©2010 Lifetime Brands, Inc. LUSSO INTERIORS TOP TRENDS for 2011
EEMBRACINGMBRACING GGENERATIONAL ENERATIONAL DDIVERSITYIVERSITY
EEMBRACINGMBRACING GGENERATIONAL ENERATIONAL DDIVERSITYIVERSITY
©2010 Lifetime Brands, Inc.
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EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
► Four distinct generations of adult consumers make up today’s marketplace
► Each generation has unique attributes and interests
BABY BOOMERS (age 45-64; 80M)
GEN X (age 35-44; 43M)
GEN Y(age 15-34; 84M)
ACTIVE SENIORS (age 65-PLUS; 47M)
©2010 Lifetime Brands, Inc.
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
► As the older generations move toward spending on experiences, it is the younger generations that are starting to account for more home expenditure purchases
©2010 Lifetime Brands, Inc.
SOURCE: U.S. BUREAU OF LABOR STATISTICS 2008
BOOMERS45-64
GEN Y15-34
GEN X35-44
HouseholdIncome
Avg. AnnualSpend
New Homeowner
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
► GEN Y: Ages 15–34► 84 Million
©2010 Lifetime Brands, Inc.
24/7 Connectivity
Mobile Generation
Highly Educated
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
► Gen Y (ages 15–34; 84 million; 22% of households) Earning power effected by later marriage
and more job hopping “Reverse mentoring”—tech savvy Gen Y is
influencing every preceding generation’s behavior and expectations;
66% of Gen X women choose Gen Y women as the most influential age group when it comes to defining trends in popular culture (PopSugar Media)
This young adult consumer is our most ethnically diverse generation: Targeting price points that understand limited
discretionary income yet a desire for unique product
Must understand the importance of technology for this new consumer
Love to entertain at home where everyone congregates in the kitchen
©2010 Lifetime Brands, Inc.
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EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY► GEN X: Ages 35–43 ► 43 Million
©2010 Lifetime Brands, Inc.
Generation of Foodies
Raising Families
Entrepreneurs / Working at Home
Financially Strapped
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
► Gen X (ages 35–44; 43 million; 19% of households) Entering peak earning years as they turn 40 Stuck in starter homes due to the housing crisis Embracing domesticity; best skill set for the new economy At the forefront of bringing design into new places within the home:
Know how to market and merchandise to the Gen X’er ready to trade-up
They crave products which multi-task and help them save space Appeal to their design-savvy expectations – this generation sees
style as an important value alongside function Looking for solutions ; anything that can help them save time,
space or money
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EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY► BABY BOOMERS: Ages 45–64► 80 Million
©2010 Lifetime Brands, Inc.
Discretionary IncomeSandwiched Generation
Wellness Concern
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY► Baby Boomers (ages 45–64; 80 million; 38% of households)
Account for 40% of total consumer demand Entering a “second middle age” as they become active empty
nesters Started to spend more on experiences, such as travel and
entertaining: Businesses will need to reinvent solutions for Baby Boomers as they
reinvent themselves: Boomers do not call themselves “seniors” Most pursue an active lifestyle, staying engaged, vital and
empowered ‘A House that is a Home’: returning to family or a form of family
is part of the future plan, including living closer to children/grandchildren
Ergonomics in product are relevant to these consumers Intuitive design with strong visual cues
©2010 Lifetime Brands, Inc.
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EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY► ACTIVE SENIORS: Ages 65+► 47 Million
©2010 Lifetime Brands, Inc.
Grandchildren Connection
Reinventing Retirement
Wellness-Minded
Physically Active
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
► Active Seniors (ages 65+; 47 million; 21% of households) 95% of those age 65–74 and 90% of those age 75–84 live in their own
home or apartment (Pew Research Center) Account for a rising share of single households Mental fitness—sales of ‘brain software’ are expected to jump from
$265 million to up to $5 billion by 2015 (SharpBrains) In-store lighting, counter reach, aisle width, signage size all key
variables Promote product solutions within the home which address safety,
strength and dexterity issues of this generation The OXO example—universal design that is a better product for all
©2010 Lifetime Brands, Inc.
