitor’s website almost simultaneously, making it even more competitive than it already is. Therefore, the key factor is to beef up the in-store experience by enhancing consumer interaction; once they are already in the boutiques, the probability of making a purchase will increase as consumers tend to make impulse purchase decisions more often than not in stores. Besides, after months of being ‘trapped’ at home, consumers are also more likely to be out shopping, redefining retail ‘therapy’.
Even in this current bleak economic climate, spending has not come to a complete halt. It’s human nature to desire a ‘pick-me-up’, especially in dire times. It’s the spending patterns that have changed. So, understanding what consumers are looking for right now is paramount.
At the start of the pandemic, most people were stricken by fear of the unknown. There was a sense of apocalyptic chaos, hence the urge to stock up on essentials like food, toiletries, medical supplies, and the like, though the concept of essential is highly subjective. A friend of mine had her favorite chocolates shipped in from Paris and Zurich, anticipating an imminent procurement challenge amidst lockdown.
By now, we have all been conditioned to accept the new reality, so there is less fear of the unknown, less hoarding of essentials but more focus on the little and simple luxuries (as we choose to define it) to feel pampered – even if it’s for a fleeting moment.
Previously, the year-end season is synonymous with travel, and we associate holidays with trips. My take is that consumers want to feel the joy of being transported to another destination while stuck here. They want to feel like they are going on a vacation, a sense of escapism from this COVID-19 reality. It’s about selling the idea of travel – a redefinition of the holiday season that does not involve leaving the country. It’s about recreating the mood and holiday spirit right here, right now. Consumers will spend on products and experiences that give them a sense of being on vacation, of being transported subliminally to a dream destination. It’s all about evoking an experience through sensory stimulation — like the scent of fig and pine, the taste of hot apple cider, the chilly temperatures in an enclosed space, etc. I think most people have had enough with virtual reality and, more importantly, it’s about interpersonal social communication. The exchange of love, kindness, care, joy, the sharing of affection, laughter, and happiness with those that matter to us — that is the true spirit of the season.
As we unwind and reflect upon this most unusual year, and make a list of the gifts with the respective recipients, let us remember to count our blessings for surviving this far and rejoice in the little victories. With a bit of help from Santa’s helpers — for we all should spoil ourselves a little, too, as we deserve it!