Following a year that many labeled as disruptive as retailers continued to wrestle with changes in consumer behavior, several segments of the housewares industry finished 2017 strong and industry leaders are now looking toward additional growth this year driven in part by the recent federal tax cut package.
While many viewed 2017 as “a mixed bag” and a “year of change and adjustment,” according to the International Housewares Association, some in the industry feel the recent tax cut implemented by the federal government will help businesses and consumers alike.
“Increased corporate investments will translate into growth for the economy, higher paying jobs, continued consumer confidence and continued consumer spending,” said Brett Bradshaw, president of Bradshaw International and chairman of the IHA’s board of directors.
Others in the industry feel the tax cuts will also further improve the mood of consumers, which could translate into more spending on products.
“So much of what drives the economy is psychological,” said Neal Asbury, CEO of The Legacy Companies. “To so many people, these tax cuts feel like something good is going to happen. So not only is there what these cuts will do literally but psychologically, it’s going to feel like Americans are on the move.”
Some suppliers said the tax cuts will allow them to make additional investments in omnichannel and digital strategies in an effort to manage their respective companies through further changes in e-commerce, the evolution of the overall retail landscape and higher consumer expectations for information, product availability and response times.