2022 NHS Post-Show Report

2022/04/19 | By CENS

Intro

North America's benchmark trade expo National Hardware Show (NHS) kicked off on April 5, 2022 for three days at the Las Vegas Convention Center. Taiwan's hardware and hand tool products are among the nation's most exported products, especially focusing on the U.S. as a primary market destination. The long-term experience at NHS has paved the way for brands and products to cultivate branding elements like innovative and patent-development advantages, and high-quality at reasonable prices.

Buyers and exhibitor representatives interact with one another at NHS 2022. Photo credit: NHS official Facebook fan page

Show Intro

In continuation of a new exhibition area newly introduced in recent years, the NHS HABITAT area showcases new emerging technologies, while exhibitors are covering the usual product lineup, including various hardware, tools, construction and building, plumbing, homeware, DIY products, outdoor and gardening, global procurement, paint, and recreational products.

According to post-show statistics from last year's NHS, 36% of attendees were first-timers at the show, 40% of these attendees were able to negotiate orders on the spot with suppliers, while 55% of attendees were at the show specifically looking for global suppliers. What's more, 72% of the buyers at the show are decision-makers, improving the chances of successful talks on the spot. While this year's post-show statistics are not yet announced as of writing and publication, the overall environment, in which the pandemic has eased in the U.S. and other countries, poses an optimistic outlook with expectations that this year's show will fare better than the last.

Buyers and exhibitors interact at the NHS show. Photo credit: CENS

Market News

While the domestic market has shown signs of improving, the general outlook remains uncertain as the COVID-19 pandemic continues to rage on. The Ukrainian-Russian conflict has made matters challenging to navigate, and colored market prospects with an air of uncertainty. Exhibitors at NHS reported similar findings, with many concerned about inflated shipping prices. In one of the NHS' peripheral events, the VIP Speaker Series, ITR Economics' Connor Lokar said that the global economic situation remains to be unclear at the present time, especially due to global affairs like the Ukrainian and Russian war. However, he pointed out that the supply chain and inflation concerns could be resolved in the latter half of 2022. The market is still slowly catching up after over two years of disturbance, with 2022 considered the recovery year. Rather than call the current economic situation a recession, Lokar considers the current growth to just a gradual increase.

On the other hand, China's pandemic woes have put a wrench into countries' efforts to rebound from the pandemic, further disrupting the global supply chain once again. According to media reports, suppliers in one of China's crucial industrial cities, Dongguan, said the sudden lockdowns in March had severely impacted export-oriented companies, specifically in traditional industries such as hardware, and will likely result in orders being unable to meet shipping carrier loading deadlines. On the other hand, unstable oil prices are also forecasted to significantly impact costs and consumer demand. Aside from the aforementioned concerns, other factors, such as the increasing demand and prices for power tools, raw materials, and key parts have soared. These factors will further squeeze manufacturers' costs and shipping schedules, making it difficult for industries to recover from the past two years.

NHS is still the most prominent platform for suppliers to get the latest take from the market when doing product launches, for example, for homeowners with pets, products that can prevent plumbing from clogging up are especially popular, or due to increased duration at home, suppliers have rolled out diverse plumbing hardware products in a bid to meet the increasingly diverse consumer needs.

EDN CENS' Professional Team Taps into New Markets for Buyers

Economic Daily News (CENS) exhibited at W2074 booth, offering buyers on-site with CENS' exclusive publication “Taiwan Handtools 2022” and “Taiwan Industrial Suppliers” USB, allowing international buyers to quickly glean what quality Taiwanese suppliers have to offer. While the pandemic continues to be at the forefront of discussions, CENS has still led suppliers to exhibit at the NHS. Buyers that visited the CENS booth at NHS have all remarked positive experiences regarding gaining insights on Taiwanese suppliers.

CENS' Analysis of Buyer Demands at NHS 2022:

Top Three Buyer Profile by Country/Region:

North America: 80.46%

Central/South America: 9.2%

Asia (China excluded): 3.45%

Top 5 Buyer Profile by Business Type:

Importer: 29.52%

Retailer: 24.76%

Manufacturer: 15.24%

Dealer: 9.52%

Distributor: 8.57%