Despite the recession certain industries have been witnessing growth due to shifts in consumer spending and economic trends. Consumers are saving their money, spending more time at home, investing in “do it yourself” equipment, lowering overhead, and “going green.” The house ware industry has seen substantial evidence in consumers spending more money on kitchenware and cleaning products as opposed to eating out or hiring outside help.
Individuals are spending more time at home, and thus, need more essential house items to keep the home environment clean, friendly, and efficient. Families are spending more on cooking utensils and encouraging cooking as an activity, not a chore. Family night is no longer spent at the movies, but now is spent teaching the kids how to cook. Parents are now feeling the pressure of telling children about financial hardships, and the best way to keep family morale high is to include the children in fun, but effective ways to save money, like making meals at home. Cooking shows on television have become more prominent over the last few years as cooking is seen more as an art, and less as a duty. Retail stores such as Williams Sonoma offer a variety of cooking utensils to accommodate differences in age, preference, and level of cooking expertise. Consumers are willing to invest in quality cooking utensils knowing the return on investment will be high with the cost of eating decreasing by making their meals at home.
Similarly cleaning product spending increases as families are spending more time at home. Cleaning products are consistently becoming more effective and innovative as time progresses. In-house cleaning products are being purchased at substantial rates along with household tools, as more home owners are beginning to take care of yards, pools, and mechanical maintenance on their own. The increase in cleaning products goes hand in hand with the rise of the green movement, as cleaning products are becoming more environmentally friendly, and production plants are implementing green procedures to reduce waste and pollution. Many cleaning companies are focused on reducing chemicals in their products and making the products safe for children and the home environment.
Companies that are able to make efforts to decrease negative impacts on the environment, or increase energy efficiency are also experiencing surprising attention during the recession. New products aimed to help consumers save money have potential during this economic hardship as consumers are doing more work themselves, but remain equally interested in saving the environment at the same time.
The economic state has ignited multiple changes in the consumer products industry, and the key to success is to stay ahead of the trends as new products arise and alternative ways of living are becoming the norm. While the recession has impacted industries in general, certain segments of the consumer product industry have benefited to the degree that their products support cost-saving strategies many families are employing to manage economic hardships.