Retail Round-Up: Understanding HENRY, and New Styling Apps
Who on earth is HENRY and why are we so interested in him? HENRY is the newest, most interesting target market –with strength in numbers. High Earners Not Rich Yet comprise a market segment made up of young professionals aged 25-34, with average household incomes of $100k-$250k a year. They’re said to be the “gatekeepers of the luxury market” as they’re likely to be big spenders on the most exclusive goods down the road. (Business Insider)
Are robots better stylists than humans? Apps like Stitch Fix are helping busy career women build their wardrobes with the click of a button. They actually merge the experience eye of a real human stylist, with a delivery service. Reviews are mixed, but there’s no doubt services like these will continue to blend the worlds online shopping and personal styling. (BloombergBusiness)
The health and wellness industries are growing at accelerated rates. Fitness is a fast-growing category, but women are underrepresented. Athletic wear company Under Armour is targeting women in its latest campaigns, and are spending big dollars on the marketing it will take to earn them a bigger piece of the sportswear pie.
If you’re still not sure if you understand millennials or not, here’s what you need to know: they research products before they buy, they want to shop online but prefer to shop in store, and they’re frugal. They know what it’s like to live through a recession, and how to make informed shopping decisions.
(Asbury Park Press)
If you care to know which retailers are doing the best at adapting to changing times, check out this Business Insider list. These top retailers understand their customers and how they shop. From pet food to human food, athletic wear to homewear, these companies are great examples dynamic retail.