A lot of pent-up emotions are piled up, after staying at home a full year, and now Revenge shopping is the only pick to boost yourself again. Well, As the name intimates, revenge shopping is buyers making up for lost time with an uptick in spending. And many companies are using it as a lifeline to boost sales and keep their businesses afloat.
Outfitted with incentive checks, vaccinations, and shopping withdrawals, many buyers are eager to get back to shopping, especially browsing in person, as stores and malls re-open. With more people going out to dinner, traveling, and going back to work in an office, shoppers will likely spend more money on clothes.
The purpose of revenge shopping has already proven true in China, where stores and malls have been reopened for months. Luxury items and brands in particular have seen a huge uptick from eager customers. It’s also spreading in the U.S. After the last incentive in January, department store sales increased 21%. That number could be even higher with the most recent round of larger stimulus checks. Revenge shopping is a signal that purchaser confidence is increasing.
The biggest winners in revenge shopping could be shopping malls, which have largely been decimated by the pandemic. Many malls are starting to reopen at full or nearly full capacity, giving consumers a place to shop at multiple stores in one trip. Malls are seeing pent-up demand from customers, especially those eager to see adjustments malls have made to add more experiential shopping.