Category Archives: Consumerism

Introducing Temu, the Most Downloaded App in the US

China, Consumerism, News, , ,

It is safe to assume that most Americans would consider Amazon and Target to be the most popular online retailers, along with some other well-known conglomerates.  And until the Super Bowl last Sunday, that stood true. But now, in a surprising turn of events, a new online shopping platform has become the most downloaded app in the United States, surpassing even the biggest names in the industry.

Temu is an online shopping destination for just about everything, including clothing, houseware items, electronics, and much more. Based in Boston, it shares the same parent company as the Chinese e-commerce icon, Pinduoduo. The target market is anyone looking for great deals. And, with prices like $11 for a smart watch and $8.50 for wireless earphones, it’s not hard to understand the ultra-quick popularity Temu has gained.

https://youtu.be/RgNuwb9lpeg

In its 30-second Super Bowl slot, word about Temu reached millions of US homes. The ad focused on bargain prices yet feeling like a billionaire. The background song played: “The prices blow my mind. I feel so rich. I feel like a billionaire.”

According to Sensor Tower, since its release in September, the Temu app has been downloaded 24 million times.

Digital Fashion is the New Trend

Brands, Consumerism, Technology, , ,

Lablaco is an Italian company that helps fashion brands digitize their products. The idea behind the movement is that, like many industries, it’s only a matter of time before the fashion world goes completely digital. The “phygital” fashion market will see consumers purchasing both physical items and their digital “twins” which avatars will wear in the metaverse.

In an effort to establish a more sustainable and profitable approach to fashion, Lorenzo Albrighi and Eliana Kuo co-founded Lablaco in 2016 and serve as co-CEOs. They are believers in circular fashion, where clothing is designed and produced with methods focused on reducing waste. The pair hopes to use blockchain technology to promote this effort.

In the model developed by Lablaco, when a physical item is purchased, its digital equivalent remains paired to it. If the physical item is resold, its digital twin moves to the owner’s digital wallet, so that authenticity is apparent and the designer can follow where its creation goes.

While the fashion industry presently generates 92 million tons of waste each year, digitizing fashion will significantly reduce these numbers. If a designer currently needs to create an item in 10 different colors to test it out, the same item can be released into the metaverse in 10 different hues. Sales specs could be studied to determine which version to produce physically.

In the metaverse, opportunities are endless. While this is a new spin for fashion, it is clear that many industries in the world are headed in this direction. And, as usual, fashion will continue to keep up with the times.

The Shift in Black Friday

Brands, Companies, Consumerism, ,

In 2015, the retailer REI first announced that its stores would be closed on Black Friday. This was a dramatic message at the time, as the day after Thanksgiving is known to be the most popular shopping day of the year, with stores offering competitive sales. From then, the store continued in its path of shutting its doors on Black Friday, making the decision on a year-to-year basis. Now, however, the company has announced that every aspect of the business will be closed on Black Friday every year. This includes all 178 of its retail stores, its call centers, headquarters, and distribution locations – giving a paid vacation day to 16,000 employees.

In recent years, the excitement of Black Friday has been slowly waring off.  The younger generation is less willing to wake up at the crack of dawn and wait outside on line for hours to get a good deal. Additionally, many companies have extended their “Black Friday sale” to the days leading up to Thanksgiving, or the days after – leaving less pressure to shop specifically on that Friday.

Following REI, a new trend has been noted with retailers choosing to “Opt Outside.” The movement prioritizes spending the day outdoors, creating experiences, and basically doing anything other than shopping. The CEO of REI, Eric Artz, says: “Opt Outside has always been about prioritizing the experience of our employees, choosing the benefits of time outside over a day of consumption and sales. When we first introduced this movement, it was considered revolutionary for a retail brand, but we felt it was the right thing to do for our members and employees.”

While most retailers are still open for business on Black Friday, the change in thinking is revolutionary and sure to continue shifting trends in consumerism as the years go on.

Coca-Cola UK Introduces Attached Bottle Caps

Consumerism, Environment, , ,

Everyone is familiar with the content feeling of walking through smooth, silky sand at the beach only to be suddenly irked by stepping on something hard and painful. While it may sometimes be a seashell, often we stomp on all sorts of litter, frequently bottle caps.

As part of Coca-Cola’s “World Without Waste” initiative, the company’s UK branch has begun manufacturing new models of its plastic bottles. The new design features an attached cap, making it easier to recycle the whole piece and eliminate tossing the caps. The global initiative’s main mission is to collect and recycle one can or bottle for every one that they sell by 2030. It also aims to produce cans and bottles made of 50% recyclable material by 2030 and to offer 100% recyclable packaging by 2025.

Jon Woods, Coca-Cola Great Britain’s general manager, explained the new bottle design: “This is a small change that we hope will have a big impact, ensuring that when consumers recycle our bottles, no cap gets left behind.”

In addition to the pollution problem the loose caps pose, it is also an image concern for companies like Coke. The population notices the shorelines and landfills overflowing with these items, associating the trash with the company and negatively impacting their brand’s reputation. New regulations by the EU also require companies to attach the caps to some plastic bottles by the end of 2024.

While some environmentalists believe Coca-Cola should switch from plastic to reusable containers, the shift the UK spur is making in its bottle design is surely a step in the right direction.

Transitioning to Lab-Made Diamonds

Consumerism, Environment, Millenials, Mining, , ,

The weather is warming up and the sun is finally shining. As engagement season approaches, there is generally a rise in sales in the diamond industry. With the increasing popularity of factory-made diamonds, however, authentic diamond sales have been slowing down.

Independent diamond industry analyst, Edahn Golan, explains that the number of engagement rings with a lab-made diamond sold in March increased by 63% compared to last year, while the amount of traditional engagement rings featuring a natural diamond decreased by 25%. Data from February showed an even larger increase in purchases of rings with manufactured diamonds, at 80% more than the previous year. Golan cautions, “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings.” He continues, “Too late. It’s actually happening.”

Why the switch to man-made diamonds?

The most apparent reason is cost. With a one-carat round lab-made diamond retailing at $2,318, it’s equivalent natural stone would average at $8.740 – a difference of over 70%. This disparity enables couples to purchase larger stones without worry about compromising on clarify or perfection.

Aside from cost, manufactured diamonds are becoming more popular as the population learns more about them. Negative association connected to child labor in African diamond mines and “blood diamonds” used to finance conflict in war-torn areas leaves a bad taste to many. According to The Knot wedding planning website, the younger population is more conscientious about the background of natural diamonds and the ethical issues related. A lab-made diamond offers an appealing solution.

Large jewelry companies are accommodating these new concerns and the market trends. Zales and Kay Jewelers are producing more man-made bridal options. Pandora, the world’s largest jewelry company, made a drastic move last year, announcing the company’s plans to stop using natural diamonds altogether, and shift to manufactured diamonds only.

If the statistics from the past few months are telling, it seems that demand for manufactured diamonds will only continue to increase. As long as budget and ethics remain priorities for consumers, more jewelry companies are bound to follow the path some major ones have already taken.