3 Sep
Trendswatch | New Business Insight From The Past Week
Summer may be over but, true to form, us Brit’s saw off the season in style! The August bank holiday’s weekend festivities were back, meaning the return of bucket hats and half-constructed tents!
After a year off, thousands flocked to their favourite festivals to make it a weekend to remember, with sets from the likes of Stormzy, Liam Gallagher, Post Malone and also an appearance from man of the moment Jack Grealish!
In terms of this week’s trends, today I will be delving into personalised diet apps, casual wear and the rise of building- to-rent.
Personalised diet apps
Although we are continuing to adjust to the pandemic, health, in general, is still very much at the front of people’s minds, with health apps, in particular, becoming increasingly popular as a result.
Last week, health app Oviva closed on $80 million in a Series C funding round, bringing the total raised to $115 million! The app offers a personalised diet along with lifestyle advice and treatments for conditions such as diabetes.
A report taken by the Institute for Human Data Science found that the digital health app market is booming, with up to 90,000 new digital apps entering the market every year.
It is thought that this is due to an increase in investment in the digital health space, with an estimated $3.4 billion being put into digital health every month!
Casual wear
In a shock move last week, Marks and Spencer pulled half of its suits from its 245 stores. But why? Well according to the retailer it is a response to “customers rapidly changing needs”, and they aren’t wrong.
In 2020 clothing sales plummeted by a whopping 25%, hitting the business-fashion sector particularly hard, as we traded trousers for joggers as we were made to stay home.
One year on this trend appears to have stuck, as companies are embracing a hybrid future with many staff still working from home at times.
According to fashion historians this transition to flexible working will “trickle down to what you’re expected to wear” in the office, meaning we could soon be waving goodbye to suits and ties for good!
Building- To- Rent
Building-To-Rent is when a company buys a bunch of flats or houses that have been built with the sole purpose to let out. It is common practice in the US and continental Europe; however, the concept is new to the UK…but this could all be about to change.
And having a flat owned by a company comes with many benefits, with the promise of high levels of service, zero hidden fees and events, which is great news for ‘generation rent’!
Yet, the concept is still new to the UK and according to investors it will take time to get off the ground, with one investor stating: “this is a sector where we’re still writing the manual”.
Come back next week for further brand news and insights