Here, three ways you can tailor your startup to capitalize on the trends:
1. Offer an affordable splurge. While consumers still lust after designer brands, they are demanding deals. In the past 5 years, 73 new sample sale websites — like Gilt.com and HauteLook.com — have launched, hawking luxury goods at a discount. IBISWorld expects there to be 89 such sites by the end of the year.
2. Create more personalized options. Shoppers are more likely to crack their wallets if what they are buying has been tailored specifically for them. The market for colorful, individualized tech gadgets is expected to do well this year. And in this vein of personalized goods, the report noted that consumers are willing to spend on adjustable beds and personalized mattresses.
3. Show how your product is a healthy and/or eco-friendly choice. Americans are increasingly willing to spend more money on their health and the environment, according to IBIS World data.
Photo by Philip Taylor