Neely Tamminga

"Mindful Consumption" Consumer behavioral patterns are shifting well beyond the commonly discussed adoption of e-commerce. We present an economic view on the state of the consumer but also offer fresh proprietary insights as to why consumer behavioral shifts are underway and, more importantly, what questions to ask internally to form more productive consumer strategies. Specific attention is given to the rise of the Millennial population wave as frugal consumers and the potential pivot from consumption to austerity. Attendees will gain a better understanding of the negative constraints both health care and student debt are having on the consumer’s capacity to spend as well as the lasting impact the ’08-’09 Recession is having on a generation of would-be shoppers.

Time is fixed, therefore there are only so many hours we can actually spend on the internet. We debunk the myth that e-commerce sales represent only ten percent of retail sales. We also help better contextualize why Amazon Prime adoption is also much further along the consumer adoption curve than conventionally believed. All of this comes together for a broader understanding that retail has largely gone through the pain train and e-commerce is no longer novel. The critical point of consideration in how capital is invested depends on where the consumer sits on these adoption curves of online behavior. We use facts to shake up conventional thinking in order to kick start unconventional ideas for growth.

The inevitable consolidation of the retail landscape owing to a confluence of factors include the rise of e-commerce with an increasing penetration of millennials-as-adult-consumers are identifying as frugal, mindful consumers, retail trade jobs are on the decline. This is having a profound, indelible mark on the U.S. economy and ultimately on all business leaders.