Consumer Attitudes (Cont’d from Page 5) Business models are evolving to include buy-back programs, reusable packaging initiatives, refur- bished product offerings and peer-to-peer market- places. Gift cards, store credit and loyalty points are perks that encourage consumers to participate in these programs. Businesses that find opportunities to tap into the Pursuit of Preloved can benefit from an additional revenue stream. Recommerce will become increasingly prevalent and cover more categories. Consumers will contin- ue to consider secondhand items when shopping for durable goods, especially. Platforms and aggre- gators will offer different brands and resell options to meet consumer demand. Additionally, companies need to reuse or recycle materials for new product development and to re- duce waste. Pursuit of Preloved will inevitably im- prove sustainable production and consumption and brand reputation as a result. Rural Urbanites Suburban and rural communities offer more spa- cious housing and greener scenery, luring consum- ers out of the metropolitan area. City dwellers also want these benefits brought into their neighbor- hoods. Businesses that strengthen e-commerce distribu- tion, expand sustainable product lines and cater to Rural Urbanites will emerge as winners. Last year, consumers were searching for an Out- door Oasis, relocating to rural areas temporarily or spending more time in nature. Now, Rural Urban- ites are making this move permanent. The benefits of city living, including proximity and convenience, were hindered due to lockdowns and remote work. These consumers felt confined to their small spaces whilst paying higher living costs without the associated perks. Meanwhile, better air quality, less congestion and desire for simplicity and sustainability are becoming key selling points for the suburbs, countryside or smaller cities. The relocation trend is especially relevant in developed countries, given the smaller infrastructure gap be- tween cities and suburbs, shorter commutes and lower housing costs. Not all consumers are ready to give up urban life. The need for green spaces near homes and faster, cleaner commutes is reshaping dwelling preferenc- es for Rural Urbanites who stay in the city. In gen- eral, consumers are investing more in their homes and communities as they spend more time there. As work becomes less tied to a physical office, (Cont’d on Page 9)
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Flexo Market News February 14, 2022 7
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