©2010 Lifetime Brands, Inc.
EMBRACING GENERATIONAL DIVERSITYEMBRACING GENERATIONAL DIVERSITY
►Recovery strategies: Be prepared to capitalize on the recovery by addressing relevant
consumer touchpoints by generation: Gen Y’s starter apartment or home Gen X’s family raising lifestage Baby Boomers making choices for adult children as well as aging
parents Active Seniors needs both in-home and in-store
Experience economy = experience retail: how to make the shopping experience better, more interesting, more interactive for all generations: It goes beyond assortment to include visual presentation and
solution experiences Tailoring assortments to your core customer in order to make
more meaningful displays
RRECALCULATINGECALCULATING THE THE VVALUE ALUE EEQUATIONQUATION
RRECALCULATINGECALCULATING THE THE VVALUE ALUE EEQUATIONQUATION
©2010 Lifetime Brands, Inc.
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RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► The new economic norm—‘living within our means’We have moved from a disposable society to one that
respects features and brands that imply quality and durability
The conversation on value has shifted for all class of trade as consumers buy less but apply higher standards to what they do buy
Consumers are becoming more brand conscious and looking for established “real” brands that offer more value (Brand Keys 2010)
► Overall, the “Value Equation” has become much more nuanced in the last few years
©2010 Lifetime Brands, Inc.
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RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► We have rediscovered price shopping (coupons, research and bargain-hunting), home entertainment (board games) and, the comfort and accomplishment of home made foods Consumers cutting coupons, buying more private label groceries,
only using credit cards for essentials, shopping at discounters and online and utilizing online price comparison web sites all in an effort to stretch incomes: We must excite consumers with ‘must-have’ product selection as
well as experiential shopping environments with interesting displays and events
Innovation comes from supplying creative consumer solutions Emotional connection—are you relevant to me? Role as educator (and even entertainer) as well as
supplier/manufacturer
©2010 Lifetime Brands, Inc.
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► What sort of changes in your spending have you made since the beginning of the recession?
©2010 Lifetime Brands, Inc.
45%
56%
42%
64%
27%
36%
I buy more store brand products
I have cut back on shopping
I cut back on or no longer take vacations
I have cut back on eating out
I read reviews and visit product-comparison websites before making
major purchases
I settle for less than exactly what I want
in order to save money
SOURCE: 2010 YANKELOVICH/FUTURES CO. ,KITCHENWARES SURVEY (LTB)
46%
48%
7%
32%
42%
26%
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► When shopping for each of the following types of products do you typically purchase national brand products or store brand products (when store brand products are available)?
©2010 Lifetime Brands, Inc.
Summary of Kitchenware Tools & Gadgets
Summary of Summary of Household Household SuppliesSupplies
Always/mostly purchase national brands
Purchase both national brands and store brands
Mostly/always purchase store brands
SOURCE: 2010 YANKELOVICH/FUTURES CO. ,KITCHENWARES SURVEY (LTB)
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► What is important to shoppers? The characteristics of value and quality are currently critical to more
than three-fourths of consumers Durability has become much more central, seeing a 10 percentage
point shift in importance from 2008 to 2009. A trusted brand is currently important to half of consumers, and a trusted retailer is crucial to 45% of responding consumers
©2010 Lifetime Brands, Inc.
58%
40% 38%
68%
58%63%
Durability Low prices Practical products
2008
2009
Source: HGTV’s The 2010 Consumer Survey 2009
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► Of the kitchenware products that they own, consumers were asked to rate which attributes were Very/Extremely Important to them
©2010 Lifetime Brands, Inc.
