Transcript THE MULTI- GENERATIONAL HOME

TOP TRENDS for 2012
TOP TRENDS for 2012
Expert Panel
Susan Yashinsky
Macro Trend Forecaster & Innovation Predictor
Sphere Trending
Michelle Lamb
Co-founder and Chairman; Editorial Director
The Trend Curve
Robin K. Albing
President/CEO
Albing International Marketing, LLC
©2011 Lifetime Brands, Inc.
TOP TRENDS for 2012
TOP TRENDS for 2012
1
The Multi-Generational Home
2
The Rise of Anti-Consumerism
3
America’s Culinary Rebirth
4
The Multi-Faceted
Meaning of Value
5
Reinventing
Customer Relationships
6
10 New Rules for the
Changing Economy
THE MULTIGENERATIONAL HOME
1

Four distinct generations in the workplace, home and marketplace

Consumers taking cues from each other: Gen Y teaches the older
generations about technology while Baby Boomers influence younger
consumers on experiential activities (yoga, traveling, etc.)
GEN Y
Age 16-35
84 Million
GEN X
Age 36-45
43 Million
BABY BOOMERS
Age 46-65
80 Million
ACTIVE SENIORS
Age 66+
47 Million
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
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GEN Y
Age 16-35
84 Million
Key Words:





Renters
Job-hopping
Peer influence
Collective empowerment
Record unemployment
Key Inspirations:





Friends
Technology
Local retailers
Experience
Social media
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
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GEN Y
Age 16-35
84 Million
Radical Change:
 “Boomerangers”
 Large amount of
debt
 New social norms on
marriage & children
 Urban migration
 Crowdsourcing
 Demand to be seen
as individuals but
capitalize on power
of the crowd
Everything is
reviewed and rated,
making decisionmaking a team sport
Marriage is simply
shrinking as a cultural
value; in 1960 66% of
women over 15 wanted
it, today just 51%
THE MULTI-GENERATIONAL HOME
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GEN X
Age 36-45
43 Million
Key Words:
 Family
 Overwhelmed/
Underwater
 Community
 Entering peak
earning years
Key Inspirations:




Gen Y
Work / life balance
Healthy living
Children
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
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40% more
households grew
their own food last
year than two
years ago (NGA)
GEN X
Age 36-45
43 Million
Radical Change:
Stuck in starter homes
Trading down to trade up
Children’s health
Hit hardest by recession
Starting work later means
diminished incomes
 Less ability to save
 Home ownership down 6%
in 6 years (35-39 year olds,
US Census)





The majority of moms
(65%) utilize 5 or
more forms of
technology every
day to stay
connected
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
1
BABY
BOOMERS
Age 45-65
80 Million
Key Words:
 Power influence (10,000 a
day turning 65 for the next
19 years
 Do-It-For-Me
 Downsizing
 Shifting priorities
 Second middle age
Key Inspirations:





Gen Y
Wellness
Experience
Giving back
Family (quality time, tradition
creation and preservation)
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
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BABY
BOOMERS
Boomers do not
perceive themselves
as getting old and
work hard at staying
young
Age 46-65
80 Million
Radical Change:
 Savings/Nest Egg loss
 Worried about retirement and
healthcare costs
 Working longer
 Supporting up to 3 generations
(self, young adult children and
aging parents)
 Living longer
 Mentally and physically
healthier than prior generations
47% of parents are
putting college
expenses for their kids
ahead of their
retirement savings
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
1
Know your
Customer
Gen Y (ages 16-34)
 Globally-aware
 Willing to try new
things
 Design critical
 Love exotic flavors
 New homeowner
 Durability
important as an
upgrade
opportunity
 Save me money,
time and energy
 Save the planet
Gen X (ages 35-44)
 Rising concern
about family
wellness
 Looking for
solutions re: eating
healthy
 Community
connections—
reaching this
consumer in new
ways through
local networks
(such as Mommy
blogs, Yelp, etc.)
Baby Boomers
(ages 45-65)
 Entering an
experiential life
stage
 Disposable
income moving
to purchases
that deliver
experiences
 New
appreciation for
the value of
quality/family
time
THE MULTI-GENERATIONAL HOME
© 2011 GLOBAL TREND & DESIGN
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PANEL
DISCUSSION
THE MULTI-GENERATIONAL HOME
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THE RISE OF
ANTI-CONSUMERISM
2
What
Does It
Mean?
Anti-consumerism: refers to the socio-political
movement against the equating of personal
happiness with consumption and the purchase of
material possessions. (Wikipedia)
Anti-consumerists believe commodities only supply short-term
gratification, and detract from a sustainably happy society.
GOALS:
1. To increase the overall happiness and fulfillment of the
human race by encouraging simplicity
2. To save the planet from a global environmental collapse
fueled by spreading hyper-consumption
THE RISE OF ANTI-CONSUMERISM
© 2011 GLOBAL TREND & DESIGN
2
“ I will not
overpay
for this!”
REALITY: Groupon-like sites are reimagining the coupon as
a tool for dragging prices to unprecedented lows—not just
a few bucks off a single product but 50 % off or more
OPPORTUNITY: While margins are compromised, consider
this massive exposure for your brand and inventory leveling
opportunities
“Look how much I saved!”
has replaced
“Look at what I bought!”
THE RISE OF ANTI-CONSUMERISM
© 2011 GLOBAL TREND & DESIGN
2
“Will I
really use
this?”
REALITY: “The new mantra is ‘right-sized’ home amenities…
Say goodbye to the industrial-grade kitchen range and
the spa tub that the owners never fire up because they
don’t want to clean it.” (Builder Magazine)
OPPORTUNITY: Reinventing the basics — Everyday use
translates to everyday need
1 in 2 Americans will have a
Smartphone by 2012, as compared
to 1 in 10 in 2008 (Nielsen)
New ‘necessities’ also
affect discretionary
income
Consumer savings rate is
now close to 6%, a big shift
from the negative savings
pre-recession
THE RISE OF ANTI-CONSUMERISM
© 2011 GLOBAL TREND & DESIGN
2
“We just REALITIES:
 57% of the 30.3 million housing units added from
don’t have
2005 to 2020 will be rentals (Joint Center for Housing Studies)
the room  Average new home size dropped 51 square feet in
2009 (Nat’l Assn. of Home Builders)
for this.”
OPPORTUNITY: Create smaller profile and smaller space
solutions — the downsized home has to live larger
New storage needs:
 Cookbooks
 Coupons
 Grocery lists
 Medications
 Pet supplies
 Kids toys, etc.
THE RISE OF ANTI-CONSUMERISM
© 2011 GLOBAL TREND & DESIGN
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Laws of “If I don’t need to buy, how are you
Attraction going to entice me to buy?”
Inspirational
Displays
Exclusive
Product
The iPad was launched in April 2010 and
as of January 18, 2011, 14.5 million have
been sold
Engaging
Events
Outstanding
Service
THE RISE OF ANTI-CONSUMERISM
© 2011 GLOBAL TREND & DESIGN
2
Inspire
Your
Consumer
 People are learning to live within their means yet this doesn’t
mean we have stopped being a consuming society
 Understand that a new generation of coupons & discounts are
enabling consumers—how do you play in this opportunity?
 You’re competing for market share growth as the discretionary
pie shrinks— know your competition’s strengths and
weaknesses!
 The kitchen continues to be the hub of the home and is taking
on even more responsibilities; make sure your assortments are
meeting these new demands
THE RISE OF ANTI-CONSUMERISM
© 2011 GLOBAL TREND & DESIGN
2
PANEL
DISCUSSION
THE RISE OF ANTI-CONSUMERISM
2
AMERICA’S
CULINARY REBIRTH
3
Cultural
Influences
AMERICA’S CULINARY REBIRTH
© 2011 GLOBAL TREND & DESIGN
3
Hub of the
Home
REALITY:
 Kitchens will continue to combine eating and
meeting spaces
 Bring dining, cooking, meeting, and recreation all
together in one large, open space
OPPORTUNITY: Multi-function and decorative value have never been
more needed/important in this new kitchen environment
Besides cooking meals, the most
common activities taking place in the
kitchen are:
 65% eating meals
 62% planning meals
 49% taking medications or
vitamins
 46% talking in-person with family &
friends
 43% talking on the phone
 38% caring for pets
 11% using computers (up from 6%
in 2006) Research Institute for Cooking and Kitchen Intelligence
Male
consumers
now make
up a $51
billion
shopping
industry
NPD Group
AMERICA’S CULINARY REBIRTH
© 2011 GLOBAL TREND & DESIGN
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Stress
Buster
REALITY:
 79% of adults say they enjoy cooking
 30% say they love it
 49% say they enjoy it when they have the time (Harris Poll)
 Increasingly cooking is seen as a stress reliever and a
creative hobby
OPPORTUNITY:
 Entertaining opportunities from tasting parties to cocktails...
 New growth in DIY entertaining and even DIY weddings
In a survey conducted by
the American Institute of
Psychologists, about 75%90% of all visits to general
physicians are for stressrelated problems
AMERICA’S CULINARY REBIRTH
© 2011 GLOBAL TREND & DESIGN
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New World
Influences
REALITY: Mass media such as television and the internet
has made the American palette more sophisticated,
adventurous and diverse
OPPORTUNITY: Bring new culinary experiences to the mass—WilliamsSonoma has, from frittatas to stuffed pancakes (“ebelskiver”) and sousvide cooking; all of which incidentally require new cooking appliances,
prep tools, recipe books, etc.
Salsa now outsells
ketchup and
tortillas outsell
white bread
Indian food
market in the
U.S. is
growing 35%
Hispanics will account
for 17% of the U.S.
population by 2015,
up from 14% in 2005
Asian food
market in the
U.S. is growing
11%
WILLIAMS-SONOMA
AMERICA’S CULINARY REBIRTH
© 2011 GLOBAL TREND & DESIGN
3
Entice
Your
Consumer
 Address the new social aspects of cooking and baking
 Cooking as leisure/entertainment
 Cocktails, casual dinner parties, BBQ, potlucks
 Consumers are looking to be creative
 Update traditional favorites
 Bring the experience and flavor of “Global Cuisine”
 Bring more restaurant experiences into the home
 Save them more than just money
 Save them Time
 Save them Space
 Save them Effort
AMERICA’S CULINARY REBIRTH
© 2011 GLOBAL TREND & DESIGN
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PANEL
DISCUSSION
AMERICA’S CULINARY REBIRTH
3
THE MULTI-FACETED
MEANING OF VALUE
4
Value Equation
is Reweighted
REALITY: The consumer has moved from
‘value = price + quality’ to a multi-dimensional
equation covering a wide variety of variables
Today’s marketplace that is
oversaturated with brands,
models and even points of
purchase—no wonder their
consumer expectations are
so high
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
4
Value of
Individuality
REALITY:
 27% of all households (31 million) are one-person
households
 Married couples are now a slight minority (49.7%)
OPPORTUNITY: Find ways to let the customer participate. Enable customization.
The
The value
value of
of the
the consumer
consumer as
as an
an individual
individual
increases
as
the
mass
market
disappears
increases as the mass market disappears
A market of one: with
only one syrup the
Starbucks latte
framework offers almost
200 million variations
AD AGE AMERICAN DEMOGRPHICS
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
4
Quality Is Once
Again Important
REALITY: 73% of consumers say they'd rather
have fewer, high quality things (Ogilvy)
OPPORTUNITY: Be best-in-class for quality. In times of recession and
recovery, quality & durability to rise in importance within the value
equation
The Good News: There is a
lot of pent-up purchase
demand from consumers
who have not spent in
several years
Consumers are staying in their homes longer
 2-3 years pre-recession
 Expected average of 10+ years postrecession
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
4
Value in the
Design/Function
Relationship
REALITY: Decorative value weighs equally with
function as the element of design rises in importance
OPPORTUNITY:
 Embrace style as a selling point from OPP to
high end
 Use color and form as competitive
differentiators
The separation between
function and style is
vanishing as aesthetic value
becomes a standard
KIZMOS
MISTO
SABATIER
FARBERWARE
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
4
REALITY: Regardless of consumer segmentation,
Multi-function
as a Value Multiplier the top three new value multipliers are
Time Savings, Space Savings and Money Savings
OPPORTUNITY: Multi-function adds value on all of these fronts; it means that
the consumer has to buy less products, thus storing less, saving money and
often even prep/clean-up time
KITCHENAID
FARBERWARE
KITCHENAID
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
4
Value of Quality
Time Together
REALITY:
 Growing concern over the ‘softer’ side of
raising children
 Parents are taking back control with regard to
play, family time and everyday habits
OPPORTUNITY: Products and services that promote “together” time
(gaming, cooking, eating and sports activities)
Research by the National Center on
Addiction & Substance Abuse finds that
children who eat four to five meals a
week with their family are 40% more
likely to get higher grades in school
than kids who eat two or fewer meals a
week with their family
Same study finds that kids who regularly
eat dinner with their families are 20%
less likely to drink alcohol, smoke or use
illegal drugs.
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
4
Exceed
Expectations
 Understand that value has individual meaning—some will
weigh price more in the equation, others design and others
quality or some other variable
 Tailor your offering to exceed the value expectations of
your consumer
 Speak to the consumer’s needs and lifestyle
 Bring all components of the value equation into your
merchandising & marketing process
 “Surprise and Delight” should be part of the plan
 That might be color, packaging, or even humor
MULTI-FACETED MEANING OF VALUE
© 2011 GLOBAL TREND & DESIGN
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PANEL
DISCUSSION
MULTI-FACETED MEANING OF VALUE
4
REINVENTING CUSTOMER
RELATIONSHIPS
5
REALITY: “In five years, every Target guest will be connected
Technology as a to the Internet—via their iPad or phone or other device—the
Game Changer entire time they are in the store. If that’s the case, what can
we deliver?” (Sr. VP Store Design, Target)
Multi-channel strategies: Consumers who shop across a number of
channels—physical stores, the Internet, and catalogs—spend about four
times more annually than those who shop in just one (McKinsey Research)
The internet is playing a role in almost half of
U.S. retail sales, either as a point of research
and/or for point of sale
73% of mobile-powered shoppers
preferred peering into their phones for
basic assistance over talking to a retail
clerk (Accenture Survey)
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
Online
Shopping
Growth
Online population
In 2009,
154
MILLION
people in
the
U.S. bought
something
online, or...
67%
Total U.S. population
The total spent online
on consumer goods
was
$155 BILLION
That’s an average of
$1,006.5
49.8%
for every person who
made an online
purchase
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
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Online
Shopping
Growth
U.S. online sales will
keep growing at least
through 2014.
Forecast sales will be
nearly
$250 BILLION
More than 44%
of online sales
($67.6 Billion)
was spent on...
$155.2 B
2009
$172.9 B
2010
$191.7 B
2010
$210.0 B
2011
$229.5 B
2012
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
$248.7 B
2013
5
Consumer
Reasoning
What is the most important
factor when buying online?
Source: Guidance/Synovate
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
Consumer
Empowerment




