Furnishings And Lifestyle Trends Uncovered At IFDA/NY "Fast Forward" Event

Furniture World News

The New York chapter of the International Furnishings and Design Association (IFDA) offered three unique perspectives about the future state of the furnishings industry, at a program titled "Fast Forward: An Insiders Guide to the Future." Renowned future forecaster Faith Popcorn, furniture industry analyst Jerry Epperson and Merrill Lynch economic advisor Pam Singleton each shared insights and offered advice for meeting the business challenges of the future. Building on her popular ‘cocooning’ concept, headline speaker Faith Popcorn shared highlights from her new book EVEolution: The Eight Truths of Marketing to Women, based on her premise that the furnishings and other industries should recognize that "men and women are just as different ‘shop-ologically’ as they are biologically." According to Popcorn, women make 80% of buying decisions, thus it is critical for manufacturers to create a relationship between the woman buyer and their brands. She offered a number of ‘truths’ about building this relationship, such as ‘marketing to a woman’s peripheral vision,’ ‘co-parenting a brand’ with the woman user’s input, and nurturing the ‘brand-me-down’ concept from one generation to the next. Pam Singleton of Merrill Lynch confirmed that the furnishings industry is in a steep decline, which she predicted would bottom out during the June quarter, then enter a slow recovery. The industry may not see evidence of increased consumer confidence until Spring 2002. In this tough economic climate, "the brand will become a company’s most precious asset," said Singleton. "Brands are critical to ensure consumers get the quality they anticipate." Singleton applauded designer brands such as Prada and Gucci, which are strengthening their retail presence in New York City and "becoming omnipresent in consumers’ minds." Singleton noted that housing demand remains resilient, and along with it pent-up demand for furniture, which manufacturers should recognize and meet. Jerry Epperson, publisher of the monthly newsletter The Furnishings Digest, urged the audience to focus on two demographic groups. The first target, baby boomers ages 37 to 55 years, are at peak earnings, have paid off their mortgages, are empty nesters, and have come into inheritances valued at $16 trillion. "The time is right to hit this group hard," said Epperson, "while they’re net spenders, before they turn into net savers." The second target group consists of baby boomers’ children ages 20 years and younger, who are the first generation of young people with money to spend. According to Epperson, this group is to marry earlier, maintain two-income households, buy earlier, and even buy luxury goods earlier than previous generations. Epperson noted trends toward more women- and minority-owned businesses, as well as advances in technology and electronic communications, all of which will lead to more flexible work environments and highly successful new business enterprises. All three ‘Fast Forward’ speakers’ presentations spurred lively discussion and encouraged the audience to engage in some forward thinking about their own businesses. As Faith Popcorn aptly concluded, "Objects in the future are closer than they may appear." For more information about other IFDA/NY programs or to become a member, please call the IFDA/NY office at (212) 686-6020. IFDA is the only all-industry association whose members provide services and products to the furnishings and design industry and is the driving force through its programs and services to enhance the professionalism and stature of the industry worldwide.