Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Retail Reborn Episode 1: How Trauma Transforms the Consumer Psyche

In Episode 1 of BoF’s new podcast series, Doug Stephens and social psychologist Sheldon Solomon PhD examine the impact of collective traumas like Covid-19 on consumer behaviour.
Presented by
Article Sponsor
The author has shared a Podcast.You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future.

Discover what’s next in retail. Download Brookfield Propertieswhite paper today.

LONDON, United Kingdom — In an exclusive new podcast series presented by Brookfield Properties, BoF investigates the seismic shifts transforming the retail ecosystem. From the post-pandemic consumer psyche to increased risk and growing calls for responsibility, we identify the new fundamentals of a reborn retail industry.

Episode 1 begins by examining the shift in consumer psyche, as customers continue to grapple with the emotional and economic trauma of the Covid-19 pandemic.

“It’s no exaggeration to say that the Covid-19 pandemic may indeed be the most sustained and life-altering event most of us will experience,” says host Doug Stephens, founder of Retail Prophet. “Add to this the levels of social unrest and conflict we’ve witnessed thus far in 2020 and it adds up to significant psychological trauma for most consumers.”

“The cognizance of death — and our innate fear of it — drives much of our conscious and subconscious behaviour,” says social psychologist Sheldon Solomon PhD, a thought leader in terror management theory whose research identifies how natural and economic disasters create "mortality salience" — unpredictable and immediate reminders of death, prompting consumers to turn to money and goods for security.

“When people are going to die, they value money more. They’re more interested in certain kinds of luxury items. For some people, the acquisition of money and stuff is essentially a death-denying fetish,” continues Solomon.

However, as consumer sentiment shifts beyond immediate fear, and the urge to spend evolves beyond the acquisition of product to now include experiences, personal transformations, even enduring legacies, the retail sector is well positioned to answer emerging consumer needs.

Listen out for episode 2 on reimagining supply chains to reflect the times we live in.

To discover how retail's rebirth will impact your business and learn critical, actionable insights into the challenges and opportunities retail's new ecosystem will bring, follow the series to ensure you never miss an episode.

Expert Commentators:

Sheldon Solomon PhD is a social psychologist and professor of psychology at Skidmore University in New York, and a world-renowned researcher into death and its impact on consumer behaviour. Solomon is one of three researches credited for developing Terror Management Theory and is the author and co-author of more than 100 academic articles and several books, including In the Wake of 9/11: The Psychology of Terror.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

What a Fashion Company Is Worth Today

In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.


What’s the Plan at H&M?

The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections