Consumers turn to trading to save money and contribute to a good cause
Implications - An increasing number of consumers are turning to swapping, instead of shopping, to acquire new products and services. The trend in swapping comes from the new direction in 'collaborative consumption,' in which consumers are embracing consumption activities that help better the entire community in addition to the individual. Trading among friends and neighbors helps to create an overall feeling of trust and community; it brings people together while allowing any single consumer to save money and contribute to a charitable cause.
Trend Themes
1. Collaborative Consumption - Consumers are embracing consumption activities that help better the entire community in addition to the individual.
2. Swapping Economy - An increasing number of consumers are turning to swapping, instead of shopping, to acquire new products and services.
3. Social Entrepreneurship - Businesses are using their platforms to support good causes and create social change.
Industry Implications
1. Retail Industry - As consumers engage in collaborative consumption and swapping, retail businesses can offer alternative models and explore opportunities for community-building and social impact.
2. Technology Industry - As technology has become outdated so rapidly, tech and e-commerce companies can explore swap and trade-in programs as a way to reduce electronic waste and promote sustainable practices.
3. Fashion Industry - Fashion professionals can shift away from disposable fashion and explore opportunities for swapping, reselling, and vintage clothing as a way to reduce waste and create sustainable practices.
