FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.
-
Upload
harold-strickland -
Category
Documents
-
view
218 -
download
0
Transcript of FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.
![Page 1: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/1.jpg)
FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER
![Page 2: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/2.jpg)
CURRENT STATE OF CRYSTAL PRODUCT INDUSTRY IN US MARKET
Fragmented marketplace with shrinking traditional target markets and emerging, harder to target niche segments
Dramatic rise in product marketing companies competing in the US marketplace with a wide array of products
Casual living has become ingrained in the US culture. However, formal dining for special occasions is regaining some popularity
![Page 3: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/3.jpg)
Increased Competition
The US marketplace is flooded with crystal goods that span the spectrum in price point, quality and
brand cachet.
2001 2002 2003 2004 2005 1,859,440 1,975,558 2,063,277 2,236,746 2,341,454
Data Provided by COMTRADE database of the United Nations Statistics Division
![Page 4: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/4.jpg)
US MARKETPLACEINCREASINGLY COMPETITIVE MARKETPLACE
Economic and social factors Exchange Rate of the USD versus the Euro General Economic Condition in US US Consumers’ seemingly insatiable demand for
Consumer Goods Growth of Distribution Channels Growth in Product Marketers Emergence of Identifiable Social Sub-Groups
![Page 5: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/5.jpg)
USD Exchange Rate to Euro
![Page 6: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/6.jpg)
Market Attractiveness
The US is an attractive marketplace for crystal products due to the large, diverse and relatively wealthy target segments that exist
Many companies are competing for sales with a wide range of products through many different types of retail channels
![Page 7: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/7.jpg)
US Demographics
Population Growth New Demographic sub-
segments Disposable Income Marriage Later in Life Higher Divorce Rate
Appreciation in Real Estate Values
Low Interest Rates Rise in Single
Households
![Page 8: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/8.jpg)
US Population Figures Segmented by Race
![Page 9: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/9.jpg)
Projected Population Change by Race
1990, 2000, 2025 and 2050
![Page 10: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/10.jpg)
Demographic Changes
General broad demographic information becoming less relevant
Emergence of powerful sub-groups Targeting “MicroTrends”
Requires detailed demographic information Requires tighter marketing campaigns
![Page 11: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/11.jpg)
Changing Family Structures in the US
![Page 12: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/12.jpg)
Changing Nature of US Households
![Page 13: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/13.jpg)
Disruptive Demographics
Nature of utilizing demographic characteristics to better understand target consumer
segments is changing
Layering of different styles of demographic information to uncover sub-segments
![Page 14: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/14.jpg)
New Demographic Information Psychographic
Attributes relating to personality, values, attitudes, interests, or lifestyles
Behavioral
Variables such as usage rate or brand loyalty
![Page 15: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/15.jpg)
Important Demographic Target Segments in the US
BABY BOOMER SEGMENT BOOMER ELITES GENERATION Y GENERATION X BRIDAL SEGMENT WOMEN SEGMENT WINE CONSUMER SEGMENT GROWTH LUXURY GOOD CONSUMER SEGMENT
![Page 16: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/16.jpg)
Baby Boomer SegmentBORN BETWEEN 1946 - 1964
80 Million US Consumers Youthful but not young Health, Fitness, Lifestyle + Simplicity Products – easy to use, convenient
Targeting Baby Boomers
Traditional media patterns of TV, Radio + Print
Willingness to embrace new forms of media
![Page 17: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/17.jpg)
Boomer Elites
Pre-tax income of 150,000 USD One in Ten Baby Boomers Married (92%), College Educated (92%) and live in
homes valued at nearly twice the value of the average Baby Boomer
Importance
This group spends the most on household goods and services, most likely to own a second home
![Page 18: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/18.jpg)
GENERATION XBORN BETWEEN 1965 - 1975
44 Million US Consumers Entering peak earning years Getting married, raising families, tech savvy Independent, distrusts hype and should be
targeted with clear marketing messages Diverse segment
“Identifying what Generation X wants can be difficult simply because they have been overshadowed by the generations that came both
before and after them”
![Page 19: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/19.jpg)
GENERATION YBORN BETWEEN 1976 - 2000
71 Million US Consumers Raised in the age of interactive media Upward earning potential + prime marriage years Bombarded with marketing messages from a young
age Marketers must use many forms of communication
to get their message to this group Driving the explosion in ‘casual living’ Focused on efficiency and practicality
![Page 20: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/20.jpg)
Generation Groups as part of US Population in 2015
![Page 21: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/21.jpg)
Computer Use by Generation
![Page 22: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/22.jpg)
Generation Y Media Time
![Page 23: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/23.jpg)
BRIDAL SEGMENTThe crystal/tabletop/giftware products available to this group of
consumers are vast.
“today's to-be-weds are registering for more innovative gift items, 75% of engaged couples still register for fine tableware, and 79% register for casual tableware” (Roper Starch Worldwide, 2000).
As of January 2005, through in-store and online registries, registrants on The Knot (a very popular website for people getting married in the US) will be able to choose from over 5,000 dinnerware patterns, 1,200 flatware options, 2,000 stemware choices, crystal and porcelain giftware items, and a multitude of other tabletop offerings
(Business Wire, 2006).
