The past few years of the decade has brought in several changes to the retail sector, especially in terms of the fashion industry. Even though the global market for the industry has thrived, the shopping trends of the people has changed considerably. People have now become conscious of the things happening around the world, especially in terms of the environmental damage that the fashion industry is bringing forth. For that matter, the demand for luxury goods has also increased. Industries cannot afford to lose sight of the important trends and developments going around its sector anymore. They might risk their business in the hands of their competitors in such cases. Especially in terms of the jewellery industry, a major change has been the growth of lab grown diamonds uk, keeping in mind their affordability and environment friendly production techniques. Here are few of the changes in shopping trend in the last 5 years:
- Growth of online shopping:
This might be the most prominent change in shopping trend in the last few years as consumers have considerably shifted from retail shopping to online means. With the Covid-19 pandemic disrupting the economy majorly, consumer behaviour has altered in large numbers. It is being predicted that e-commerce sales will grow through 2021 and even beyond that as consumers are slowly realising the benefits and convenience of online shopping.
- Environmental impact of production:
With the people experiencing issues relating to climate change and global warming first-hand, consumers are becoming increasing aware of the advantages of sustainable methods of production. Contemporary designers now prefer using recycled materials to make new products in order to avoid wastage. Brands are now looking forward to invest more and more on technology and innovation so as to provide for sustainability in their production methods. This efficiently reduces cost of production too.
Consumers are finding ways to personalize their products, especially in terms of the jewellery industry. Consumers are increasingly opting for the option of having their own personal choices incorporated into the designs, especially in engagement rings since they are unique and symbolise the love that the couple have for each other. Lab grown diamond engagement rings are becoming popular each day. Methods such as upcycling is being promoted, i.e., using old stones from an heirloom jewellery, to make a new piece altogether. This is highly desired by customers who wish to have a piece of jewellery with meaning.
- Transparency in the production process:
Consumers are now becoming more and more conscious of the manner in which their products are being manufactured. In terms of the production of gemstones, especially diamonds, focus is being placed on more ethical ways and sustainable means of its production. As a result, majority of the population is shifting towards lab grown diamonds as it is considerably cheaper and have the same properties as that of the organic, earth grown diamonds. The millennial generation is in favour of those products and business which show transparency in their processes and tend to have a conscience.
The global industry is becoming highly dynamic and intensely competitive with each passing day. Brands need to be aware of all the ongoing as well as upcoming shopping trends so as to avoid staying behind in the league.