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July 27, 2015

Wireless Speakers: What Consumers Want

Wee Teck LooAnalyst Insight by Wee Teck Loo - Head of Consumer Electronics Research

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Sales of smartphones are projected to exceed 1.3 billion units in 2015. The explosive sales of smartphones are also driving sales of accordant headphones and wireless speakers. 26% of the respondents paid between US$20-50 for their wireless speakers and almost the same number of respondents paid between US$75-200.  In fact, the survey showed that a significant number of respondents were willing to pay a premium, with more than 10% paying more than US$200 for their wireless speakers.

Wireless Speakers Spending

Wireless-Speaker

 

Source: Euromonitor International Analyst Survey – Analyst Pulse; May 2015

 

Note: Question shown to respondents who owned wireless speakers

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Consumers in Advanced Economies Remain Unsure of Better Times Ahead

Sarah-B-Banner

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As attention turns to potential increases in interest rates, and the recovery becomes more established, the feel-good factor amongst consumers seems to remain elusive in many advanced economies.

Return to strong(ish) growth

Economic growth is certainly more robust, but still could not be described as “strong” in many economies. In 2014, five of the 40 advanced economies for which we have data, saw economic growth of 3% or more, compared to 28 economies in 2007. In 13 of these 40 countries, total GDP remained lower in 2014 than it had been in 2007.

Advanced Economies with Falls in Real GDP 2007-2014

Falls in GDP

Source: Euromonitor International from national statistics/Eurostat/OECD/UN/IMF

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July 26, 2015

Pour Over Coffee in the US: Trend or Fad?

Virginia LeeAnalyst Insight by Virginia Lee - Senior Research Analyst

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At the March 2015 International Housewares Show in Chicago, multiple vendors featured electric kettles with adjustable temperature controls, filtered coffee systems, and electric coffee makers offering barista-quality coffee. One of the most promising products at the show was the KitchenAid Pour Over Coffee Brewer that claims to marry the benefits of pour over with the ease and consistency of an electric drip coffee maker. Pour over coffee is undergoing a resurgence in the US, as this manual brewing method expands beyond speciality coffee shops in big cities such as Chicago, New York, and Portland, Oregon into smaller cities, housewares retailers, and speciality supermarkets. Coffee shops, appliance makers, and retailers are tapping into Americans’ desire for better tasting coffee by promoting the pour over method. This trend is expected to intensify in the at-home market in the years to come.

Pour-over-coffee

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July 25, 2015

Nepal’s Tourism Shaken by Natural Calamity

Shreyansh-KocheriAnalyst Insight by Shreyansh Kocheri - Research Analyst

Just as Nepal was recovering from a decade long political uncertainty, the country was hit by an earthquake of magnitude 7.9Mw in April 2015, with aftershocks being felt even in May. In the short term, various tourism segments will be negatively impacted by this; however it is expected that Nepal’s inbound arrivals will bounce back by the end of 2016.

Tourism a key contributor to the Nepalese economy

 The Nepalese economy witnessed its strongest real GDP growth of 5.5% in 2014 due to a rebound in agriculture and increased domestic demand. Tourism is an important industry for Nepal’s economy and is also one of the key sources of foreign exchange and revenue. According to the World Travel and Tourism Council (WTTC), the total direct contribution of travel and tourism to Nepal’s GDP was NPR75.6 billion, contributing 4.2% of the whole economy GDP in 2014.

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Recap of The Global Food & Beverage Packaging Summit 2015

Sean KreidlerAnalyst Insight by Sean Kreidler - Research Manager

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Eric Penickaand Eric Penicka - Research Analyst

The Global Food & Beverage Packaging Summit was held in Chicago from July 7-8 and included over 30 conference sessions featuring a mix of CPG and packaging companies, as well as an expanded product showcase. The event’s dual track program highlighted marketing and branding strategies as well as production and engineering technical intelligence focused on packaging innovations and solutions for tomorrow’s consumer. Below are the key findings that the North America Euromonitor research team of Eric Penicka and Sean Kreidler observed.

Product innovation was a core theme of the event. Consumer needs are more robust than they were just 10 years ago. Increasingly they are more willing to take risks and try new products. To succeed in the face of mounting competition, standing still is not an option. It is important to identify consumers’ struggles and packaging innovation offers a great opportunity to attend to them. Product reformulation is risky, coupons short-lived and SKU rationalization not necessarily noticed by consumers. Simple packaging redesign is the most obvious and visual way to facelift a product. Now more than ever technology advances have made prototyping more cost effective and easy, stimulating innovation. Also, it is important to think beyond traditional competitors when innovating. For example, Coca-Cola is not only competing with Pepsi for consumer attention, but it is also competing with yoga classes or pints of Ben and Jerry ice cream, that also offer stress release and comfort. Dutch Boy successfully revamped their packaging from metal cans to plastic tubs, fulfilling a need for consumers for greater ease of use. This trend caught on in food categories too and can be seen in Domino sugar, Folgers coffee and Similac powder milk formula.

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July 24, 2015

Harvey Nichols Promises Botox, Champagne and Massages in Exchange for Loyalty

Rob WalkerAnalyst Insight by Rob Walker - Contributing Analyst

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Harvey Nichols, the fourth biggest luxury goods retailer in the UK by retail sales value, has launched a state-of-the-art loyalty app that will reward customers for every pound they spend in its stores, its online platforms or in any of the brand’s upmarket bars and restaurants (including the famous OXO Tower on London’s South Bank).

