As a child of the 80‘s it’s fascinating to me how defining that decade was for modern culture, not just because of the great movies, music and dubious fashion - but also the iconic moments that shape the way the way we live our lives today, including how we shop.
The 1980’s were dubbed ‘the age of conspicuous consumerism’; credit card and loyalty programs were celebrated freely across America’s shiny new malls, while the rest of the world looked on with envy. The inevitable economic bust of the late 80’s and early ‘90s then set the stage for a new way of thinking, leading to the internet boom of the late ‘90s . Dot-coms became the darlings of Wall Street, and online shopping became a new reality. Fast forward a decade or so and e-commerce has become a powerful tool for consumers and in some cases an alternative to brick and mortar retail. Yet, e-commerce still only accounts for a surprisingly small portion of total retail sales (a modest 5.8% according to the U.S. Department of Commerce).
So why the nostalgic gaze into the past?