I was pleased to observe good traffic at the recent NY NOW show in New York. I heard
from multiple exhibitors that they had a great show, wrote a lot of orders, and made many new contacts. It seems like we may be ramping up to a good holiday season judging from the enthusiasm present at the show.
The team at NY NOW has done a great job of transforming this show into an exhibition that features great design and trendy products across many categories. It is nothing like the NY Gift Show of many years ago. I believe that the new management will continue to develop and position the show to be a destination to witness artistic creation applied to household products, and discover innovative approaches to product design that elevate them beyond the ordinary. Many retailers these days are seeking products that are “special” to help them enhance their product assortment and attract the eyes of their shoppers, because average is not good enough anymore.
“Average is not good enough anymore!” That is a statement that has stuck in my mind since I heard it at the convocation speech at the University of Miami last week, where I left my daughter to start her college experience. In a way, I think it explains a lot about consumer behavior in this new world that we live in. In the context of the speech by Thomas L. Friedman, foreign affairs columnist at The New York Times, he was summarizing his thoughts about how routine labor tasks are increasingly being performed by computers. He explained that the computing power of microchips is growing exponentially, and with each passing year, new technology is created that will streamline operations, and make certain jobs obsolete. He was inspiring students to become critical thinkers, and acquire the knowledge through their learning that will help them create value and be extraordinary.
Friedman’s thoughts about the new reality for the labor market can also be extended to consumer spending. I think consumers, like employers, are being challenged to make their lives work with fewer resources than they may have had in the past. This forces consumers to reassess what’s important to them, and be more critical about their spending habits. If you’re not producing or selling a product that appeals to individuals on a deeper level, and meets the needs of the buyers today, I think you’re going to experience poor sales. So, as you look toward the holidays and decide how to stock your stores, I say seek out those items that seem truly special.