Trend expert Tom Mirabile shared the latest lifestyle and retail trends at the 2019 International Home + Housewares Show
Weâ€™re now in a consumer-centric period of retail where the consumer is in control, said Tom Mirabile (pictured), trend expert for the International Housewares Association (IHA), during the Top Trend 2019: New Consumer Insights and How to Thrive in the Retail Revolution, his annual keynote address at the 2019 International Home + Housewares Show.
As a result, housewares suppliers and retailers need to focus all their efforts on what the consumer wants, how the consumer sees themselves, and how the industry can help create solutions for them. â€œWe need to stop looking at objects and start looking at what those objects deliver,â€ said Tom. â€œPeople arenâ€™t buying objects, theyâ€™re buying experiences.â€
Tom began his presentation with an overview of generational distinctions and key need-to-knows about each generation right now. Generation Z is on track to be the most well-educated generation (according to Pew Research), with a liberal set of attitudes and openness to emerging social trends. They also may be the first generation where cooking is truly no longer a gendered task, viewing â€œcooking as a craft or a skill,â€ according to Tom. This generation skews more toward traditional life cycles, with many saying they want to start a family and own a home.
A much less traditional generation, Millennials prefer staying home over going out. But theyâ€™re less likely to eat around the kitchen table; many eat in their bedrooms and even bathrooms. They also report replacing one meal a day with snacks. Another way of bucking the norms: â€œMillennials donâ€™t see a brand as religion,â€ said Tom. â€œLoyalty does exist, but you have to constantly earn it.â€
Generation X is smaller in numbers but is entering its prime earning years. Thirty-one per cent of discretionary spending in the US right now is coming from this generation, Tom said. Gen X is very self-sufficient and does more product research than any other generation. Theyâ€™re also a true shopping hybrid; they still enjoy a trip in-store but have fully embraced online shopping.
Many Baby Boomers are retiring, moving or remodelling their homes, which means they will be buying more items for their homes. Many are also in a period of personal reinvention. â€œBoomers are still looking to Millennials and Generation Z to see what they want to be,â€ Tom said.
As for Seniors, many are still economically active but much of their consumption has shifted to experiences and healthcare. Interesting fact: by 2035, 1 in 3 US households (versus todayâ€™s 1 in 5) will be headed by someone over 65 years old.
Next up, Tom shared some key tenets that are important for housewares suppliers and retailers as they adjust to the quickly-changing marketplace where consumers hold all the control. These tenets, tied to the acronym FASTR, are:
â€¢ F â€“ Be Flexible, Be Fun, Be Fearless
â€¢ A â€“ Be Addictive, Be Aware, Be Aspirational
â€¢ S â€“ Be Surprising, Be Sharable, Be Simple
â€¢ T â€“ Be True, Be Transparent, Be Trustworthy
â€¢ R â€“ Be Real World, Be Responsible, Be Reactive
Some key points on each of those tenets:
â€¢ Be Flexible â€“ Change is constant, but even the most established brands can reinvent themselves. Tom cited IKEA and KitchenAid as examples.
â€¢ Be Fun â€“ Citing recent funny commercials from Skittles, Wayfair and Geico, â€œ(Brands) who can have fun and make fun of themselves send a message of self-confidence,â€ Tom said.
â€¢ Be Fearless â€“ Donâ€™t be afraid to take a stand or do something different from the norm. It helps make your brand feel authentic and helps you stand out from the crowd.
â€¢ Be Addictive â€“ American adults spend over 11 hours per day listening to, watching, reading or generally interacting with media, according to the 2018 Nielsen Total Audience Report. The challenge is in hooking them in.
â€¢ Be Aware â€“ Thereâ€™s a tremendous amount of information out there, but â€œyouâ€™ve got to be self-educated, youâ€™ve got to be a culture vulture,â€ said Tom, and keep up with what consumers want.
â€¢ Be Aspirational â€“ â€œTodayâ€™s consumer doesnâ€™t dream of owning, but of becoming,â€ said Tom. â€œStop telling the customer who you are and start telling them you know who they are.â€
â€¢ Be Surprising â€“ The subscription ecommerce market has grown by more than 100 per cent a year over the past five years, said Tom. A reason? They deliver boxes of surprising items a consumer may never had found on their own (or without a lot of time and effort).
â€¢ Be Shareable â€“ These days, this doesnâ€™t simply mean sharing an image, though that still does have value. Itâ€™s more about inspiring people to physically share something, such as the opportunity for a family to cook and eat a meal together.
â€¢ Be Simple â€“ â€œInstead of big claims, sometimes itâ€™s about the little obsessions,â€ was a finding shared from PHD Worldwide.
â€¢ Be Trustworthy â€“ Consumer trust levels are at an all-time low, whether it comes to government institutions, businesses or media.
â€¢ Be Transparent â€“ This is important whether youâ€™re talking about ingredients, labor usage, or product materials. Significant numbers of people across all generations will pay more money for eco-friendly materials, said Tom.
â€¢ Be True â€“ This often starts within your own company culture and then rises through the ranks of everything you do.
â€¢ Be Real World â€“ â€œTo me, this is all about looking at real-world problems people are having, and how youâ€™re going to solve them for them,â€ said Tom.
â€¢ Be Responsible â€“ A large part of this has to do with sustainability, a key issue for many generations of consumers these days.
â€¢ Be Reactive â€“ Getting negative reviews? You must be quick to react, explain and make things right online. eMarketer data finds that roughly two-thirds of US internet users reference product reviews at least often before making a purchase.
A video recording of the programme can be found above. For more information about the International Home + Housewares Show, visit www.housewares.org