Although the calendar says 2021, the housewares industry should be thinking about how lifestyle shifts and the home experience will intersect in 2030, said trend forecasters Susan Yashinsky of Mandi Mankvitz of Sphere Trending.
Yashinsky, Sphere’s vice president, Innovation Trends & Consumer Insights, and Mankvitz, president of possibilities, discussed societal shifts and brand engagement during their Connect FALL session “Are You Ready for 2030: Imminent Lifestyle Shifts Will Change the Experience of Home.”
Yashinsky, Sphere’s vice president, Innovation Trends & Consumer Insights, and Mankvitz, president of possibilities, discussed societal shifts and brand engagement during their Connect FALL session “Are You Ready for 2030: Imminent Lifestyle Shifts Will Change the Experience of Home.”
They focused on several themes including:
- Generations – the cross-influence on lifestyles and economics
- Spaces – wants and needs in a post-pandemic world
- Localism – critical across community, retail and leisure
- Renaissance – a new era of tech and creativity post-Covid
- Relevance – the intersection of community and commerce and what will be meaningful to consumers of the future
Yashinsky began with an explanation of the six generations in the marketplace now, noting how they all are unique and have a lot of interaction and influence, especially in education, hospitality and work. Multi-generational housing, which rocketed during the pandemic particularly by Gen X, will continue to grow. Yashinsky said this has good implications for housewares because products won’t reside in one place: They will reside in a multitude of places.
These six generations include:
- Global from Birth – ages 0-22 in 2030. Some call this the Covid generation for the younger ages. They are the children of millennials and the newest generation.
- GenZ – ages 23-34 in 2030. One of the largest generations ever, Gen Z is called the creation generation and is the most ethnically diverse. Yashinsky said, “They are the most entrepreneurial generation we’ve ever had. 45% of Americans today have a side hustle. That’s 70 million people. What are the implications for that within the home?”
- Millennials – ages 35-55 in 2030. The largest generation ever, Millennials are the most design-savvy. In 2020, the U.S. hit a new benchmark with 50.9% of the U.S. population now under the age of 40. Millennials have had decades of influence from Baby Boomers who are now handing the baton to the younger generations, particularly Millennials, Yashinsky said.
- Gen X – ages 56-65 in 2030. Smaller in size, but no less powerful, Yashinsky said, Gen Xers are entering their peak earning years. This generation is really feeling multi-generational living as they take care of aging parents along with younger adults. Yashinsky said Gen X is “causing us to think about middle age in a different way.”
- Baby Boomers – ages 66-86 in 2030. The second-largest generation is the wealthiest by far, dominating U.S. wealth with 52% of discretionary income. Baby boomers are leading the country into a new life stage, Adulthood 2. “It’s very different when consumers can live to be 90-100, so we have to now learn how to design for this third age,” Yashinsky said. “It’s no longer young and old: Now it’s young, old and older.” She added younger generations have a new life stage called Youthhood 2. She said the average Gen Zer will rent for seven to 10 years, delaying marriage and childbirth. By 2030 all Baby Boomers will be older than 65.
- “What do you do with all these Baby Boomers who are all about spending on experiences because they already have a lot of products?” Yashinsky said. “How do we re-engage them in the housewares industry.”
- Prime Timers – age 87+ in 2030.
Mankvitz explained how the value equation has expanded during the last 62 years and what to expect in 2030.
- In 1960, value equaled price plus quality, a clear result of mass retailers entering the market.
- In 1980, as baby boomers became of age, design became a critical part of the equation when Target shook up the mass market channel with the well-designed product.
- In 2020, Gen X came of age and specialty stores offered a new standard of experience, making experience a non-negotiable part of the value equation. In 2020, the Covid pandemic hit, and convenience became a factor as online shopping and marketplaces were the focus.
- In 2022, purpose will join the equation as Gen Z focuses on the importance of brands making the world a better place and sustainable products.
- In 2030, Yashinsky and Mankvitz predict, personal will join the value equation as the younger generations will look to technology to provide them with personalization for products and lifestyle.
A consumer-to-manufacturer (C2M) revolution is happening in China that could remake the way goods are produced and sold in the future, Mankvitz said. She offered an example of a light factory that can make things seen on TikTok and have them in the marketplace in a day or two. C2M is coming quickly to the U.S., she said.
When it comes to spaces and the home, wellness will be a big factor in 2030, Mankvitz said. Wellness is the self-care lifestyle where product architecture and wellness converge. Examples in the home include an extra sink in the kitchen for washing fruit and vegetables or an in-cabinet steam cooker.
Consumers also need to stop thinking of the home as a static space. In 2030, homes and products will take on many meanings as people move into a nomadic lifestyle, Mankvitz said. Homes may be on wheels and move around. “How will housewares fit in this environment?” she asked.
Yashinsky, citing the current supply chain disruption, said a focus on domestic production points to a localized future for retail. She noted that Walmart will spend $350 billion during the next decade on U.S. products, and more production will come back into the U.S.
Culture awareness has accelerated, Yashinsky said. And in 2025 and beyond, she added, the pace of applying and connecting culture to a company’s product and content will be almost instantaneous. She warned suppliers and retailers to prepare for the end of traditional media and for platforms like TIkTokTV to take their place.
“The fastest way to become a food star is to make videos on TikTok,” she said.