2nd Annual Consumer Outlook Report Pinpoints Home + Housewares Opportunities for Suppliers & Retailers
ROSEMONT, Ill. (March 3, 2023)—Surging home goods sales during the pandemic, shortages, inflation and recessionary fears have changed how consumers spend money, but that doesn’t mean they’ve snapped shut their wallets and purses. Consumers responding to the HomePage News 2023 Consumer Outlook Survey had a continuing interest in spending on their homes, though not at quite the same level as they expected heading into last year.
The second annual HomePage News 2023 Consumer Outlook Survey, commissioned in partnership with the International Housewares Association (IHA), provides data that, by design, can help retailers and their suppliers get a sense of where their opportunities lie in 2023 and who may be the most prepared to spend in home merchandise categories.
The resulting HomePage News 2023 Consumer Outlook Report provides a detailed guide that home goods retailers and suppliers can use to help them plot their course for the coming year. Data from the study can help set strategic efforts on a firmer footing as retailers and vendors strive to bolster demand, target shoppers most enthusiastic about purchasing, generate consumer satisfaction and gain market share.
With detailed charts and exclusive analysis, the comprehensive report throws a spotlight on consumer purchase decision factors affecting 18 key home and housewares categories: Bakeware, Cleaning Tools, Cookware, Cutlery, Dinnerware, Drinkware, Flatware, Floor Care Electrics, Glassware, Home Environment, Kitchen Electrics, Kitchen Textiles, Kitchen Tools & Gadgets, Luggage & Travel Accessories, Outdoor Living, Personal Care & Wellness, Pet Accessories and Storage & Organization.
Outlook Survey results showed housewares purchase intent decreases year over year were generally rather small — ranging from declines in purchase intent from 1% to 4% depending on category. For many of the home and housewares categories covered by the survey, 50% or more of consumers said they are very or somewhat likely to make purchases in the coming year.
“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,” said Peter Giannetti, IHA’s director of editorial, content & education and editor-in-chief of HomePage News. 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.”
With shoppers facing inflation and recessionary worries, some market research has emerged suggesting that consumers who had begun to shift spending to service sectors were reconsidering and even scaling back spending plans in those sectors— and they find more ways to enjoy their households, he added.
The readiness to spend is particularly strong among consumers who would be the go-to person for a housewares or home goods purchase.
The HomePage News 2023 Consumer Outlook Survey gathered key purchase data from an online survey conducted by Morning Consult of 4,000 adults living across the United States. The survey, conducted in late November, 2022, touched on several demographic variables to approximate a target sample of adults most likely to purchase home and housewares products.
For each featured category, the survey revealed which housewares products consumers plan to buy; retail channels in which they expect to shop; key product attributes and lifestyle factors expected to influence their purchase choices; and the potential impact of inflation on their purchase decisions.
The complete Outlook Report can be accessed at HomePageNews.com/outlook23
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The International Housewares Association is the 85-year-old voice of the housewares industry. The not-for-profit, full-service association sponsors the world’s premier exposition of products for the home, The Inspired Home Show, IHA’s Global Home + Housewares Market (TheInspiredHomeShow.com), and offers its 1,300 member companies a wide range of services, including industry and government advocacy; export assistance; industry and consumer trends through the IHA Market Watch Report; executive management peer groups; group buying discounts on business solutions services; direct-to-consumer engagement through TheInspiredHome.com; and an independent news and information platform through HomePageNews.com.
