Revenge Buying: Because You Deserve It

April 20th 2020

With the first countries loosening their lockdowns, stores are reopening and people are treating themselves for their lost shopping time with some first-class luxury.

Hermès Guangzhou flagship store made a whopping $2.7 million in sales on its first day after reopening post-coronavirus.

The reason? Revenge buying — that’s what the phenomenon is being called on Chinese social media. The term was coined in the 1980s to describe the repressed demand for foreign products that Chinese consumers weren’t able to buy due to their government’s isolationist policies. Now, revenge buying is associated with treating oneself to luxuries after months in quarantine.

Hermès’ $2.7 million figure is the highest amount any Chinese boutique has made in a single day.

For a lot of people, quarantine has been a period of low income, but also of low expenses. Closed stores and forced time at home starved people’s spending habits. Yet, this time is coming to an end as economies start to reopen.

Read more here: https://www.instagram.com/p/B_GgfYAJ6-2/

Glossary

An Edge is a cultural shift or cultural value where brands can identify insights and opportunities to play into. Edges provide direction on emerging and evolving cultural, consumer and category behaviour.

A Trigger is an accurate observation of a fact that occurs in the world around us, but that may be indicative of a possible macro shift in society in the short term or medium-to-long term.


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20/04/2020
Laura De Deurwaerder Integrated Brand Strategist TBWA\Backlash

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