Boj Oct 31-Nov 1 Meeting Minutes: Most Members shared Recognition That Momentum Toward Achieving Price Target Was Being Maintained


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At What Age Do You Outgrow IKEA?

By Priceonomics

If you’re a twenty something, it may already have happened: that awkward moment when you realize all your friends have the same Pinsoshen coffee table from IKEA. 

The Swedish brand’s reputation for stocking stylish furniture and selling it for low prices has made it a one-stop shop for cash-strapped students furnishing their first apartments. 

But when do they leave IKEA behind in favor of something more grown-up? We wanted to find out, so we analyzed data from Earnest , a Priceonomics customer. We analyzed a dataset of more than 10,000 anonymous user responses on spending habits. When does it begin? When does it end? And where do people turn when they’re ready for something new? 

We first wanted to know how reliance on IKEA changes over a person’s lifetime, so we calculated the percent of our clients who shopped at IKEA. For the sake of comparison, we did the same for Lowe’s, a home improvement chain with similar overall popularity within our dataset.

As it turns out, age 34 is when you start to outgrow IKEA:

Data source: Earnest

It’s written in the data: you’re more likely to buy from IKEA when you’re 24 than at any other time in your life. IKEA remains popular throughout the late 20s and early 30s, but drops after age 34. We may as well call the 10-year period spanning the mid-20s and mid-30s the “IKEA decade.”

Lowe’s, meanwhile, shows the opposite trend: people are more likely to shop there as they get older. This makes sense, as increasing homeownership means more home improvement projects.

We wanted to further explore where shoppers turn once they grow out of their IKEA interiors. For each of 14 top furniture retailers, we found the age when the most respondents reported shopping at that store. We tabulated those “peak customer ages” below.

Data source:  Earnest

Not only is IKEA popular among young adults, it is the only retailer with a peak customer age below 30. 

People in their 30s are more likely to shop stores that specialize in housewares and home accessories like Bed Bath & Beyond and Williams-Sonoma – perhaps because their IKEA furniture is still serving them well. 

The oldest customers in our dataset prefer to do it themselves, favoring Home Depot and Lowe’s. When buying ready-to-use furniture, they visit big-box retailers like Ashley Furniture.

Beyond age, we were curious about which personal attributes predict furniture retailer preference. We calculated the percent of men and women in our sample claiming to shop each brand.

Data source:  Earnest

By and large, men and women visit the same stores when they go furniture shopping. And they visit IKEA in particularly even numbers. But do-it-yourself stores like Home Depot and Lowe’s are visited by men more often than women, and women visit most of the other stores we considered in greater numbers than men.

Does geographic location influence retailer preference? We next looked at the percent of respondents from each state who identified themselves as IKEA shoppers. Results are listed below for all states for which we had at least 10 respondents.

Data source:  Earnest

The Swedish brand began its North American expansion in the mid-Atlantic states, and this region still has the most IKEA brick-and-mortars. But it doesn’t lay claim to the most shoppers; that distinction goes to the Midwest and West Coast, which are home to the top 8 states.

This ranking is curiously uncorrelated to a listing of IKEA’s store locations. The top 4 states have just one store apiece. The popularity of IKEA in the west may have less to do with store ubiquity and more to do with lifestyle attributes that make the brand a natural fit.

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Iranian commander hails Syrian army’s “strategic victory” in Aleppo poo

The Syrian army and its allies’ liberation of Aleppo, Syria’s second largest city, is a “great and strategic victory”, Iran’s Islamic Revolution Guards Corps (IRGC)’s Deputy Commander, General Hossein Salami, said on Sunday. Salami noted that the victory was a “strategic transformation and a turning point in the war on terrorism and a deadly blow to the terrorist project and its supporters”. He added that it defused the US plots to disintegrate Syria and to reach the “US dream of the Greater Middle-East”. In the wake of Aleppo’s victory, the Iranian official has sent a threatening message to Israel saying “After the victory of Hezbollah in Aleppo, it will not hesitate to do similarly to the cities of Israel.” Hezbollah […]

