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The Bank of Canada has just lowered its interest rate by 25 points, marking the first rate cut since March 2020. As inflationary pressures finally begin to ease, retailers will need to pivot to meet the changing needs of consumers.
Today in The Conversation Canada, Omar H. Fares and Joseph Aversa from Toronto Metropolitan University discuss how inflation has changed consumer behaviour over the years.
Canadians have developed new financial habits, focusing on finding deals and saving money. This has led to the emergence of what they call the "new consumer."
Fares and Aversa predict that retailers will need to transform physical stores into engaging brand experiences, where shopping is just one aspect of the overall appeal.
They write: "In an era where digital commerce continues to grow, physical retail stores are being forced to reinvent themselves, moving away from transaction points to vibrant hubs of brand experience."
Also today:
All the best.
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As inflation stabilizes, a new type of consumer has emerged, marked by value consciousness digital savviness, and a preference for experiences over material goods.
THE CANADIAN PRESS/Cole Burston
Omar H. Fares, Toronto Metropolitan University; Joseph Aversa, Toronto Metropolitan University
With inflation finally starting to stabilize in Canada, a new type of consumer has emerged, marked by value consciousness, digital savviness and a preference for experiences over material goods.
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A still from the Netflix TV series ‘Baby Reindeer’ featuring the character Martha played by English actress Jessica Gunning.
(Netflix)
Raymond Ho, Simon Fraser University
Receiving a cryptic email from a stranger you’ve met once at a bar might be weird, but when the messages start getting frequent, obsessive and borderline threatening, you might be dealing with a stalker…
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Aubree Erickson, Heather Marie Annis, Ellen Denny and Siobhan O’Malley star in a 2021 production of ‘Post Alice,’ by playwright Taylor Marie Graham. The play is also being mounted at the Alice Munro Festival of the Short Story.
(Claire Scott, York Lane Art Collective)
Taylor Marie Graham, University of Guelph
After Alice Munro’s recent passing, a 2021 play, ‘Post Alice,’ celebrates the author’s focus on Southwestern Ontario women’s stories. It will be performed on the Blyth Festival Theatre stage.
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By exploring various wellness activities, individuals can find methods that resonate with them personally, leading to improved psychological capital.
(Shutterstock)
Mehak Bharti, Toronto Metropolitan University; Ellen Choi, Toronto Metropolitan University; Nadège Levallet, University of Maine
New research sheds light on the benefits of mindfulness exercises and training in the workplace.
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A Canadian Coast Guard icebreaker makes its way through the ice in Baffin Bay.
THE CANADIAN PRESS/Jonathan Hayward
Mathieu Landriault, École nationale d'administration publique (ENAP)
China, which is not an Arctic state, is nonetheless increasingly outpacing the rest of the world in terms of scientific research in the Arctic. Here’s why that’s a problem for Canada.
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Sensibiliser et éduquer les jeunes face à l’usage quotidien du téléphone intelligent est préférable à son interdiction unilatérale de nos salles de classe.
La Presse Canadienne | Rick Bowmer
Luc Bonneville, L’Université d’Ottawa/University of Ottawa; Diane Riddell, L’Université d’Ottawa/University of Ottawa
Bien qu’il faille en effet encadrer l’usage du téléphone intelligent en classe, son interdiction unilatérale n’est pas nécessairement une bonne chose, pointent Luc Bonneville et Diane Riddell.
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Culture + Society
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Natasha Harlow, University of Nottingham
From neolithic stone balls to Roman cosmetic grinders, here are five finds that have baffled archaeologists.
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Environment + Energy
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Jonathan Goldenberg, Lund University
When extreme heat arrives, people can seek safety in air-conditioned buildings. Are wild animals doomed?
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Politics
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Ian Hall, Griffith University
There are a few factors that may explain why support for Modi’s party has waned.
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