Market Research in Housewares :: Marketing, business, products,

It’s certainly been one of the most eventful years on record for the housewares industry, with the economy in freefall and the decline of some of the industry’s most respected household names– there really was very little to cheer about. There are still many â€Å"what ifs† out there. It’s impossible to predict the outcome, but on one- side there is the issue of rising inflation, unemployment and a general election which will keep consumers holding tightly on to their purse strings and demanding more from the industry. By this I mean, demanding products that are well designed, ethically sourced and competitively priced. This is going to provide suppliers with a range of major challenges over the coming year. New Priorities One of the outcomes of a recession is that people often re-evaluate the way they live their lives and whereas before purchase decisions probably didn’t require a great deal of thought, this is no longer the case and every single pound spent will need to count. On the more positive side, 2010 will see new suppliers and retailers enter the market, companies who have taken advantage of vacant space available on the high street and also gaps in the supply chain. One of the areas that I believe will continue to grow is high-end contemporary established brands as well as smaller altruistic retailers. These newcomers focus specifically on quality, service, design and lifestyle. Many established names like Emma Bridgewater and Cath Kidston have grown their businesses during 2009 and have a strong foot hold in the market. They continue to provide their customers with fantastic â€Å"lifestyle stories† and fresh contemporary designs as well as playing on their â€Å"Made in Britain† traits or feeding the â€Å"homespun† lifestyle concept, a trend which will be with us for quite some time and which consumers still wish to emulate. Opportunities Whilst supermarkets and discount stores strive to increase their market share at the expense of domestic producers and specialist retailers, I still believe that there are opportunities out there for the smaller retailer. You only have to look at Lakeland - the mail order company - who continues to thrive in difficult market conditions due to a fantastic mix of great product offers and outstanding customer care. Whilst companies strive to compete in difficult economic times, I do believe that those who really understand their market and customer needs will continue to grow.