In 2009, the print business (like many other industries) suffered from the recession, which resulted in numerous magazine closures throughout the year. Although we may be slightly biased, it appears that the home industry took an especially hard hit as trusted household names collapsed.
Many of the ceased publications, including Domino, Country Home, Southern Accents and Metropolitan Home, had been in production for decades, so it is understandable that readers were devastated to say good-bye to the editorial teams that made interior design come to life each month. Likewise, manufacturers had a tough time coming to terms with the changing media landscape. After all, just like homeowners turned to several of these magazines for inspiration each month, manufacturers looked at these outlets as platforms for promoting new products, trends, etc.
In 2010, our experts predict that consumers and manufacturers alike will look to online outlets as a means of researching and sharing news. With the number of social online media outlets like Facebook, Twitter and LinkedIn on the rise, information is becoming more readily available and consumers are increasingly trusting their peers for direction when making their final purchase decisions. Additionally, companies themselves are creating accounts on Twitter and Facebook as a way to communicate news about their industry and generate product awareness for their brands.
Our experts anticipate that 2010 will present an opportunity for the home décor/design industry to get creative with their approach to the new media landscape, and reach out in new ways to their target market.