92%
91%
91%
90%
79%
67%
45%
37%
64% of respondents strongly agreed to: “I am willing to spend more for a product that really works”
70% strongly agreed to: “I am willing to spend more money for a product that will last a long time”
Durability
Easy to Clean
Reliable
Easy to Use
Great Value for the Price
Dishwasher Safe
Made by a Reputable Brand
Has a Guarantee/Warranty
SOURCE: 2010 YANKELOVICH/FUTURES CO. ,KITCHENWARES SURVEY (LTB)
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
► When asked to imagine how important each of the following are in their decision of which brand to purchase
©2010 Lifetime Brands, Inc.
60%
79%
58%
82%
40%
Is a reasonably priced
Is a “high end” brand
Makes reliable products
Offers warranty/guarantee
Is a brand that others have recommended
SOURCE: 2010 YANKELOVICH/FUTURES CO. ,KITCHENWARES SURVEY (LTB)
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION► New components of what constitute value for this post-
recession world
©2010 Lifetime Brands, Inc.
RECOGNIZED BRAND HERITAGE, LEADING EDGE, SUPERIOR
INGREDIENTS AND COMPONENTS
HIGH PERFORMANCE,SUPERIOR DESIGN AESTHETICS
WEALTH, BADGE VALUE
FEEL SMART, PROUD, POWERFULAND SUCCESSFUL, TRUSTING IN CONTINUED PROSPERITY
SOCIAL RECOGNITION &SENSE OF ACHIEVEMENT
HIGH QUALITY:PRICE RATIOFAIR VALUE
HIGHLY FUNCTIONAL
LESS WASTEFULAUTHENTIC, FAIR, HONEST
TIMELESS, AUTHENTIC BRAND EXPERIENCE
FEEL SAFE, WISE SMARTAND DISCIPLINED,
GROUNDED AND BALANCED
SECURITYSENSE OF RESPONSIBILITY
WANT TO BE RECOGNIZED AS A WINNER IN THE CULTURE ANDECONOMY OF GROWTH ANDSUCCESS, WITH THE VISIBLE
SIGNS TO PROVE IT
WANT TO RE-ESTABLISH THEIR SECURITY AND RESPONSIBILITY BYREGROUNDING THEMSELVES IN A
WORLD CHARACTERIED BY HONESTY, FAIRNESS & RELIABILITY
AND AUTHENTICITY
HighestValues
Emotional Benefits
Functional Benefits
Features &Attributes
The Post-Materialist Consumer
HighestValues
Emotional Benefits
Functional Benefits
Features &Attributes
SOURCE: 2009 EMM GROUP, NEW YORK
©2010 Lifetime Brands, Inc.
RECALCULATING THE VALUE EQUATIONRECALCULATING THE VALUE EQUATION
►Recovery strategies: Understand that each generation is recalculating the value equation,
with new elements added in: Active Seniors: Value = Price + Quality Baby Boomers: Value = Price + Quality + Design Gen X: Value = Price + Quality + Design + Experience Gen Y: Value = Price + Quality + Design + Experience +
Compassion Consumers are buying less and expecting more:
New ways to highlight value that go beyond pricing to include new attributes of concern
Exciting ways to educate and inspire the growing DIY foodie
MMULTI-ULTI-TTASKING IN THEASKING IN THE ““HHEART OF THE EART OF THE HHOMEOME””MMULTI-ULTI-TTASKING IN THEASKING IN THE ““HHEART OF THE EART OF THE HHOMEOME””
©2010 Lifetime Brands, Inc.
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MULTI-TASKING IN THE “HEART OF THE HOME”MULTI-TASKING IN THE “HEART OF THE HOME”
► The kitchen plays an increasingly central role in everyday life It’s no longer just a place to cook—it’s a spot to gather with family,
and entertain friends Design has risen to new heights as the kitchen takes center stage
— decorative lighting, wall art, vent hoods, appliances, cabinetry and countertops ALL become canvases for expression
Not only merging of space but merging of functions—there are more consumers working from/at home: 43% of women do work from the kitchen counter; 33% of men do
In a recent Yankelovich survey of 2000 consumers, 92% responded that they prepare between 4 and 7 full meals at home per week
©2010 Lifetime Brands, Inc.