Rewards will range from Champagne dinners to Botox and luxury massages. “We want to give our customers more than just pennies for points”, says Shadi Halliwell, Group Marketing and Creative Director at Harvey Nichols. The rewards are more luxurious than most loyalty schemes on the market, but the rationale behind the strategy is the same. It is about driving up sales.

Loyalty programmes and luxury goods are not obvious bedfellows, but there are a number of reasons why this type of scheme could soon become the norm. Firstly, money saving and deal culture has gripped UK retailing for some years. Luxury retailers have kept their distance for fear of diminishing their cachet, but this has not stopped a torrent of heavy discounting across the industry. Secondly, apps are at the forefront of retail digital innovation and are identified as key to attracting “internet junky” millennials. Thirdly, the UK’s luxury retail market has never been more competitive, so coming up with clever ways to attract customers is a key battleground.

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Business Backs Education

Cat Dixby Cat Dix - Corporate Social Responsibility Manager

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Companies across industries are putting education at the centre of their corporate social responsibility programmes.  By working alongside schools they are able to complement and boost classroom learning and in time improve student outcomes.

Over the last six months volunteers from Euromonitor's London office have been working with two local schools delivering mentoring and workshops focused on employability and key skills.  Supporting young people to develop strong employability skills is vital if they are, one day, to successfully enter the workforce.

The World of Work Mentoring - Samuel Rhodes School Islington

Samuel Rhodes School is an Islington Special Needs school meeting the needs of pupils between 5 and 16 with moderate learning difficulties.  Five volunteers have been guiding the school's sixth form students (aged 16-17) through a 10 week introduction to work and goal setting programme.  The school's hope is that with guidance and support when the pupils finish school they will have developed the necessary skills and confidence to seek employment.  Meeting on a weekly basis at Euromonitor's head office the mentees explored time keeping, dress codes, body language, boundaries and public speaking.

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July 22, 2015

Multi-Channel: The Future for Electronics and Appliance Retail

Alexander GoranssonAnalyst Insight by Alexander Goransson - Lead Analyst

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The retail industry is rapidly evolving. The rise of internet retailing is forcing store-based retailers to quickly adapt by adopting multi-channel strategies, such as click and collect. Considering the nature of technical consumer goods (TCG), often big ticket items necessitating advice or delivery and installation, as well as after sales service, the changing retail environment will have a particular impact on consumer electronics and appliance specialist retailers.

Store-v-online

Source: Euromonitor International

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July 21, 2015

Consumer Health at the New Procter & Gamble

ChrisSchmidtAnalyst Insight by Chris Schmidt - Consumer Health Analyst

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With the recently agreed-upon sale of some 40 beauty brands for US$12.5 billion to competitor Coty, Procter & Gamble has taken a major step toward completing its push to drastically shrink the number of brands it manages. The effort, led by second-term CEO AG Lafley, has pushed the company’s consumer health brands closer to the forefront of one of the world’s largest consumer packaged goods companies. However, given the industry’s fierce competitive landscape, challenging the upper echelon of consumer health’s leading companies remains a lofty goal.

Culling the heard: Procter & Gamble slims down to speed up

In mid-2014, after several years of slow growth led to a shakeup in the C-suite and the return of former CEO AG Lafley, Procter & Gamble announced that it would be selling up to 100 brands from across its bulbous portfolio. Ultimately, the company would seek to focus on 70 to 80 core brands that accounted for nearly all the company’s revenues and profit. Over the course of the last three decades, a spree of acquisitions – most notably 2005’s US$53.4 billion purchase of grooming and battery giant Gillette – have turned Procter & Gamble into one of the world’s largest consumer goods companies. In 2014, the company generated retail value sales of US$117.4 million across the Euromonitor Passport universe, with roughly 95% coming from the beauty and personal care, tissue and hygiene and home care industries. However, the company’s portfolio has changed drastically recently. The 2014 sale of Pringles chips/crisps (to Kellogg) and the pet food brands Iams, Eukanuba and Natura (to Mars and Spectrum Brands) drastically reduced its exposure to the packaged foods and pet care industries. Similarly, the divestment of its salon professional hair care and fragrance businesses to Coty (expected to close in late 2016) will significantly reduce its exposure to luxury goods.

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July 20, 2015

Jet.com Launches to Compete with Amazon.com

Analyst Insight by Michelle Chae - Retailing Analyst

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Marc Lore, the founder of Quidsi and former Amazon employee, is finally launching his next venture, Jet.com on Tuesday July 21st, after raising US$220 million. Will Jet.com be the next game-changer that can take on Amazon?

Through a dynamic pricing model, Jet.com promises average savings of 10-15% compared to anywhere else online at half of Amazon Prime’s membership fee. Starting on Tuesday, consumers can sign up for a membership at $49.99 per year with a free 90-day trial period. Jet.com plans to make its revenue strictly from membership fees and pass along all savings to consumers.

“'The bottom line is, we’re basically not making a dime on any of the transactions. We’re passing it all back to the consumer,’ Lore says from a conference room in his Montclair headquarters. ‘We want to build a different type of relationship with the consumer. When we show you a product, it’s not because we are making money on it and not because we are closing out a line. It’s because we think it’s a good deal.’” –BloombergBusiness

Continue reading "Jet.com Launches to Compete with Amazon.com" »

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