In a keynote presentation at The Inspired Home Show (March 5-7, Chicago), Tom Mirabile, principal of Springboard Futures, and Leigh Ann Schwarzkopf, founder of Project Partners Network discussed the 2022 Value Equation Index –new research highlighting the most important elements influencing consumers’ purchases of home and housewares products today.
The trend gurus revealed that 86% of respondents rated quality as extremely or very important (influencing perceptions of trust, brand and price). Quality is the top driver of good and bad online reviews, as Tom Mirabile highlighted: “Over 90% of reviews are driven by comments about high quality or lack of quality.
Durability (59%) and reliable performance (57%) were the overwhelming top two considerations when consumers evaluate a product’s quality. Tom emphasised that, for Millennials and Gen Z, durability also is important because it means less discarded products in landfills.
Price appears to be less important to consumers in 2022 than the previous year. Compared to 66% in 2021, in 2022, 47% of respondents said price was extremely or very important when considering the purchase of a home or housewares product.
When it comes to convenience, the duo talked about “Endemic Urgency.” Tom stated: “Everything’s an emergency now. Pandemic-level services have become expected as the baseline, and the value of in-stock items is elevated. “Consumers are tired of the supply chain issue,” Tom added. “It doesn’t matter to them that it’s still an issue (for the industry).”
* An audio recording of this and other presentations will be posted on the Show’s website at Theinspiredhomeshow.com/education/#keynotes. For more information about The Inspired Home Show (owned and operated by the IHA), visit TheInspiredHomeShow.com
Top: Tom Mirabile talked about consumer trends during The Inspired Home Show.