42%
38%
10%
35%
38%
12%All buyers55+ buyers
Source: National Association of Home Builders EcHp Consumer Preferences Survey
Kitchen/Family Room Arrangement
©2010 Lifetime Brands, Inc.
MULTI-TASKING IN THE “HEART OF THE HOME”MULTI-TASKING IN THE “HEART OF THE HOME”
► Only 48% of occupied homes in the U.S. have a formal dining room (U.S. Census Bureau)
► Majority of consumers prefer open space between the kitchen and family room (National Association of Home Builders)
Visually open, but with half wall
Completely open
Completely separate areas of the house
MULTI-TASKING IN THE “HEART OF THE HOME”MULTI-TASKING IN THE “HEART OF THE HOME”
► Today’s kitchen space is more egalitarian, with men and kids hanging out It is becoming a high-tech hub, with music and electronic media Nearly nine in 10 Americans (86%) are involved in some sort of
activity in their kitchen besides cooking such as paying bills, doing work or homework, doing a hobby or craft, reading or playing a game (Electrolux)
More multi-generational households: for example, 55% of men and 48% of women ages 18 to 24 live with their parents: Creating “me” and “we” space within the kitchen environment Multi-generational households bring a new set of expectations for
space and storage: adult children moving back home and/or older parents moving in, complete with possessions from prior living spaces
©2010 Lifetime Brands, Inc.
MULTI-TASKING IN THE “HEART OF THE HOME”MULTI-TASKING IN THE “HEART OF THE HOME”
► Single use spaces are in the past as we learn to do more in less footage Average single-family home sizes declined from 2,520 square feet in
2008 to 2,480 square feet in 2009, breaking nearly 30 years of uninterrupted growth (National Association of Home Builders)
The kitchen is a protected area: extra bathrooms and bedrooms and foyers are where space is being sacrificed
A new era of simplicity where space does not define function and high-end and low-end are mixed for simply style statements: Vanishing walls between prep areas and living areas Flexibility and multi-function become increasingly important
©2010 Lifetime Brands, Inc.
MULTI-TASKING IN THE “HEART OF THE HOME”MULTI-TASKING IN THE “HEART OF THE HOME”
► The kitchen has become the upstairs rec room—67% of adults use their kitchen to socialize and entertain guests (Merillat) It is where we begin the day, and spend the most time: in fact,
according to research by kitchen cabinetry maker Merillat, 33% of adults spend three to four hours in their kitchen in a typical day while 20% say they spend more than five hours there every day
Food prep in many ways is entertainment many consumers who consider the process of the meal part of the experience to share with guests
©2010 Lifetime Brands, Inc.
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©2010 Lifetime Brands, Inc.
MULTI-TASKING IN THE “HEART OF THE HOME”MULTI-TASKING IN THE “HEART OF THE HOME”
►Recovery strategies: Focus on products and merchandising that speak to new functions of
working, connecting and entertaining in the kitchen environment Address the growing desire for design and style for countertop
pieces and kitchen accessories. Function alone will not engage the consumer
Whether designing or selling product, consider the emerging need (and expectation) for products which: Save space (collapsible, de-constructible) Multifunction Save Time in preparation, execution or clean-up
MMAXIMIZINGAXIMIZINGEENTERTAINING NTERTAINING
OOPPORTUNITIESPPORTUNITIES
MMAXIMIZINGAXIMIZINGEENTERTAINING NTERTAINING
OOPPORTUNITIESPPORTUNITIES
©2010 Lifetime Brands, Inc.
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MAXIMIZING ENTERTAINING OPPORTUNITIESMAXIMIZING ENTERTAINING OPPORTUNITIES
► The iconic American family—married couple with children—is expected to account for only 22% of total households in the U.S. with the 2010 Census Today, there are more people living alone than at any point in U.S.
history As household types become more varied, so do the ways we
entertain and gift: Potluck is the entertaining trend for 2010 as we focus on unpretentious entertaining that allows a casual atmosphere with less burden on the host (Epicurious)
New nation of foodies where everyone wants to show off their culinary skills— baking parties, cooking dinner party meet-ups: Creative gift opportunities that focus on practical need Inspiration for casual entertaining and serveware Housewares have even secured their position on wedding
registries
©2010 Lifetime Brands, Inc.
► Competing for a limited amount of discretionary income► The 2009 American Pulse Survey by BIGresearch shows that
consumers will not sacrifice TV and cell phone service; now considered a “essential” just like food and shelter
©2010 Lifetime Brands, Inc.
MAXIMIZING ENTERTAINING OPPORTUNITIESMAXIMIZING ENTERTAINING OPPORTUNITIES
► As more homeowners are staying put, entertainment is becoming an increasingly important element in the home Themed products to enhance home entertainment, such as products
for family movie nights, kids’ baking parties, BBQs, etc. Consumers are increasingly purchasing decorative products to
express/enhance their particular lifestyle , hobbies and interests (wine lover, caffeine crazy, healthy cooking, even inspirational)
Countertop pieces that go beyond function to décor, such as decorative spice racks and paper towel holders or small appliances with color and pattern
©2010 Lifetime Brands, Inc.
MAXIMIZING ENTERTAINING OPPORTUNITIESMAXIMIZING ENTERTAINING OPPORTUNITIES
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► The home moves from a showplace to a personal style statement Today’s consumer is a ‘mix master’—taking into account
performance function, aesthetic and giftability : From Tabletop to Countertop, they strive to create looks which
are unique expressions of their personal style Color has exploded across all home categories as consumers
search for self-expression in their most important environment Consumers do not want to look like the Joneses… or EAT like them
They will trade down where they can to trade up where it matters to them… but trade-ups are often justified at the expense of another expenditure E.g. trading off eating out as often to buy a superior set of cutlery
©2010 Lifetime Brands, Inc.
MAXIMIZING ENTERTAINING OPPORTUNITIESMAXIMIZING ENTERTAINING OPPORTUNITIES
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► Today’s parents are craving more family time 78% say that spending time at home with my family has become
more important to me (2009 Hanley-Wood Survey) The act of preparing and sharing meals is a family bonding
opportunity… with 69% of consumers in families considering cooking inspired meals to be important (Research and Markets)
©2010 Lifetime Brands, Inc.
MAXIMIZING ENTERTAINING OPPORTUNITIESMAXIMIZING ENTERTAINING OPPORTUNITIES
©2010 Lifetime Brands, Inc.
►Recovery strategies: Create products and assortments that inspire/provide new
experiences in cooking and entertaining. Move beyond object-oriented selling and start delivering a better experience
Cooking has evolved from a chore to a fun activity for many consumers; make sure your products/assortments: Educate/Deliver new skills Provide opportunities for family involvement/interactivity Address the FUN in FUNction. to try new things, either for entertaining or to do with family
activities
MAXIMIZING ENTERTAINING OPPORTUNITIESMAXIMIZING ENTERTAINING OPPORTUNITIES
CCOMMITING TOOMMITING TO
SSUSTAINABLE USTAINABLE BBEHAVIOREHAVIORCCOMMITING TOOMMITING TO
SSUSTAINABLE USTAINABLE BBEHAVIOREHAVIOR
©2010 Lifetime Brands, Inc.
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COMMITING TO SUSTAINABLE BEHAVIORCOMMITING TO SUSTAINABLE BEHAVIOR
► We are looking for ways to have a healthier lifestyle and home Consumers will recycle but this is primarily due to changing social
values and governmental sanctions (fines) Consumers more readily adopt eco-responsible behaviors which
directly benefit their families versus the global environment (Continuum Comminspace Study): Importance of applying eco to consumers’ lifestyle needs/desires Searching out products that offer innovative solutions
©2010 Lifetime Brands, Inc.
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COMMITING TO SUSTAINABLE BEHAVIORCOMMITING TO SUSTAINABLE BEHAVIOR
► Reframing shopping behavior via sustainable strategies that also fit economic needs 15% of consumers have started buying secondhand goods just within
the last year (Brandweek): Competition not only includes traditional rivals but now second-
hand goods Studies show that consumers will spend for energy efficiency
products and services; next of concern is safety on what goes in and around their bodies (The Hartman Group): Go beyond greenwashing to practical alternatives
©2010 Lifetime Brands, Inc.
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COMMITING TO SUSTAINABLE BEHAVIORCOMMITING TO SUSTAINABLE BEHAVIOR
► We are looking for ways to have a healthier and more responsible lifestyle and home ‘Freshness’ Food storage and refrigeration systems that can keep
fruit and vegetables fresher longer while consuming using less energy
Waste-reducing products like water bottles and thermal beverage products
Educating consumers about kitchen tools and gadgets that provide solutions for healthy eating, such as salad shakers, vegetable choppers choppers, oil sprayers, etc.
Consumers will pay for products that offer quality, multi-tiered solutions
©2010 Lifetime Brands, Inc.
LIFETIME HOAN RESEARCH
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COMMITING TO SUSTAINABLE BEHAVIORCOMMITING TO SUSTAINABLE BEHAVIOR► Consumer confusion is the biggest roadblock
Largest obstacles to consumer adoption of green alternatives: Lack of awareness on benefit Poor appearance Higher prices than eco-unfriendly alternatives Perceived sub-par performance
Yet, when all elements are equal, consumers will gravitate toward the more sustainable product
Most popular non-food categories for green products are Cleaning, Paper and Lighting
©2010 Lifetime Brands, Inc.
©2010 Lifetime Brands, Inc.
COMMITING TO SUSTAINABLE BEHAVIORCOMMITING TO SUSTAINABLE BEHAVIOR
►Recovery strategies: Food safety is a key touchpoint for consumers—bring solutions Consumers will recycle—how can you make it easier/cleaner/faster
for them Clearly highlight via in-store materials eco-friendly products and the
“why” behind these products focus on: Emphasize direct family health/safety benefits State clear economic benefits Focus on high frequency behaviors
Be clear about the benefits, and never overstate them—avoid greenwashing
Be authentic in your efforts and involvement; promote local and/or global causes that bring an emotional connection to the consumer
CCO-O-CCREATING THEREATING THE
FFUTURE UTURE KKITCHENITCHENCCO-O-CCREATING THEREATING THE
FFUTURE UTURE KKITCHENITCHEN
©2010 Lifetime Brands, Inc.
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CO-CREATING THE FUTURE KITCHENCO-CREATING THE FUTURE KITCHEN
► Today’s consumer is looking for retailers, brands and products and that listen to them and understand the way they live Avoid being a commodity resource that can only compete on price;
consumers are looking for innovation and solutions that inspire them to buy
The median number of leisure hours available per week in 2008 was 16, a drop of 20% from 20 hours in 2007 (Harris Poll, 2008)—involve your consumer in ways to save both time and money in the kitchen, especially when they are increasing their cooking at home
Consumers are looking for tools and shortcuts that ease their day-to-day lives; our society is overextending and pressed for time
The replacement cycle for kitchen products is accelerating as consumers cook at home more often
©2010 Lifetime Brands, Inc.
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CO-CREATING THE FUTURE KITCHENCO-CREATING THE FUTURE KITCHEN
► Involving your consumer New economic realities consumers’ leading focus is on innovative
ways to: Store food (freshness, safety and larger purchase quantities) Prepare food (time-saving and restaurant quality) Serve food (budget-stretching, entertaining and exciting family
meal options) Entertaining niche products like barware and wine accessories are
seeing strength In a 2010 Yankelovich Survey more than 50% of consumers surveyed
said that they make unplanned purchases of kitchenware. Among those surveyed the top 3 reasons given were:
©2010 Lifetime Brands, Inc.