Crown prince praises SABIC efforts to help drug addicts

Arab News
Mon, 2016-12-26

RIYADH: Crown Prince Mohammed bin Naif, deputy premier and minister of interior, has expressed thanks and appreciation to the Saudi Basic Industries Corp. (SABIC), represented by Prince Saud bin Abdullah bin Thunayyan, for its initiative and donation to build a hospital for treatment of drug addicts at a cost of SR300 million.
The crown prince, who is also the president of the National Committee of Narcotics Control (NCNC), also thanked SABIC for a SR15 million donation for a rehabilitation center for drug addicts, fulfilling its corporate responsibility for the protection of the community from the scourge of drugs, and the spread of preventive awareness against this scourge, as well as treatment and rehabilitation of drugs addicts.
He also expressed thanks to the president of Maan Specialized Medical Co., Abdullah bin Mohammed Al-Sharqi, and President of the Rehabilitation Specialized Medical Co. Abdulqadir bin Nasir Al-Obaikan for their national initiative to build two hospitals for drug addicts in Riyadh and Taif at the cost of SR100 million for each.
The crown prince praised their sense of social responsibility and contributions to the treatment of those who are the victims of drug addiction and their rehabilitation socially and psychologically.
He expressed hope that these works will be a good base in achieving the desired goals for the best interest of homeland and citizens, adding that such initiatives were normal and not surprising from the citizens of this country.
For his part, Secretary-General of NCNC and head of the National Project for the Prevention of Narcotics (Nibras) Abdulilah bin Mohammed Al-Sharif said these social initiatives are part of the national strategy concerning social responsibility and combating narcotics.
The businessmen’s initiatives are a translation of true citizenship in the context of social responsibility, in line with community needs and its strategic objectives and joint action in the face of drugs from security, preventive and treatment perspectives, as well as coordinated efforts between government and private bodies concerned with fighting drugs, he said.

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‘Roads of Arabia’ receives Chinese plaudits

Arab News
Mon, 2016-12-26

RIYADH: Chinese media and popular circles have highlighted the “Roads of Arabia” exhibition, which was recently inaugurated by Prince Sultan bin Salman, president of Saudi Commission for Tourism and National Heritage, and Chinese Minister of Culture Luo Shugang.
A Chinese newspaper published article titled “Saudi archaeological masterpieces reveal the common cultural and historical heritage,” saying that the exhibition includes many artifacts revealing deep-rooted historical and cultural links between the Kingdom and China.
Beijing is the first Asian stop of the exhibition that has been held in five European countries and four cities in the United States and has attracted more than 4 million visitors around the world.
Director of the Chinese Art Gallery Wang Jun, the co-organizer of the Saudi exhibition said: “The exhibition represents a rare opportunity for Chinese citizens to learn about the rich civilization and ancient heritage of the Kingdom.”
He added that the ancient maritime Silk Road flourished due to the civilizations along the sea route, particularly in China and the Arabian Peninsula, and this exhibition helps to strengthen cooperation within the framework of the New Silk Road Initiative by achieving a deeper understanding of the historical legacy of the great civilizations of the two countries.
Chinese newspapers quoted Prince Sultan as saying: “The exhibition represents the convergence of Chinese and Saudi civilizations, and the importance of the exhibition lies in that it shows that the Kingdom, beside its economic weight, has a long history and rich culture which receives widespread response and interest from the Chinese side,” stressing there are many opportunities for cooperation between the two sides in various cultural fields.

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273,000 visit Jeddah book fair in nine days

Arab News
Mon, 2016-12-26

JEDDAH: The second Jeddah International Book Fair has attracted 273,000 visitors in nine days since its opening.
People from all walks of life, including young people, families, writers and intellectuals, have been visiting the cultural event in which 450 local, GCC, Arab and international publishing houses from 30 countries are participating.
A seminar was organized at the fair by Sahmi Al-Hajri highlighting the role of the Kingdom in the fight against terrorism. Participants included the official spokesman for the Interior Ministry, Maj. Gen. Mansour Al-Turki, sociologist Abdul Salam Al-Wayel and authors Saud Al-Museibih and Mohammed Al-Saed.
The seminar discussed the pivotal role played by Saudi Arabia in the fight against terrorism. The Kingdom warned the world against the dangers of terrorism, established a counterterrorism center and called on the world to participate in the fight. It also showed the world the most effective methods of fighting terrorism conducted by the Kingdom at all levels.
A cultural evening, which was chaired by Khaled Al-Youssef, with the participation of a number of media figures, discussed book production in Saudi Arabia — from publishing and marketing to the process of reading — highlighting the large and multiple challenges in this area.

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