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HomeTrend
Forecast
April 20 2009 Issue
The Overarching Trend of 2009
Without a doubt, the overarching trend of 2009 is the recession, according to my newly published 8th annual trend report, TrendTracker 2009. The consumer trends that will have the biggest impact on housewares and home goods manufacturers and retailers in 2009 all tie back to how Americans are reacting to the economic downturn and what they are spending their money on.
- Americans are worried about money and what the future may hold. As a result, they are being very careful with how they spend their money.
- In past decades when an economic downturn ended, Americans went right back to spending. This time Americans are making fundamental and long-term changes in their spending habits and in their attitudes toward the "stuff" they own and what is really important in life.
- Much of the decline in spending on home improvement is due to depressed home sales. Homeowners who have not recently moved are still spending on home improvements.
- Despite the recession, Americans are continuing to embrace new environmental practices ...if they save them money.
- Americans are preparing meals at home more and eating out less but it is not just because they want to save money.
2009 will go down in the history books as the dawning of the age of frugality. But this doesn't necessarily mean that housewares and home goods manufacturers and retailers have to resign themselves to a year of declining sales. Savvy housewares and home goods manufacturers and retailers with "on-trend" products, good quality, good price/value and the right messaging are positioned to do well this year despite the economic downturn.
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