Business insiders insist that companies have been using nostalgia to sell products for decades. Ironically, the practice is as old as business. The tides, however, have been changing, and nostalgia is quickly becoming one of the top business models.
Whether a seller is online or in-store, people are searching for and buying more nostalgic products; whether they are food products, toys, or electronics from days gone by. More retailers than ever before are finding a home for nostalgic products online. Small business internet providers are making it easy for retailers to set up shop on the internet.
How Well Does Nostalgia Sell Online?
Nostalgia sells well online for a number of reasons. First and foremost, an online retailer has the opportunity to reach a larger audience, simply because they can be found by people across the globe. Secondly, people have taken to online shopping in droves, and it is a quickly developing market.
Over the last decade, online sales have risen quickly and steadily, and there are no signs of it slowing down. Finally, online retailers have the space to showcase a larger inventory of niche products. Nostalgic, novelty products may not fly off the shelves at a grocer in Kansas, but online they are selling quickly and steadily.
CandyCrate, for example, is an online retailer that offers nostalgic candy. Shoppers can search by the decade for candy they remember from their youth. The venture has had healthy sales. A relatively new venture called MexGrocer is turning profits by selling authentic, nostalgic Mexican items.
Both companies are doing something a bit different; they are offering a niche market exactly what they want. Amazon, now offering nostalgic foods, electronics and toys, are seeing growth in the sector, and experts suggest the growth will not be slowed. Rather, we’ll see an uptick in nostalgic sales, as baby boomers continue to age into retirement, and the young adults of today try to recapture a simpler time in their over-connected, technology saturated lifestyles.
Who’s Buying into Nostalgia.
Nostalgia is doing particularly well in the online realm because of the people buying these items. Nostalgic items are selling well with those in their late 20’s, as well as Baby boomers approaching and in their 60’s.
The wide demographic makes it easier for small businesses to target their products to those demographics. 20-somethings, often considered “hipsters” have the disposable income of being largely single and childless. Baby boomers have reached retirement age and are now looking to exert their spending power.
Why Does it Work?
Simply put, nostalgic products and services sell because they remind people of simpler times. Industry insiders seem to agree that there are two types of nostalgic buyers; those who are looking to relive their memories, and those who are doing it ironically. The former group is generally older, mostly baby boomers, who think fondly of their earlier years. The latter are 20-somethings, and largely what one would consider hipsters. They enjoy nostalgic products because there is a level of irony attached to them and they bring a smile.
Either way, nostalgia is creating an avenue for companies to sell products, and it has quickly developed into its own type of business. Internet retailers are enjoying some success from this niche, while they look for creative ways to expand on it.