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When it comes to building a consumer goods product, conventional wisdom (especially in Silicon Valley) is to go all in on one marketing channel. For example: if you have a hot commodity online, why bother going to retail at all? But the events that have transpired over the past few months have been a wake-up call to entrepreneurs and investors alike. If you were all-in on retail, with minimal emphasis on ecommerce, then your business was heavily impacted by COVID-19.
In 2018, consumers in the United States spent $128.5 billion on sustainable consumer goods. According to Nielsen, sales in the sustainable goods sector have risen 3.5% per year since 2014, with projections of the market size reaching $150 billion by 2021—at least, until the coronavirus pandemic began. Right now, what we’re seeing is a reversing of this trend. Starbucks is temporarily banning reusable cups and mugs. Grocery stores are banning reusable bags.
Restarting an economy is no easy task. As we continue to navigate the coronavirus on a global level, the next few years are going to be a rollercoaster of emotions and market volatility. I have a handful of Millennial friends who are incredibly resentful about now having to experience a second recession. But that’s life—c’est la vie. If there’s a positive to be found in all of this, it’s that a recession washes out many of the weak or speculative players.
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