consumer trends

The new status symbol consumers will be flaunting in 2014 may surprise you. It’s not a designer label or a well-known brand. Instead, it’s likely to be guilt-free consumption, perhaps of a new and unfamiliar brand.

In a market grown ever-more fragmented, knowing what makes your client tick may be more critical than ever to the success of design firms and product suppliers alike.

The kitchen and bath industry may be vastly different now than it was at the height of the nation’s housing boom. There’s no doubt, however, that it remains a fast-changing, fashion-driven entity. And there’s no doubt that success requires design professionals to keep their eyes open and their ears to the ground – to observe and listen to seismic shifts in the market.

Today’s consumers may be on a tighter budget, but they’re armed with unprecedented access to knowledge – and they aren’t shy about using it to fulfill their dreams. With their access to information “on the fly” and in the palm of their hands, they’re increasingly more active and involved in the design and purchasing process.

The U.S. is now the second largest Hispanic market in the world, after Mexico, comprising at least 50 million people. By 2013, the purchasing power of U.S. Hispanics could reach $1.4 trillion. Clearly, this is not a market to be ignored.