Red Laser and similar apps available on
iPhone, Android and Blackberry are
changing the retailers relationship with
the consumer forever. (also Edocrab,
Sccope, ShopSavvy and Scandit)
Scan any items bar code and get
comparative information on that item
both regionally and on the internet
Keep a library of scanned items, so you
don’t even need to leave your house.
The future will not just be price…
 Nutritional facts
 Allergen info
 Material and manufacturing info
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
Differentiate RISK MANAGEMENT:
 Work with your vendors to make certain that items in
Your Brand
your assortment have limited exposure on internet
price comparison sites, and at your competitors
 Keep an eye on the market, and stay at the right
price
OPPORTUNITY: Create protection against price-only competition
 Partner to create exclusive product
 Explore exclusive configurations for your customers
The safest competition
is differentiation
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
Beyond Products
& Services
REALITY: Consumers expect companies to go beyond
being a producer of products and services…
 To include helping make the world a better place
 Includes green products, community involvement,
charity, etc.
OPPORTUNITY: Engage consumers with products or services which are more
“responsible”
MAKING A DIFFERENCE, SIMPLIFIED:
 Recyclability
 Minimized resource use (in
production and product
lifecycle)
 Fair and/or empowered labor
 Cause-related marketing
(Environmental, Education,
Social Betterment)
 Increased product lifespan
RECYCLE ELECTRONICS AT BEST BUY
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
Create
Loyalty
REALITY: Store loyalty is eroding
 43% of U.S. shoppers switched their retailer of choice
after going online for a chosen product (Nielsen)
OPPORTUNITY: Invite and engage the consumer to explore with store
assortment, design and in-store experiences
 Average time spent in an Anthropologie store is over one hour
40% of customers
remain open to
persuasion once
they enter a store
(McKinsey Research)
ANTHROPOLOGIE
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
MultiChannel
Strategies

