NEWSLETTERS

RETURN TO NEWS

May 2019

Taking It Outside

Outdoor Home Entertaining in the New Age of Millennial Home Ownership. The largest living generation, Millennials are buying homes in the ‘burbs–and driving growth in outdoor entertaining in 2019. Roomy or tiny, they’re getting creative with making backyards the perfect retreat and unique extension of their homes. Millennials who socialize at home and value experiences over things are more likely to seek products that help create experiences for backyard entertaining.
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Retail Trends

Home Entertainment

  • In 2016, overall market was valued at $176 million and is expected to reach $295 million by 2022. Includes both wired and wireless devices

    • – Audio equipment: home theaters, audio systems, home radios, sound bars, headphones, etc.

    • – Video devices: TVs, DVD and Blue Ray players, projectors, DVR, streaming devices, gaming consoles

  • Karaoke is back!– Retail sales value of karaoke machines was $17.63 million in 2018, up from $12.76 million in 2012
  • Smart Home market reached $12.5 billion in 2017 and is expected to grow 15% annually through 2023. Entertainment and home controls accounted for the largest share of the smart home market in 2017
  • Traditional yard games–Outdoor and sports toys sales totaled $4 billion in 2018, up from $3.04 billion in 2013
Outdoor Furniture sits well

Global residential market is expected to see a CAGR over 4% to 2024. Growth attributed to surging demand for garden spaces and growing trend of socializing and get-togethers across age groups.  – MarketWatch 3/9/19

Outdoor Lighting creates the perfect vibe

Beyond just providing physical light, outdoor LED lighting is now designed to provide visual comfort, shift in color temperature, and controllability – Outdoor LED lighting market is expected to register a CAGR of 14% from 2018-2023. – Mordor Intelligence

Hammocks swing into popularity

2016 hammock sales increased 30% to $53.8 million (NPD Group Inc.) The global hammocks market is expected to grow at a CAGR of 17.45% during the period 2017-2021.

Functional Fire is heating up

Propane gas fuel vs. wood, fire pit tables, outdoor kitchens, and pizza ovens are trending.

Consumer Trends

Millennials are making home ownership a priority, and choosing to settle down in the suburbs.
  • 72% of 23 to 40-year-old consumers consider owning a home a top life priority ahead of traveling the world, getting married and having kids
  • Millennials account for 37% of all recent home buyers– Younger Millennials (1990-1998) 11% and older Millennials (1980-1989) 26%
  • 40% of Millennials owned a home in 2018, up from 26% in 2016. Fewer Millennials are living at home – down from 30% to 16%
  • 41% of Millennials opt to buy in suburbs vs. cities. 38% now live in the ‘burbs vs. 37% in major metros
  • “Surban” is the new suburban–a location that blends urban and suburban lifestyle benefits
  • The suburbs attract Millennials from both urban areas for better quality of life, and rural areas for a country lifestyle that feels less isolated
  • Millennials are more likely than older consumers to see the home as a place to socialize and gather
Millennials like their outside space
  • 40% of Millennials say it’s important that their home has a garden or other outdoor living space
  • Millennials account for 5 million of the country’s 6 million new gardening households
  • 47% say they entertain in their yards at least once a month
  • 57% say they use their yards for recreation at least monthly
  • 77% report relaxing in their yards at least once a week
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Product Highlights

Tiki Sounds LED Speaker
Full-range speaker delivers 360˚ sound for perfect coverage. Warm white LED light provides 3 selectable brightness levels, plus “flicker” flame mode. Bluetooth Multi-Link™ technology makes it easy to link unlimited number of Tiki Sounds together for wide area sound coverage, all under unified control. It’s like magic, except you’re in control of everything. We won’t tell. Long-lasting rechargeable battery keeps the fun going all night long. Recharges during the day via imbedded solar panel or plug it into AC outlet.
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Aurora Portable Fire Pit
Create ambiance anywhere with this Aurora portable steel fire bowl which runs on propane gas. It features a locking lid for easy and safer portability, easy flame adjustment and simple on and off control. Fire times run up to 15 hours with use of a 20 lb. propane gas tank.
BEANIE_Product
The “Entertainer” Rolling Party Cooler
With a super-sized capacity of 100 cans, the rolling party cooler makes party time a blast! The split-top lid, attached bottle opener, and cap catcher are super-convenient. Easy-grip handles and wheeled legs make maneuvering a breeze. Need to take the party with you? This cooler separates from the base, so it’s completely portable. Rust-resistant and powder-coated steel frame and body ensure years of enjoyment.
BEANIE_Product

Data Sources

Gartner Iconoculture; Housetopia; Bank of America study (NASDAQ.com, 10/21/18); National Association of Realtors; Fortunebuilders.com; National Association of Landscape Professionals; Fosters.com/Trend Watch 2/19/19; Cision PR Newswire; PC magazine.com; Pew Research Center; MarketWatch; Statista.

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