The dollar is at near record lows against the Canadian Loonie and the Euro. Although tough for American's right now, ( I felt like I was on a back packer's budget on my recent trip to Amsterdam, Germany and France), European and Canadian visitors have more buying power than any time in recent memory.
While Canadian border stores in the US have long been known to accept the Canadian dollar, A recent Reuters article told of New York City stores accepting the Euro as currency. Domestic tourism is one industry that is still faring remarkably well in this downturn. My retail contacts at the Minneapolis Mall of America are passing on anecdotal evidence of increasingly large numbers of free-spending foreign tourists, including Canada, Asia, Europe, and surprisingly, Iceland.
WHAT THIS MEANS TO YOUR BUSINESS
While Canadian border stores in the US have long been known to accept the Canadian dollar, A recent Reuters article told of New York City stores accepting the Euro as currency. Domestic tourism is one industry that is still faring remarkably well in this downturn. My retail contacts at the Minneapolis Mall of America are passing on anecdotal evidence of increasingly large numbers of free-spending foreign tourists, including Canada, Asia, Europe, and surprisingly, Iceland.
WHAT THIS MEANS TO YOUR BUSINESS
Iconoculture is an internationally known consumer trend research firm, based in Minneapolis. A recent report highlights the growing trend of international consumers here in the US. The report discusses the customer service needs of making travel and transactions 'easy' for this customer.
For home builders in tourism destinations such as California, Florida, Colorado and even Montana, you could see an increase in the number of international customers considering a second home. Your marketing department may want to look for opportunities to reach this target market (airline magazines, perhaps?) Another idea is partnering with the HR/relocation department of large multi-national corporations who import foreign talent.
WHAT DOES THE INTERNATIONAL CUSTOMER WANT?
In terms of home features and design, there are key points this consumer will appreciate.
A low maintenance, easy to 'lock it and leave it' home in a community with security are well thought of. This customer appreciates shops and activities within walking distance and entertainment and fitness options nearby. Accessibility to specific tourism 'destinations' such as the mountains, ocean, or entertainment destination are also important. The Walkscore website displays destinations available within a walkable distance of any address in the US. It highlights everything from restaurants, cafe's, food stores, parks and entertainment destinations near-by, and "scores" an address based on how many options are available nearby. It would be beneficial to have print outs of your communities on hand to share with your customers as a selling point.
In terms of design center options and upgrades, in many cases this customer appreciates clean, sleek design, easy care and ease of use. This customer is already accustomed to seeking out energy efficiency, water conservation and sustainability, so highlight these selling points when pointing our features and benefits of upgrade products. (For all of these reasons, Heat & Glo Fireplaces have been extremely successful in Canada and Europe, your customer will be very familiar with their designs and performance.)
EVEREST FIREPLACE, Shown with Atlas cast surround
The European style ("taller than wide" opening) of the Everest offers a fresh new look that's sure to add charm to any home. Its unique stacked campfire log set and distinctive refractory turns any room into a showpiece. It also features a clean face design that allows for a true masonry appearance. And, because it's a direct vent, it's easy to install and maintains your indoor air quality.
Going the extra mile to make it easy for this customer will go a long way - appreciated tactics could be emailing photos of the building progress, referring the customer to a well thought of interior designer in the area, and passing on community information ahead of time. Of course, in this global economy, it just makes sense to learn how to say "Thank You" in the appropriate languages.
The international consumer may or may not impact your business, but being knowledgeable and prepared will differentiate your community from the many available choices.
__________________________________________________________
The Design Minds at Hearth and Home Blog is geared to support design center staff and the new construction industry in selling options and upgrades to the new home consumer. Subscribe for updates. Contact Krisann Parker-Brown for merchandising or marketing support of your design center. She will be happy to work with you on your assortment and presentation to ensure you are on track for the upcoming decor trends.
Krisann Parker-Brown is the merchandising manager for Hearth and Home Technologies, the leading manufacturer and retailer of fireplaces and hearth systems. Krisann supports design centers and new construction builders in presenting Heat & Glo, Heatilator and Quadra-Fire hearth systems, and consulting on design center merchandising, point of sale and the consumer experience. Contact her at brownkr@hearthnhome.com or 952-985-6537
