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The global housewares market has been forecast to exceed a projected value of US$39 billion by 2018, driven by gains in Asian economies, and the growing popularity of housewares as fashionable items with ornamental value.
The global housewares market is characterised by globalisation, consolidation, and casualisation trends. The recent 'Casual' lifestyle in the US and Europe, for instance, prompted leading players to adopt contemporary patterns, colours and styles
Demographics play an important part in defining trends within the housewares market. The composition of the population is an important concern for houseware manufacturers. The preference and requirement of end-users differ greatly from each other and therefore, affects market demand.
Young and unmarried people are usually peripatetic and spend a little on tableware, but on a cheaper variety of tableware products. Employed couples without offspring are quite lavish and are more inclined toward trendy items. Baby boomers spend reasonable time at their homes and are passionate of staying together with their family and friends. Hence, they normally look out for variety of formal products. They prefer functionality and price of products to embellishments, despite having higher disposable income.
Senior citizens segment includes those who have crossed the age of superannuation (retirement) and constitute the fastest growing end-user segment. They are traditional and very conscious to price and functionality of the products rather than embellishments.
Perhaps the greatest change for homewares over the past five to 10 years is the emergence of the influence of professional chefs and home remodelers who have come to dominate the cable channels of US television. Celebrity endorsements have become a major driver of business for cookware, cutlery, appliances, tabletop and other home categories. Guy Fieri, Paula Deen and Australia's Curtis Stone are leading the way.
The internet and digital technologies are having an increasing influence on the housewares market. An explosion of digital innovations, most notably the emergence and rapid adoption of Smartphone and Tablet technology, has transformed the buyer seller relationship. Instead of getting defensive, some stores and brands are embracing the change by creating new personal touches that feature these new innovations in preference to more sales staff.
For more information on the global housewares market, see the latest research: Global Housewares Market
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