Westfield reveals the future of retail shopping

Wanting to better understand current consumer behavior, UK-based retail giant Westfield interviewed experts and surveyed more than 13,000 shoppers in its various stores in the US and domestically. The results were published in a report entitled "How We Shop Now: What's Next?", which also identified five trends that can help retailers succeed in the future.

The research highlighted the rising popularity of rental retail. It found that one in five consumers in the UK are interested in renting clothing from their favorite stores. In London, the numbers rose to 1:3. In New York and San Diego in the US, the numbers are 1:6 and 1:10, respectively. A fifth of UK respondents said they would spend at least 200 pounds on an unlimited apparel subscription. Nearly half of all shoppers that were interested in rentals belong to the 25 to 34-year old bracket.

Westfield likewise saw a growing consumer interest in lifestyle classes held in stores. Canada athletic apparel brand, for instance, holds regular yoga classes in some of its larger stores. Almost a third of respondents would like to attend classes at their favorite stores. Fitness and health classes gathered the most interest at 29 and 27 percent, respectively.

Most retailers offer loyalty cards, points and rewards to returning customers but schemes that reward good lifestyle choices instead of monetary transactions are emerging. These lifestyle choices include recycling, staying fit, spending time with family and volunteering for charity. One-fifth of UK respondents revealed that they want to get rewards for making good choices. More than 15 percent of US consumers, meanwhile, want to be rewarded for making wise financial decisions.

Virtual reality is also fast-becoming an integral part of the shopping experience. Most customers use the technology to see how certain products work. A third of all respondents like to use VR headsets to see how clothes would look on them.

Lastly, more consumers are looking for a sensory retail experience, where all five senses are stimulated. According to respondents, vision and touch enhances the shopping experience the most, followed by smell and sound. Taste was also important to a fifth of those surveyed. More than 70 percent of UK shoppers claimed that touching and feeling products were the main benefit of visiting physical stores.

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