![Page 24: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/24.jpg)
WOMEN’S SEGMENT
Significant impact on Crystal Product sales Women are the dominant household decision makers for
purchases of china and glassware Using the six steps of the purchasing cycle: expressing a need,
conducting research, evaluating brand options, setting a budget, making a final decision and making the purchase – women express the need for china and glassware purchases 88% of the time and in 81% of the time they make the final decision
This segment has been a focus of MicroTrend analysis and many sub-segments exist.
These niche segments represent a clear opportunity for marketers
![Page 25: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/25.jpg)
US Female Population by Age
![Page 26: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/26.jpg)
Female US Populationby Age and Race
![Page 27: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/27.jpg)
WINE CONSUMER SEGMENT 2006 was the 12th consecutive year that total wine
consumption increased in the United States. 250 million cases of wine were sold (3.3% increase
over 2005) and per capita consumption of wine reached 2.88 gallons.
The United States is poised to overtake France and Italy as the world’s largest consumer of table wines.
Consumers in the Echo Boomer (or Y Generation), the 70 Million Americans now aged 13 – 30, are showing a greater interest in wine than any other preceding population segment.
![Page 28: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/28.jpg)
Luxury Good Consumer Segment Luxury good sales worldwide soared to 150 Billion USD in 2006, of which 30%
can be attributed to the US market.
Luxury goods are attractive to many different segments of consumers; however, the wealthiest 20 percent of Americans were responsible for 39 percent of all consumer spending.
The high net worth consumers are the largest group of consumers for luxury
goods.
The High Net Worth target segment is geographically diverse.
According the Luxury Institute, wine spectator magazine was rated the highest by luxury consumers. Scientific American and Saveur also placed high in the categories of subject matter expertise and content relevance, respectively.
The same study revealed in 2007 that Islands and Vogue Magazines’ websites were the most effective consumer publication websites by high net worth consumers.
![Page 29: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/29.jpg)
High Net Worth of Households in the US is
growing:
![Page 30: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/30.jpg)
POS INFORMATION
CURRENT SYSTEM CONFLICT OF INTEREST FOR RETAILERS
& MANUFACTURERS CRM Investment “Ownership” of the customer relationship
![Page 31: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/31.jpg)
Influence of Changing Marketplace on Data Sharing
Maturity of effective new technologies and processes
Increase in the number of retailers and manufactures who are attempting to become regional or global leaders
![Page 32: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/32.jpg)
Value Chain Utilizing Information
![Page 33: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/33.jpg)
Four Affluent Sub-Segments
MARRIED WITH MONEY + CHILDREN UP AND COMING OLD MONEY UPPER CRUST
![Page 34: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/34.jpg)
Important Emerging MicroTrends: Unmarried, professional women in their 30’s and 40’s –
Highly educated women, no family responsibilities and high disposable incomes Empty Nesters –
Baby Boomers whose kids have moved out, creating a new stream of disposable income
Progressive “Prioritizers” – Well educated women who work but are prepared to leave their jobs to raise a family and then desire to return to the workforce.
Social Networking Moms – Web-savvy and 32 million strong, US mothers spend almost as much time online as women as an overall group.
Widening Geographic Differences – Half of all Americans now live in suburban areas (inside metropolitan regions but outside of the central city district), 30 percent of Americans live in urban environments and the remaining 20 percent of Americans live in rural areas (American Demographics, 2004).
![Page 35: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/35.jpg)
New Product Marketing Goals Engage the customer in a positive experience that
tells a story and creates a product that the consumer loves to have in their home
Brands fill an emotional space “Understanding the relative impact of factors such
as primary physical product attributes, secondary product attributes and emotional motivators to purchase and brand, allows marketers and product developers to build a customer experience that enhances the value of the product that they sell”
![Page 36: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/36.jpg)
MARKETING TOPICS OF INTEREST
Rising Media Costs Increased Number of Media Channels Effectiveness of New Media Channels Consumer Resistance to Traditional
Marketing Messages Explosion of Electronic Media Advertising
Options
![Page 37: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/37.jpg)
Growth of Internet Advertising
IN BILLIONS OF USD
![Page 38: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/38.jpg)
Internet Usage by Gender
![Page 39: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/39.jpg)
Total US Online Ad SpendAS PERCENTAGE OF OVERALL ADVERTISING SPENDING IN THE US
![Page 40: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/40.jpg)
US Online Advertising by Format
![Page 41: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/41.jpg)
Projected Growth, New Media Platforms
![Page 42: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/42.jpg)
How Advertising Mediums Effect Marketing Goals
![Page 43: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/43.jpg)
Worldwide Magazine Advertising Spend
Asia Pacific Market (excluding Japan), EU (Germany, France, UK + Italy) and the US
![Page 44: FUTURE OPPORTUNITIES FOR CRYSTAL PRODUCTS IN THE US MARKET & HOW TO REACH THE NEW CRYSTAL CONSUMER.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e2a5503460f94b1807f/html5/thumbnails/44.jpg)
Future for Crystal Products in US