Leading up to Thanksgiving, advertisements can be seen everywhere. Ads for shoes, ads for electronics, ads for department stores on virtually every outlet. This is due to the high quantities of sales that are made during the holiday season. This is also the case because of Black Friday, which has virtually become a nationwide event. However in recent years a new “holiday” of sorts has come about, Cyber Monday.

Cyber Monday is a marketing term that was created because of the deals that are offered online on the Monday following Thanksgiving. Cyber Monday has gained more and more popularity generating approximately $3 billion in 2015 and in one to the most profitable single days for online retailers.

One of the reasons Cyber Monday may be gaining in popularity is the shift in the way consumers are shopping. Shoppers are more and more comfortable with shopping online. It has been eclipsing Black Friday in some ways because people are able shop in the comfort of their own homes. This means not having to deal with parking, sifting through products, waiting in lines, and the crowds of people. This is also beneficial because consumers do not have to feel the urgency of snatching up the best products before everyone else. They also do not have to worry about things being out of stock or the store running out of their size and trying to locate a store that still has their sizes. In fact Cyber Monday’s success may have impacted sales on Black Friday. In recent years sales on Black Friday have decreased while sales on Cyber Monday continue to grow. With the two being so close together, shoppers may feel that participating in one is enough.

Other factors have contributed to the rise of Cyber Monday including the use of social media as an advertising medium as well as increased mobile shopping. While there are not many long-term effects on the stock market, it is important for major retailers to participate by advertising or giving promotions to stay competitive with other companies in their market segment. Cyber Monday has become such a phenomenon that by not being a part of it would serve as a disadvantage.

Birkenstocks. Tevas. Chacos. Mark’s.

Though you may not recognize the aforementioned shoe brands, you almost certainly have seen these “dad sandal” brands sported by millennials riding the wave of the infamous counter culture trend. Though most of the older generation has laughed and many more have scratched their heads in confusion, the dad sandal lives on as a reflection of the a growing market for “counter culture” products. Today, as millennials are set to inherit a significant portion of the purchasing power, the economic influence of counter culture trends are increasingly prevalent.

Counter culture, often referred to as “being hipster,” is often known as the rise of appreciating originality and going against the grain of what would be considered mainstream. Though appreciation for alternative fashions and trends are not a new phenomenon, they have a new-found importance in today’s economy due to increased globalism and increasing uniformity. As ideas are spread faster than ever before, cultural uniformity is an undeniable byproduct. Now, being “hipster” is influencing decisions of mainstream companies and trendsetters as they look to consume products reminiscent of being different. This sincere appreciation for individualism has manifested itself in an appreciation of smaller, independent companies and brands reflecting authenticity and alternative trends.

Today, appreciation for counter culture has led to the rise of small craft breweries outpacing Budweiser at 16.1 million barrels of beer annually, a twenty percent increase of independent bookstores since 2009, and three billion dollars spent on funding more than four thousand independent feature films in 2014 (New Yorker). Even high-end fashion brands Prada and Marc Jacob’s took influence from counter culture in their 2014 Spring runway shows, where models donned strappy sandals eerily resembling the “dad sandal” made infamous by shoe brand Teva a few years prior (Fashionista). According to Lorie Pointer, global product director of Teva, they have always continued to stay true to their brand. She says, “I think that’s what’s resonating with consumers right now: We are original. This is authentic product. Trends come and go, but Teva has stayed true to our nature.” The authenticity and alternative nature of Teva compared to more mainstream brands is what entices Teva’s alternative consumers.

Teva continues to receive partnership offers with high-end fashion brands like Opening Ceremony (Fashionista) whilst the brand expands its core consumer base. Though brands like Teva catering to an increasing number of consumers seeking authenticity, alternative culture, and originality grow in popularity and influence, big brands and companies are still essential to “high income countries,” as described by Tyler Castle of American Enterprise Institute initiative called Values and Capitalism. These big companies provide goods and services at reduced costs and more efficiently than their smaller counterparts. However, as big companies grow, Americans are increasingly enticed by the diversification and trust provided by small companies like Teva. Perhaps in the future, Americans can expect to see more surprising and confusing fashion choices similar to the “dad sandal” today, reflective of an aversion to lack of diversity created by globalism.

 

Sources:

https://www.theguardian.com/fashion/2015/aug/18/teva-original-universal-weirdest-shoe-trend-ever-is-here-dad-sandal

http://metro.co.uk/2016/09/19/teva-sandals-and-ugg-boots-have-collaborated-and-people-are-reeling-6136565/

http://www.bloomberg.com/news/articles/2016-09-21/the-billion-dollar-race-for-the-ugliest-shoes

How the Hipster Ethic Is Revitalizing the American Economy

http://www.forbes.com/2008/10/01/hipster-buying-power-forbeslife-cx_ls_1001style.html

http://fashionista.com/2014/03/how-tevas-became-the-most-unlikely-it-shoe-of-the-fashion-set

http://www.newyorker.com/business/currency/small-bountiful-small-business-craft-beer