Study Highlights the Must-have Nature of Memory-related Merch
Branded merchandise found an elevated status in the hearts of Americans during this summer as memory-hungry consumers stood in line at Taylor Swift concerts for sweatshirts and filled their carts with items from the latest “Barbie” movie collaborations.
According to a new study from EverythingBranded, the global merchandise hub marketing solution, which surveyed more than 1,500 American consumers, the primary driver of merchandise purchases for American consumers is memories, looking to make the most out of moments. Notably, recent holiday projections reported by WWD have similarly seen consumers adjusting budgets to prioritize experience and travel, and all that comes with it.
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For nearly half (45 percent) of consumers surveyed, buying merch is part of the memory, helping them to remember a concert, event or place they’ve been. Moreover, these consumers are willing to put in effort to secure what they want with 32 percent reporting that they plan to arrive at an event early “just to make sure they get the item they want.” Sixteen percent said they would buy seats that are close to the merch booth for easy access at the venue, 23 percent said they would preorder it with their event ticket and 22 percent said they would sign up for an email list for early access to items.
When asked what merch categories are most appealing, more than half (56 percent) of consumers told the company they want apparel followed by accessories (39 percent) and home goods (37 percent).
“Branded merch, as a whole, has always been a multimillion, if not billion, dollar industry,” said Rob Mobsby, director and head of digital at EverythingBranded. “But, over the last few years, we’ve seen American consumers become more and more selective around the reasons they want to purchase merch, as well as how much they spend and the lengths they’re willing to go to get that precious T-shirt or memory. These consumers know what they want, and we’d all be wise to pay close attention.”
Importantly, the authors of EverythingBranded’s report point out that merch is not fully immune to tightening budgets amid the ongoing economic downturn. So while concertgoers are willing to stand in line, 30 percent of consumers said they aim to spend less than $50 on merch each time they attend an event with just over a quarter saying they are comfortable spending up to $100 per event. It’s worth noting, they said, that the average cost of a concert T-shirt in 2023 is about $65.
Aside from event-related purchases, EverythingBranded’s report found that another key area for branded merch in 2023 stemmed from companies who have brought employees back to the office. Unsurprisingly, the relationship that Americans have with this merch is a bit different.
Of the survey respondents who said they “regularly receive merchandise from their employers,” 26 percent said they “expect it from their employers” and 19 percent said they “would go so far as to accept one job over another simply based on the merch the prospective company would give them.” Still, the authors of the report said this feeling is nuanced with perceived professional social cache holding weight with 24 percent of respondents reporting that company-branded merchandise represents a certain status.
For employers looking to meet employees’ wants for merch, EverythingBranded shared the top “wants” for employer-branded merch as apparel (60 percent), electronics (44 percent), accessories (44 percent) and home goods (40 percent).
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