To understand the next generation is to understand the future.
Kids in 2021 have more influence than ever before on their parents shopping decisions – which means every brand must now become a family brand. But the way the next generation shop, spend and seek entertainment has shifted considerably over the last 2 years. We have witnessed the acceleration of the ‘direct-to-consumer’ and ‘social shopping’ trends which are transforming the way families shop in the digital world.
When it comes to bricks-and-mortar retail, we are seeing the rise of the ‘Experience Economy’ and experimental retail capture the attention of the families, with retailers increasingly convert some of their spaces in entertainment and leisure spaces. Our recent data even shows some of the most important value parents look to instill into their children is to value experiences more than products.
So how can toy brands and retailers adapt?
About the speaker:
Nick Richardson is the Founder and CEO of The Insights Family. The Insights Family are the global leader in kids, parents, and families market intelligence and have become the business-critical tool for some of the world’s biggest brands. Nick himself has become a go-to-expert, who is a regular speaker at industry events across the US, Europe, and Asia-Pacific, with the business operating its Kids Insights and Parents Insights services across 18 countries.