Blues Group’s Ruth Golightly on looking to draw out opportunities wherever there is a challenge and innovation making licensed products stand out.
With inflation now at over 10%, energy costs and food bills sky rocketing, the cost of living crisis is intensifying.
LicensingSource.net asked a selection of licensees what impact this is likely to have on the licensing industry, as well as what positives the sector has in its favour in the run up to Q4.
Today: Ruth Golightly, sales and design director, Blues Nightwear (part of Blues Group).
“The challenging times we face of course should be a consideration for all companies involved with licensed products. Smarter businesses will thrive and not just survive by navigating and adapting their strategies aligned to retailers and customers wants (and needs).
With household incomes being tight, many families will be carefully considering how and where they spend their disposable income with licensed products one of these considerations.
I am a great believer of looking to draw out opportunities wherever there is a challenge, and ensuring products are not only of optimum value, but also have new innovation making licensed product stand out. Products that provide a solution to customer needs as well as ease of purchase should then remain of uppermost importance both for licensees and retailers.
As we move into the last quarter of the year insight suggests buying patterns will change into more family and experiential purchases, this opens up a whole world of opportunity and possibility for retailers and licensees to partner together to create ‘lifestyle’ moments to drive sales into licensed product creating easy, fun, joyful, nostalgic and practical product solutions for families consideration.”
This feature originally appeared in the autumn 2022 edition of Licensing Source Book. To read the full publication, click on this link.
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.
