How long can demand for cookware last?
Cookware retailer Williams-Sonoma reports quarterly results later today. It’s been on a hot streak. Last quarter, it reported record revenue and profits as Americans continued to upgrade their home kitchens. The question is: How long can that streak last?
Chelsea Gross doesn’t consider herself a top chef, but that didn’t stop her from stocking up on high-end French cookware last year.
“I’ve got too many Le Creusets to count, and whatever vendor was possibly going to sell me that I was going to buy,” she said.
Gross is a Dutch oven fan, and a retail analyst at Gartner. She’s been looking at recent Google trends and said people are searching less for kitchen gadgets and more for travel experiences.
And all that cookware is going on sale.
“There’s more products, there’s more clutter, and there’s more competition in order to actually be able to sell,” she said.
On the other hand, Wedbush analyst Seth Basham said COVID-19 cases might change people’s spending priorities … again.
“The more people are spending time at home … the more likely they’ll buy things for their homes,” he said.
Still how many cheese knives and ramekins do people need?
“But people who love new gadgets, will always get new gadgets,” Basham said, adding that he expects Williams-Sonoma’s hot streak to continue.
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