For nearly a century, John Lewis has “never knowingly been undervalued” but the retailer is now positioning itself as “there for all of life’s moments” as it adapts to a profound shift in spending habits fueled by Covid-19 and rising living standards will cost.
The pledge aims to capitalize on what the department store chain calls “moments economy,” as Britons spend smaller amounts enjoying everyday life – from hosting a dinner party to celebrating a dog’s birthday – rather than splurging on offset events like foreign ones Public holidays.
The retailer’s annual How we shop, live and look report, released on Monday, finds that Brits have largely emerged from their lockdown lifestyles over the past 12 months as work and social life gradually returned to normal.
Women have abandoned the comfort of velor tracksuits and sports bras, sales of underwired bras and shapewear have surged, and demand for blazers has increased by 75%.
Sales of ironing boards grew by almost a fifth and wave stylers by 28%. Sales of smart menswear also rose 60%.
The return of commuting also played a prominent role, boosting demand for laptop bags and travel mugs by a fifth and 65% respectively.
The retailer has also halted sales of wall-mounted desks, while less time for lockdown hobbies meant bread box sales plummeted 42% as the sourdough love affair wore off.
As weddings, parties and family gatherings resume, sales of holiday hats rose 168%, while demand for champagne flutes and wine glasses rose 88%. Puzzles also suffered from the return to normal business operations, with sales plummeting nearly 70%.
Big fashion trends include the rise of baggy boyfriend jeans, up 85%, signaling a move away from skinny jeans after two years of casual wear.
But Brits’ newfound love for outdoor swimming has made high-quality wrap-around robes a high-street trend, with sales of the robes, made by brands like Dryrobe, doubling.
The study also underscores the rise of the Netflix party, with a quarter of Brits inviting friends and family to watch over the past year. And the Lionesses’ victory at the European Championships in July sent searches for football boots and sports bras skyrocketing on John Lewis’ website.
Bridgerton’s second series helped boost corset sales by a fifth, while the new Barbie film starring Margot Robbie inspired a ‘Barbiecore’ trend. Sales of pink lipstick and clothing are up 83% and 22%, respectively, which “leaves no question as to what color 2022 will be,” the retailer said.
Last month, John Lewis withdrew the 97-year “never knowingly undervalued” price promise that had become a stumbling block in an online world, saying it would instead focus on “everyday quality and value”.
The move is part of a “journey to reinvent our business,” according to John Lewis executive director Pippa Wicks, and is part of a restructuring that will include new ventures like renting apartments.
The “experience economy,” in which people spend their spare money on making memories, going on vacations, or throwing birthday parties, has fueled consumer spending over the past two decades.
But examining the shopping habits and social media feeds of millions of consumers made it clear to the retailer that “something has started to change,” Wicks said.
She said: “We are already synonymous with the big occasions, from Christmas to planning a nursery. We will be the place where people know they can come and bring a little joy to all of life’s moments.”
As the cost of living continues to rise, two-thirds of 5,000 people surveyed over the summer told the retailer they still want to party modestly with friends and family even when their finances are stretched. More than half of those surveyed said they would rather spend money on things that make them happy every day.
John Lewis plans to transform its stores in the coming months to allow customers to browse by “instant” instead of traditional departments like clothing and homeware.
Michelle Ogundehin, TV presenter and trendsetter, said: “People aren’t throwing dinner parties to show off their houses anymore. They buy table decorations and flowers to make more of the moment. There is a growing appreciation that we can light a nice candle and sit outside with friends and don’t have to be on a beach in Marbella.”
Rising up
Special occasion hats +168%
Swap Robes +100%
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Pet Accessories +100%
Champagne flutes and wine glasses +88%
Boyfriend jeans +85%
Women’s blazer +75%
Elegant men’s fashion +60%
Underwire bras +45%
Laptop bags +20%
ironing boards +19%
sink
Jigsaws – 68%
Velor Tracksuits – 50%
Bread boxes – 42%
Non-wired bras – 33%
Microwaves – 13%
Soup Maker – 12%
Wall Mounted Desks – Discontinued
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