MACRO TRENDS, THE CONVERGENCE ECONOMY

WHAT?

A convergence economy works to blur the lines between different lifestyle industries.Rather than being the brands behaviour, convergence economy is down to the brand itself. Brands are moving away from traditional shopping experiences and are merging to become more creative and innovative. 

WHERE?

Convergence economy occurs in stores like Topshop Oxford circus, M&S, Dovers Street Market and H&M. 

- They achieve this through introducing things like DJ nights, instore hair salons, Art, and food stores.

WHO?

The whole purpose of a convergence economy is to target as many consumers as possible. With the constant growth of internet shopping, convergence economy makes shopping in stores easier as consumers can achieve more than one task when shopping. 

WHEN?

In 2007 consumers would visit 5 stores in one shopping trip compared to 3 nowadays. 

WHY?

Convergence economy was created to create an easier, more exciting shopping experience for consumers. The blurring between different industries like fashion with art, music or food makes shopping much more enjoyable, easier and more efficient. Consumers are also more likely to shop in store rather than online if they can achieve more than one task in their shopping trip, a luxury online shopping won't allow. The high street is dying, with convergence consumers are encouraged to shop in store.

H&M Loves Music Bloc party in Paris   (follow link for example)