Marketing executives in the housewares, tableware and gourmet-related industries came together at Forty One Madison on June 26 to hear results of the latest economic research and learn more about the use of social media as a marketing tool. The symposium was co-hosted by Forty One Madison and Nielsen Business Media, the global information and media company, and owner of trade publications The Gourmet Retailer and Progressive Grocer, among others.

The Nielsen Company's James Russo, VP Global Consumer Insights, opened the session by sharing information about the U.S. and world economies, based on Nielsen's extensive consumer research. He affirmed "green shoots" are starting to sprout in a number of areas, and consumer confidence is beginning to move in a more optimistic direction. These positive indicators, Russo pointed out, are due in part to the stimulus program, equity markets, stabilization of energy prices and low mortgage rates.

"Restraint will be the new mantra," Russo predicted. "We are seeing the rate of individual savings increase and store brands are on the uptick by 5.3 percent. Consumers are cutting down on discretionary purchases, including out-of-home entertaining and eating out. This new social mind-set and shift in consumer spending will become the 'new normal.' There will be a pent-up demand for goods and services in 2010 as we recover from this recession."

Following the keynote speech, a panel of four experts in the field of social media offered a number of insights into the phenomenon. They were: John C. Havens, director, BlogTalkRadio; Philip Ruskin of Ruskin International, an integrated marketing communications firm; Jed Royer of Royer Designs, a Web site, applications and design expert; and Darryl Lee Sang, managing director of Visual Vanguard Media Specialists.

An astonishing 100 million people today are using social media to communicate, inform and connect with each other using sites such as Facebook, My Space, Twitter, blogs, chat rooms, YouTube, webcasts and more.

Each panelist spoke from his particular area of expertise on virtual marketing and explained how the integration of social media with traditional plans can provide new solutions to age-old challenges of reaching new consumers. Industry acronyms and definitions of buzzwords were explained along with case study examples showing how product introductions and brand expansions were launched using new social media channels, many without cost.

John Havens, director of BlogTalkRadio, captured the essence of the seminar by saying: "You may not like what's happening and may feel overwhelmed [by] these new channels of communication. But get over it! It's here to stay and it's just going to grow."

Laurie Burns, Forty One Madison's director, summed up the daylong seminar: "Many marketers have commented to me their customers are older but they really want to reach younger ones. I think the information shared here today has opened eyes while helping to educate a number of influential marketers in our industry."

For more information about the seminar or a copy of the program, contact: Michelle Moran, Editor-in-Chief, The Gourmet Retailer, at: mmoran@gourmetretailer.com