HomePage News 2023 Consumer Outlook Report

The HomePage News 2023 Consumer Outlook Survey, commissioned in partnership with the International Housewares Association, was fielded recently to help suppliers and retailers pinpoint home and housewares opportunities in the coming year. This exclusive report reveals housewares purchase intent across core categories.

The term uncertainty was closely associated with the year 2022, yet, despite some trepidation, consumers are shopping for housewares and home furnishings to make their domestic environments better places to live and will continue to do so through 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 purses. Rather, 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 last year. That being said, survey results showed spending decreases year over year were generally rather small. Even with the economic circumstances, and the end of stimulus payments issued by the United States Treasury, no great pullback is evident. A switch to travel and restaurant spending was supposed to siphon off dollars that had been spent on houseware and home furnishings. However, now, 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. Although it’s yet to be seen, consumers faced with a worrisome economy may repeat the behavior they demonstrated in the Great Recession and find more ways to enjoy their households.

Institutional changes wrought or accelerated by the COVID-19 pandemic may provide more encouragement for those inclined to stay at home. Everything from the growth of streaming services to the expansion of delivery and pickup amenities to the reconfiguration of homes to house more professional and leisure activities suggest it won’t take much for a significant number of consumers to settle right back in until the latest storm passes over. Indeed, because concerns about the pandemic have waned, the capabilities consumers have added to their homes for both labor and leisure ventures may reinforce the household as the first choice when it comes to planning activities. People can, after all, get together just as easily at a dinner party or barbecue as they can at a restaurant or resort, and they may do so more happily if they are spending less money as they isolate cash reserves just in case the economy takes a steep downturn.

This year’s survey also included data on primary household purchasers. In every survey category, when asked if they were likely to purchase a housewares product in the year ahead, the very likely to purchase answer was higher from the primary purchaser group than it was from the all-adults group and by as much as five points. The somewhat likely answer was much tighter between the primary purchaser and all adults. The readiness to spend is particularly strong among consumers who would be the go-to person for a housewares or home goods purchase.

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 HomePage News 2023 Consumer Outlook Survey gathers key purchase data from an online survey conducted by Morning Consult of 4,000 adults living across the United States. The survey, conducted between November 21 and 25, 2022, touched on several demographic variables to approximate a target sample of adults most likely to purchase home and housewares products. Full survey results have a margin of error of plus or minus two percentage points.

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
  • Storage & Organization

 

For each featured category, the survey reveals 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.

A competitive business arena complicated both by extraordinary and evolving issues, including the role of e-commerce, needs careful consideration and dedicated data if initiatives to gain market share are to succeed. Even with all the other factors in flux, retailers and vendors in the home goods sector still have to gauge how major demographic groups are thinking about purchasing especially as Baby Boomers move into retirement more quickly, Gen Xers and Millennials mature as parents and grandparents, and Gen Z emerges into full and independent consumer status.

The HomePage News 2023 Consumer Outlook Report provides a detailed guide that home goods retailers and supplies can use to help them plot their course for the coming year. Data that emerges 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.

The 2023 Consumer Outlook Survey was conducted by Morning Consult between November 21-November 25, 2022 among a sample of 4,000 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, age, race, educational attainment and region. Results from the full survey have a margin of error of plus or minus two percentage points.

The HomePage News 2023 Consumer Outlook Report was written by Contributing Editor Mike Duff, Editor-in-Chief Peter Giannetti and Managing Editor Chandler Harvey.

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