Here's what's interesting about Generation Y when it comes to the hand tool market: These consumers are generally more optimistic about the economy, and they're definitely more likely to be in their early stages as a hand tool collector.
These and other concepts about the hand tool market were part of a Hand Tools and Tool Storage Webinar hosted by Home Channel News and The NPD Group, a Port Washington, N.Y.-based consumer research firm. The Webinar drew extensively from NPD's panel of 750,000 consumers.
The Webinar also included a recap of product trends, which include a movement toward products that offer multiple functions or uses, increased use of descriptive story telling on packaging, and products that make life simpler for consumers.
"Younger consumers absolutely represent an opportunity. They are more optimistic about the economy, they are more likely to purchase a home or engage in home improvement activity, and the low penetration really stands out in hand tools and tool storage," said Peter Goldman, president of NPD Group's home division.