Physical space is still very important—but engaging the
consumer has never been more difficult OR more crucial.
How you leverage it must be strategic, not an afterthought

Small retailers have the advantage in creating experiential
retailing

Multi-channel strategies need to be used to reinforce each
other—the consumer is at a stage where single channel
players seem outdated and irrelevant

Open up and get warm & fuzzy… you have to have meaning
to your consumer to create loyalty, and a part of meaning is
an emotional connection… show them you know their life,
their needs, their aspirations
REINVENTING CUSTOMER RELATIONSHIPS
© 2011 GLOBAL TREND & DESIGN
5
PANEL
DISCUSSION
REINVENTING CUSTOMER RELATIONSHIPS
5
10 NEW RULES
FOR THE
CHANGING
ECONOMY
1
Age is a number,
Not a lifestyle predictor
New traditions that
expresses our
individuality – such as
the Sweet Potato Bar
for Thanksgiving
Traditional kids food
goes ‘up-market’ with
gourmet grilled cheese
and hot dog recipes
Meal occasions
continue to blur as
we eat more meals
in a car or on the
fly between places
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
2
Economic recovery will be slow; success will
come from taking market share from
competitors… and non-competitors.
Bringing restaurant
quality and excitement
home will continue to
create opportunities for
the housewares industry
© 2011 GLOBAL TREND & DESIGN
Reinventing the
basics: onepot meals,
gourmet
basics, tricked
out snacks,
crafted
cocktails,
embellished
desserts
The economic downturn
prompted consumers to
buy coffee makers so that
they could brew at home
versus $4 lattes out
NEW RULES FOR A CHANGING ECONOMY
3
Inspire ‘Shopping & Purchasing’ versus
‘Sharing & Trading’
40% of consumers can be
persuaded to buy something else
even after research once they
enter the store (McKinsey)
Elevated value
suppresses
purchase guilt!
Create experiences that
fire the imagination, tap
into hidden needs and
desires and elevate
aspirations
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
4
Transparency is no longer optional… Manage
your image like you manage your inventory
Transparency Is
Tracking orders. Being able to see when
something has been shipped, where it is
en route, estimated arrival time.
Our beef comes from grass-fed cows
that spend a happy life in upstate Maine.
“Thanks for your phone call, are you
calling me about the email you sent us
last Monday at 2 p.m.?”
Viewing an organization as one entity –
whether it’s through a catalog, phone,
Web site, or email.
Leveraging customer feedback for
innovation and research and
developments.
Transparency Is Not
Give us your credit-card information and
we will eventually give you something
you paid for in return.
“Mystery Meat”
A Web site with no “contact us”
page or phone number in sight.
“Let me transfer you to Extension 4.
Hold, please.”
“We could get some real work done
is it weren’t for all these customers.”
CRM Magazine, Lauren Mckay
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
5
Create and enable family time, wellness and
shared experiences in the home
Reevaluation of priorities means growth of:
 Stand mixers & food processors
 Slow cookers
 Pressure cookers
 Blenders (homemade soups)
 Cupcake makers
 Cooking with kids
 Bring-a-dish socials
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
6
Storage and space savings are a renewed
concern in the American household
Americans buying in bulk, increase in
rentals, staying longer in starter
homes all point to the need for
smaller footprints for everything,
modularity and multifunction as
important considerations for the buyer
Consumers want more
storage to keep clutter
under control
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
7
Put some fun back in function.
 Functional gifting becomes
more the norm
 More items exposed =
greater need for décor +
function
 Bringing joy into everyday
‘chores’
 Consumers respond to little
luxuries
 Color and shape become
the new ‘black’
 Don’t be afraid to have a
sense of humor
KIZMOS
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
8
Less ‘glam’ and more classic styling with longterm appeal.
The higher the ticket, the more important this
becomes. We’re moving from a disposable
society to one where quality and durability
are again important key benefits.
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
9
Take “Comfort Food” and
“Creature Comforts” to the next level
We live in a stressed society that is
staying at home more, and rediscovering entertaining and loves
surprising friends and family
 Small indulgences like gourmet
hot dogs and stuffed burgers
 Guilty pleasures such as whoopie
pies and stuffed pancakes
 Taking basics “over the top”, like
truffled mac and cheese and
bacon cheddar popcorn
CURRY COCONUT
POPCORN
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
10
Technology increasingly changes how we shop, prepare
and what we expect - don’t get left behind
Explore partnerships that help you
capitalize on the benefits and
exposure of mobile coupons, DIY
blogs, online video on culinary
and entertaining ideas
music goes digital
movies are
downloaded
print is becoming
obsolete
as cookbooks
become
e-cookbooks
NEW RULES FOR A CHANGING ECONOMY
© 2011 GLOBAL TREND & DESIGN
TOP TRENDS for 2012
If you have any questions
regarding this presentation,
please contact:
Tom Mirabile
SVP, Global Trend and Design
E: [email protected]
P: 917.864.6328
Lifetime Brands, Inc.
The information contained in this document provided by
Lifetime Brands, Inc. is for demonstration & internal
research purposes only, to give dimension and meaning to
the trends. Any reproduction of this information is a direct
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