CAN THE SILLYBANDZ TREND REALLY COME BACK STRONG?
Sillybandz was first introduced to America in 2008, and by 2010, it was the most popular fad in the United States. Sillybandz was founded by Robert Croak. They are rubber band bracelets made from silicone rubber that form various shapes and come in several different colors. These bracelets were, at one point, so popular that nearly every child (if not every child) in the US was wearing them, trading them, and wanting more. However, many trends are short lived. And just like beanie babies, loom bracelets, fidget spinners and rubix cubes, Sillybandz began to slowly fade out and no longer be popular. This dramatic decrease in demand did not affect the work ethic and hustle of Robert Croak. Over the past decade, he has been planning and working on a Sillybandz comeback while creating other trending products. And over the past couple years, his girlfriend, Sophia Spallino, has stepped up to help him increase the Sillybandz business, as well as his newest creation, Sanitizer Bracelets. Croak and Spallino recently partnered with Sway House to help revive the once epic craze that was Sillybandz.
When Sillybandz were extremely popular in 2010, their demand and supply in the market were through the roof! 12-packs and 24-packs were flying off the shelves, as well as being frantically produced to accommodate the off-the-chart sales. Nonetheless from an economic perspective, a change in tastes and preferences resulted in the major decrease in the demand for Sillybandz after the height of the trend in 2012. There are five factors that can shift the demand curve: A change in income, a change in tastes and preferences, a change in the prices of related goods, a change in future expectations, and a change in the composition of the population. According to theblast.com, “The Sway Boys made a big investment in Sillybandz, making it their first stake in a company acquired as an investing group.” As a result of the recent partnership of Sway House and Sillybandz, there is expected to be an increase in the demand of Sillybandz, “A group of Tik Tok stars are taking a shot at bringing back a childhood fashion trend and banking on their fame as influencers to get the job done.” Once people (consumers) begin to see that these stars are wearing Sillybandz, they too will want to wear them. This in turn will heavily affect two of the factors of demand: a change in tastes and preferences, and a change in the composition of the population. This change will result in an outward shift (or a shift to the right) of the demand curve.
The buyer’s and seller’s market can be either a place where entities thrive or a place where they have their downfall. The demand of a certain product depends on the way the economy is doing and on what affect the change in the factors of demand have on the quantity demanded of the given product. Although Sillybandz seemed as though it might have only been a one-hit wonder, Robert Croak, Sophia Spallino, and the Sway Boys all believe that it can rise to the pedestal and be the product of a massive comeback story. Yes, the demand of these bracelets might have decreased as trends tend to do, but with the work ethic, logic, and business acumen of Robert Croak, combined with the drive of Sophia Spallino, the fire of the Circa Products team, and the influence, fame, and fortune of the Sway House, this business can grow and become greater than it has ever been before. I know my Aunt Sophia, and I know how much she loves Robert and supports him. I don’t know Robert as well as I know Sophia, but I know that he is a phenomenal businessman who cares about people and cares about my aunt so much. Together they make a great team and have both helped to attract many consumers to one another’s businesses. We do not yet know the outcome of this collaboration of powerful people and how it will affect their businesses, but I think the outcome will be an extraordinary one.
Written by Sunny Hardwick, February 15, 2021
News Sources:
https://www.theblast.com/155160/tiktok-stars-make-big-investment-for-revival-of-sillybandz
https://www.prnewswire.com/news-releases/blast-from-the-past-sway-la-announces-partnership-with-toy-brand-sillybandz-301224950.html)
https://www.foxbusiness.com/entertainment/tiktok-celebrities-plan-revival-of-sillybandz
https://www.ypulse.com/newsfeed/2021/02/12/remember-sillybandsz-theyre-being-relaunched-by-tiktok-collective-sway-house/
https://finance.yahoo.com/news/blast-past-sway-la-announces-163000952.html
