We’ve all seen how the home furnishings business has found itself in the sweet spot these days. With so many people being home/working from home/stuck at home and a rearranging of disposable income away from dining out and travel, spending on home is on a dramatic rise.
We’re seeing it at both key levels of the home products industry: in remodeling and home renovation with strong sales numbers from the two big retail dogs in the sector, Home Depot and Lowe’s; and better business across the entire home furnishings products spectrum from furniture to home décor to cookware and kitchen products.
It’s that last category, however, that is likely to be the star of this pandemic influenced home resurgence. We all know the endless stories about more people cooking at home, eating at home and wanting to do more things with their kitchen.
A recent story in the New York Post (questionable in its national political coverage but surprisingly spot-on when it comes to reporting on business and the retail sector) highlighted shortages in the major appliances business because of both manufacturing cutbacks and increased demand. And it’s going to continue for the immediate future according to LG spokesman John Taylor, who is quoted in the story saying, “We are not over the hump yet. The shortages and high demand is expected to continue for several more months.”
Add that to the great jumps we’re seeing in the home improvement channel and increases in small appliance sales like bread makers, stand mixers and cookware and the path is clear: any retailer in the kitchen and cookware business needs to get aggressive in going after this business. What’s more, retailers with only marginal representation in kitchen products — like gift stores, those selling home textiles or even furniture stores — should be looking for ways to get their share of this bigger pie.
Because it looks like at least for right now there’s plenty of room at the kitchen table for everyone to be well fed.
Award-winning Journalist & Consultant for the retailing and home furnishings industries with extensive business media experience in both fields.