- ASX SPI 200 futures up 0.8% to 6,849.00
- Dow Average up 1.0% to 31,826.94
- Aussie up 1.3% to 0.6397 per US$
- U.S. 10-year yield fell 16.2bps to 4.0813%
- Australia 3-year bond yield fell 4.9 bps to 3.56%
- Australia 10-year bond yield fell 7.3 bps to 4.08%
- Gold spot up 0.2% to $1,653.90
- Brent futures down 0.3% to $92.94/bbl
- 11:30: (AU) 3Q CPI Trimmed Mean QoQ, est. 1.5%, prior 1.5%
- 11:30: (AU) 3Q CPI Trimmed Mean YoY, est. 5.5%, prior 4.9%
- 11:30: (AU) 3Q CPI Weighted Median QoQ, est. 1.5%, prior 1.4%
- 11:30: (AU) 3Q CPI Weighted Median YoY, est. 4.8%, prior 4.2%
- 11:30: (AU) Sept. CPI YoY, est. 7.1%
- 11:30: (AU) Sept. CPI Core YoY
- 11:30: (AU) 3Q CPI QoQ, est. 1.6%, prior 1.8%
- 11:30: (AU) 3Q CPI YoY, est. 7.0%, prior 6.1%
- (AU) Bloomberg Oct. Australia Economic Survey
Australia faces mounting debt and deficits in the years ahead even as Treasurer Jim Chalmers scrimped and saved in his first budget to hold down spending and avoid further fueling inflation. The country’s Sept. inflation is seen to top 7%, according to Bloomberg’s survey of economists.
Tupperware wants to be where the cool kids play.
The 76-year-old brand is on a quest to grab the attention of Millennials and Gen Zers, and wants to become as relevant in their everyday lives as it was for their grandmas and moms.
But to get on their radar, Tupperware has to show up in ways that matter to younger shoppers.
That means shedding the throwback to its “Mad Men” era image, and positioning Tupperware products as buzz-worthy, high-utility and with an environmentally-friendly purpose.
That repositioning is already underway for Tupperware.
In early October, Tupperware’s signature plastic food storage products popped up nationwide on the shelves of Millennial and Gen Z-favorite retailer Target (TGT), a move that marked a major shift in the company’s history.
Generally the company has sold its containers solely and famously through in-home “Tupperware parties” or through its own website — save for brief and limited pilot programs with retailers HomeGoods, Bed Bath and Beyond, and Target itself.
The brand, whose products are distributed in nearly 70 countries and made in the US and overseas, including in Mexico, Brazil and Belgium, logged annual sales of $1.6 billion in 2021.
Tupperware Brands CEO Miguel Fernandez said the entry into Target is part of the brand’s reinvention, which includes plans to grow the business through multiple retail channels and get its products in front of younger consumers who’ve never even heard of Tupperware parties.
“Tupperware is a part of American culture. It’s an iconic and huge brand. We want to make the business as big as the brand,” said Fernandez.
It might be a goal fueled by necessity.
While Tupperware has achieved cultural icon status – it’s even in the permanent collection at the Smithsonian – for establishing the food storage category, its decades-long market dominance has gotten chipped away by competition from a rush of players in the space that include other popular brands such as Rubbermaid, Glad, Pyrex, Oxo and Ziploc.
In its most recent quarter, the company reported an 18% drop in net sales versus a year ago.
It blamed the sales erosion on challenges such as pandemic-triggered lockdowns in key overseas markets such as China significantly hurting its direct sale business and consumers pulling back their overall spending because of inflation.
Tupperware’s stock is also under pressure, down 70% year-over-year.