Are You Positioned for Long Term Structural Change?
We’ve all been reading about product categories that are hot due to the forced changes in lifestyle that are brought on by the quarantine: home air and water purifiers, slow cookers, air fryers, counter-top grills, home organization, etc. Those products are moving through Amazon, grocery stores, national chains that sell groceries, home centers and, of course, manufacturers’ websites. How much of this behavior is temporary and home much will become permanent?
Most of the industry trade shows have been canceled this year. That means all those trends watchers who visit and report on new product trends from the shows don’t have those key trends and forecasts to share. So how will you refresh your line for 2021? You can’t go out there with two year old trends data and, since consumers are still exposed to and buying from retailers online, consumer demand is still evolving.
Despite the three largest metropolitan areas being on virtual shutdown, consumers are still buying. We just received results of a survey conducted by one of our research partners this past Thursday, March 19th. The survey asked 500 people nationwide a series of questions on the Covid-19 virus. Here are the highlights:
The last nationwide social upheaval in the US was in 2008 when gas prices soared and fears of the housing bubble began to take shape. The mood at the time gave rise to a need to cocoon in the warmth and safety of the home and to stay home to avoid spending money as people feared for their jobs and economic security. Sound familiar?