50%
45%
49%
I saw a sale / special / promotion for the product
I noticed the product on display
It looked like it provided a new function that I could
use
Anatomy of an Unplanned Anatomy of an Unplanned PurchasePurchase
SOURCE: 2010 YANKELOVICH/FUTURES CO. ,KITCHENWARES SURVEY (LTB)
CO-CREATING THE FUTURE KITCHENCO-CREATING THE FUTURE KITCHEN
► Tomorrows winning products (both hi and low-tech) will work with consumers to co-create meals TV, print and online media are creating a new expectation for the
housewares consumer, whether preparing, dining or enjoying —i.e. restaurant quality results in the home:
For example, automatic cooking is the next generation of appliances—smart products that do the work to duplicate fine cuisine or self-diagnose for energy efficiency (Smarter Technology)
©2010 Lifetime Brands, Inc.
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CO-CREATING THE FUTURE KITCHENCO-CREATING THE FUTURE KITCHEN
► Increasing role technology plays in co-creating our lives Affecting how we shop (mobile commerce), why we shop
(innovation), when we shop (24/7), where we shop (web research) and what we buy (new lifestyle needs)
Not only have technologies and their applications been accelerating, but so has consumer adoption of these applications: Social marketing strategies as a key part
of your marketing plan Understand the double-edged sword of a
24/7 world—the good and the bad can be spread to a wide community in matter of minutes
Constant change and inspiration are the mainreason to go to a brick-and-mortar location versus buying online
©2010 Lifetime Brands, Inc.
* Traditional mediaNote: Ages 18–64Source: Razorfish and CafeMom, “Digital Mom” conducted by InsightExpress, February 2, 2009
Information Sources Used to Make a Purchasing Decision According to US Digital Moms, Feb. 2009
(% of respondents)
©2010 Lifetime Brands, Inc.
CO-CREATING THE FUTURE KITCHENCO-CREATING THE FUTURE KITCHEN
General websites
Referral from friends or family
Search engines
Mobile Web browsing
TV*
Social influence channels
Magazines*
Newspapers*
Online video
Audio or video podcast
Text messaging
Radio*
24%
21%
19%
12%
11%
10%
10%
10%
7%
6%
6%
5%
5%
©2010 Lifetime Brands, Inc.
CO-CREATING THE FUTURE KITCHENCO-CREATING THE FUTURE KITCHEN
►Recovery strategies:
Become your own ‘Food Network’ by utilizing multi-channel strategies for inspiration and communication… Facebook, Yelp.com, etc.
Be the expert and “live” with your customers by using a website, in store events or other means to give them advice, tips, recipes, etc.
Remember that you don’t have to have your own website to be helped or hurt by the internet
Know the good and the bad of what consumers are saying about your business and act on it
©2010 Lifetime Brands, Inc.
TOP TRENDS for TOP TRENDS for 20112011
Embracing Generational Diversity
Recalculating the Value Equation
Multi-tasking in the “Heart of the Home”
Celebrating Entertaining Opportunities
Committing to Sustainable Behavior
Co-Creating the Future Kitchen
If you have any questions regarding this presentation, please contact:
©2010 Lifetime Brands, Inc. All rights reserved.©2010 Lifetime Brands, Inc. All rights reserved.
The information contained in this document is the exclusive property of Lifetime Brands, Inc., and is provided for internal research purposes only, and to give dimension and meaning to
current consumer and industry trends.
Any reproduction of this information is a direct violation of the Federal Copyright Law. This includes, but is not limited to, color copying, color printing, photocopying or faxing, as well as
email distribution of all content, photographs & images, or posting on the Internet.
Please be careful to not copy the designs, trademarks or intellectual properties of others reported within these pages, as this may result in your being sued or prosecuted by the owner
of that content.
Tom MirabileTom MirabileSVP, Global Trend and DesignSVP, Global Trend and Design
Lifetime Brands, Inc.Lifetime Brands, Inc.E: [email protected]
P: 516.740.6973