editor’s letter

Malcolm in the…

Stephanie K. De Long

Middle. The family featured in this popular TV show is an evaporating entity in the U.S. What’s known as Middle America, especially when it comes to buying power, is shrinking.

But that’s just one of the reasons it may be time to grab the remote and start at least looking at other channels. Here are a few more trends that may impact your business and merit a second look at your planning:

HOUSEHOLD SPENDING. According to motherjones.com, “At $51,017, the real median household income in 2012 was even less than it was at the end of the ‘80s, and it’s down nine percent from its high in 1999.”

RETAIL GROWTH. The new normal for the next five years, reports McKinsey, will be annual retail growth of three to four percent, well below the five to seven percent that retail took for granted before the recession.

RICH GET… UCal Berkeley research reports that in 2012, “The richest one percent of the U.S. population received almost a fifth of the national households’ income, breaking the previous record set in 1928.”

MELTING POT. Over the next decade, spending by Hispanic consumers in the U.S. will double. Among other things, they spend one-and-a-half times more on their kids’ apparel than other Americans. Point to ponder: Will that extend to eyewear, too?

LOCATION, LOCATION. Though McKinsey expects 85 percent of goods will still be purchased through physical locations in 2025, stores may combine click and mortar in one. Test that mix yourself in sunwear or sports eyewear, for example. Don’t wait for the dust to settle to give it a try.

SMALLER FOOTPRINTS. Stores are already getting smaller. In 2012, newly opened stores were 25 percent smaller than existing ones.

We hope these ideas will help with 2014 planning as you prepare to ring in the new year.

All the best to all of you from all of us.

Steph De Long
Editorial Director

P.S. Stay tuned for some exciting changes on the pages of next month’s EB. And, check out November’s issue or our website (eyecarebusiness.com) for a free CE course, sponsored by HOYA Vision Care.