The second annual Consumer Outlook report pinpoints opportunities for suppliers and retailers in the housewares and home sector.
A range of factors including the pandemic, shortages, inflation and recessionary fears, have changed the way consumers spend money, but they haven’t stopped spending, according to the HomePage News Consumer Outlook survey. Respondents showed a continued interest in spending on homes, but not at quite the same level as they had expected as they entered 2022.
The survey, commissioned in partnership with the IHA, provides a detailed guide to help suppliers and retailers plot their course for the coming year. A spotlight is thrown on 18 key categories including bakeware, cleaning tools, cookware, cutlery, dinnerware, drinkware, flatware, floor care electrics, glassware, home environment, kitchen electrics, kitchen textiles, kitchen tools and gadgets, outdoor living, storage and organisation and more.
Results showed housewares purchase intent decreases year-on-year were generally small – ranging from declines from 1 to 4% depending on the category. For many categories, 50% or more of consumers said they are very or somewhat likely to make purchases in the coming year.
Peter Giannetti, IHA’s director of editorial, content and education, and editor-in-chief of HomePage News (pictured), commented: “After a period of high demand during the heart of the pandemic, a slight pullback in demand across core home and housewares categories is not surprising.
“Suppliers and retailers should be encouraged, however, that intent to purchase remains relatively strong as 2023 progresses. The HomePage News 2023 Consumer Outlook Report reveals an industry that historically has performed well during economically challenging times at an inflection point, ripe once again for new product innovation, creative marketing and well-curated merchandising to drive the next wave of demand.”
The report showed that the readiness to spend is particularly strong among consumers who would be the go-to person for a housewares or home goods purchase.
The complete Outlook Report can be accessed at HomePageNews.com/outlook23
