RETAIL SECTOR
Q: How has evolving consumer behaviour, particularly in the post-economic crisis period, reshaped demand patterns in fashion and electronics retail?
A: The post-crisis period has not simply revived consumption in Sri Lanka; it has reshaped it. We are witnessing a more deliberate, considered consumer – one who is intentional about how and where he or she spends.
Compiled by Yamini Sequeira
DRIVEN BY LIFESTYLE DEMANDS
Tanaz Pestonjee takes a deep dive into the psyche of the modern consumer
Discretionary purchasing today is driven less by impulse, and more by value, longevity and relevance.
In fashion, the shift is unmistakable. Fast fashion and quantity driven buying have given way to minimalist wardrobes and investment pieces that last longer. Consumers now prioritise quality fabrics, craftsmanship, versatility and timeless design.
A high quality piece of clothing is increasingly seen as a long-term asset rather than a seasonal indulgence. This reflects a broader cultural shift towards conscious consumption.
In electronics, we see a parallel evolution: consumers are no longer chasing the latest gadget for novelty’s sake. Instead, they’re investing in reliable, functional technology that genuinely enhances daily lives. Products that save time, reduce effort and integrate seamlessly into busy routines are favoured over short-lived innovations.
This reinforces a belief that the future belongs to brands and solutions built around performance, durability and purpose. Modern Sri Lankan consumers are not seeking excess; they’re seeking smarter living.
Q: What structural changes are emerging in the retail sector as consumers become more value conscious and price sensitive?
A: Value consciousness is driving fundamental structural change across the retail landscape. A visible shift is the move away from product centric advertising to narrative driven brand building. Younger consumers, particularly Gen Z, are drawn to brands that reflect identity, purpose and social relevance.
They want to know what a brand stands for, not merely what it sells. As a result, storytelling, authenticity and community engagement now carry as much weight as promotions or price points.
Consumers are actively seeking brands that demonstrate ethical practices, support local livelihoods and integrate environmental responsibility into their business models. This has elevated expectations around sourcing, packaging and corporate conduct.
In addition, digital enablement and financial flexibility are reshaping retail structures, allowing consumers to maintain a quality first approach to their spending. Price may open the door but it is meaning and purpose that build lasting loyalty.
Q: And what does value mean to consumers today, beyond merely price?
A: We are witnessing value increasingly being measured through lifestyle returns on investment, not simply upfront costs.
The central question today is whether this product makes my life easier, better or more meaningful. In fashion, this has translated into a preference for quality over quantity. For example, a thoughtfully designed garment such as a well tailored suit is now seen as an investment.
Craftsmanship, fabric integrity and longevity justify a higher upfront cost, as the garment remains relevant across seasons and occasions.
In electronics retail, value is being defined by time saved and mental energy preserved. Consumers are willing to invest in smart appliances, automation and connected technology, due to the freedom and efficiency that these products create.
A robotic vacuum for example, is valued not merely for a clean floor but the reclaimed time it offers the user – time that can be spent on work, family or personal wellbeing.
This signals a deeper emotional shift: people are protective of their time, more conscious of their wellbeing and selective about what they bring into their lives. Brands that understand this emotional and practical dimension of value will build deeper loyalty and long-term relevance.
Brands that fail to build emotional resonance online risk becoming invisible
Q: How are younger consumers influencing brand discovery, loyalty and engagement, through digital and social platforms?
A: Digital and social platforms have completely redefined how younger Sri Lankans discover, evaluate and engage with brands. Social media is no longer only a marketing channel; it has evolved into a primary storefront where first impressions are formed and purchase decisions are made.
Short form video, reels and visual storytelling now drive brand discovery. A brand’s tone and authenticity online often determine whether it is even considered. Consumers decide which brands they like within seconds, long before stepping into a physical store. This has placed unprecedented influence in the hands of the consumer.
Loyalty too has evolved. It is built through consistent engagement, responsiveness and relevance, not only promotions. Peer influence, creator content and community validation now shape perception more powerfully than traditional advertising.
As a result of these shifts, we see brands adopting a digital first approach, even if they are physically anchored. Story, experience and interaction must be crafted for the screen before the store.
Brands that fail to build emotional resonance online risk becoming invisible, regardless of their physical footprint. Modern consumers do not follow brands; they follow meaning. This reality is reshaping how loyalty is earned, how trust is built and how relevance is sustained.
The interviewee is the Director of Business Development of Abans Group of Companies.
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