Understand the latest consumer trends, attitudes and spending habits when shopping for the home with our comprehensive market report. Packed with valuable insights on the impact of the cost-of-living crisis on the home improvement industry and consumer spending in the home, how consumer behaviour has changed, and how brands and retailers can respond to this. Read on to discover our insights.
The home market will be impacted by the cost-of-living crisis as consumers shift their spending behaviours to be value driven. Consumer spending on the home is estimated to have declined by -1.7% in 2022.Â
However, despite a decline in the market size, the necessity nature of the home market will continue to be supported despite these challenging times.Â
Mintel’s market research found the biggest motivation to purchase for the home is necessity, almost half of consumers are planning to spend or are spending on the home to replace worn out or broken items. Moreover, smaller projects around the home, such as redecorating, remain popular.Â
With the rising cost of living, consumers have shifted to more value-oriented behaviours. UK consumer spending habits are price-driven. More than half of consumers say that when choosing where to shop for products for the home, price is more important to them than it was last year.
Retailers can support consumers’ economic concerns by offering financial support. Bigger-ticket home projects require a bit more financial planning and money to complete. Retailers can offer buy now, pay later schemes, or partner with alternative payment options like Klarna, to help consumers separate the cost of items and encourage them to purchase.
Read on to learn more about our Consumer Trends, Attitudes and Spending Habits for the Home Market Report, or take a look at our extensive research in the retail sector.
Products:Â This report looks at consumer attitudes towards spending on the home. Broadly it will take in: furniture, carpets, decorating, the garden, energy (savings), security, home extensions, smart home developments.
Brands: IKEA, John Lewis, Currys, Waitrose, B&Q, Next, Screwfix.
This report, written by Bridget McCusker, a leading analyst in the retail sector, delivers in-depth commentary and analysis to highlight current trends in the UK home retail market and add expert context to the numbers.
The necessity nature of the home market will remain important amid the downturn as consumers shift from spending on the bigger-ticket projects seen in 2021 to lower-ticket purchasing where consumers can make small improvements to the home whilst they mitigate the strains of rising prices. Many will turn to their home as a place of entertainment as many will look to cut costs in other categories.
Bridget McCusker
Retail Analyst
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