John Lewis stakes future on ‘moments economy’ as shopping habits shift
For close to a century, John Lewis has been “never knowingly undersold”, but the retailer is now positioning itself as being there “for all life’s moments” as it adapts to a profound shift in spending habits driven by Covid-19 and rising living costs.
The pledge is designed to tap into what the department store chain is billing as the “moments economy”, as Britons spend smaller amounts on enjoying day-to-day life – from hosting a dinner party to celebrating a dog’s birthday – rather than splurging on set-piece events such as foreign holidays.
The retailer’s annual How we shop, live and look report, published on Monday, finds Britons largely put their lockdown lifestyles behind them over the past 12 months, as work and social lives gradually returned to normal.
Women abandoned the comfort of velour tracksuits and sports bras, with sales of underwire bras and shapewear up sharply, and demand for blazers rising by 75%.
Sales of ironing boards increased by nearly a fifth and “wave-styler” hair appliances were up by 28%. Sales of smart menswear also rose by 60%.
The return of the commute also featured prominently, sending demand for laptop bags and travel mugs up by a fifth and 65% respectively.
The retailer has also stopped selling wall-mounted desks, while having less time for lockdown hobbies led to sales of bread bins tumbling by 42%, as the sourdough love affair faded.
With weddings, festivals and family gatherings back on, sales of occasion hats soared by 168%, while demand for champagne flutes and wine glasses surged by 88%. Jigsaw puzzles also suffered from the return to business as usual, with sales plunging by nearly 70%.
Among the major fashion trends is the rise of baggier boyfriend jeans, up by 85%, signalling a move
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