Stay ahead of the curve and future-proof your business with Mintel’s UK Consumer Trends, Attitudes and Spending Habits for the Home Market Report 2024. Our full report is packed with consumer-led market intelligence, the latest spending for the home market research, trends and consumer behaviours affecting your business.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- The impact of the cost of living crisis on spending on the home, including changes in buying behaviours and how consumers invest in the home.
- How home retailers are performing and innovating in the home market.
- Explores what consumers are spending on for the home.
- Home shopper typologies and how they engage in the spending home market
Consumer Shopping Habits for the Home: An Overview
As consumer confidence recovers slowly, we see that more consumers are feeling optimistic when planning to spend on the home in the upcoming months; as bigger-ticketed projects like kitchen refits and home extension have made slight gains in the last year. Home retailers may be forced to raise prices again due to extended shipping journeys. However, this opens up an opportunity for retailers to develop their local manufacturing operations across the UK.
- Home market size: Mintel forecasts that the value of the home market will reach £87 billion in 2028.
Spending on the Home Market: Challenges and Opportunities
Role of technology in the home
Technology can help home retailers better support the customer journey as we see retailers roll out AI assistants to support technology connect home improvement projects to providing tips to be more energy-efficient or allowing consumers to better see how a piece of furniture will look in their living space.
- Consumer shopping habits for the home: 55% of consumers are purchasing more sustainable home products in the last 12 months than they would have otherwise done.
Flexible payment schemes
In times of economic uncertainty, we see many delaying spending on bigger-ticketed items. Some home retailers have addressed this concern by rolling out instalment payment methods and buy now pay later (BNPL) payment methods.
- Home market statistics: 40% of consumers agree that BNPL is a valuable budgeting tool.
Purchase our UK Consumer Trends, Attitudes and Spending Habits for the Home Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Major Domestic Appliances Market 2023, or our range of Household and Home Market Research.
Brands Featured in the Full Report
IKEA, Tesco, Made.com, Snug, Next, M&S, Laura Ashley, Swoon, eBay, and many more.
Expert Insights from a Mintel Analyst
This report, written by Bridget McCusker, a leading research analyst, delivers in-depth commentary and analysis to highlight home spending habits and add expert context to the numbers.
Bigger-ticketed home projects have made slight gains in 2023 as we see consumer confidence improving towards the latter half of the year; with more demand expected be released in 2024.
Bridget McCusker
Research Analyst
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the consumer trends, attitudes and spending habits for the home
- Market dynamics and outlook
- Graph 1: market size for consumer trends, attitudes and spending habits for the home, 2017-2023
- Graph 2: consumer expenditure on the home, by category, 2023
- Graph 3: number of property residential transactions with a value over £40,000 completed in the UK, 2018-23
- What consumers want and why
- Graph 4: consumer spending on the home, 2019-23
- Graph 5: levels of expenditure on the home in the last year, 2022 and 2023
- Graph 6: payment methods used when purchasing items for the home, 2023
- Graph 7: triggers to purchase for spending on the home, 2022-23
- Graph 8: intentions to spend on the home in the next year, 2023
- Graph 9: consumer sentiments towards the home, 2023
- Graph 10: behaviours towards the home, 2023
- Retailer activity
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Market Dynamics
- Market size
- Graph 11: market size for consumer trends, attitudes and spending habits for the home, 2017-23
- Market forecast
- Graph 12: consumer spending on the home, 2007-12
- Market segmentation
- Macro-economic factors
- Graph 13: GDP, 2021-23
- Graph 14: annual rate of inflation, 2023
- Graph 15: number of property residential transactions with a value over £40,000 completed in the UK, 2018-23
- Graph 16: “How do you think the following will change over the next year?”, 2023
- Graph 17: housing tenure, 2018-23
- Graph 18: the financial wellbeing index, 2016-23
- Graph 19: the financial confidence index, 2016-23
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What Consumers Want and Why
- Consumer spending on the home
- Graph 20: consumer spending on the home, 2019-23
- Graph 21: consumer spending on energy efficiency for the home, 2023
- How Much They Spend
- Graph 22: levels of expenditure on the home in the last year, 2022 and 2023
- Graph 23: levels of expenditure on the home in the last year based on home ownership, 2023
- Graph 24: levels of expenditure on the home in the last year based on gender and age, 2023
- Payment methods used
- Graph 25: expenditure levels spent on the home by payment methods, 2023
- Graph 26: payment methods used on home purchasing, 2023
- Triggers to purchase
- Graph 27: triggers to purchase for spending on the home, 2022-23
- Graph 28: triggers to purchase by home ownership, 2023
- Graph 29: triggers to purchase, by age and household income, 2023
- Intentions to spend on the home
- Graph 30: intentions to spend on the home in the next year, 2023
- Graph 31: intentions to spend on the home in the coming year by length of time living in current home, 2023
- Lifestyles of home shoppers
- Graph 32: attitudes towards spending on the home by age, 2023
- Graph 33: cluster analysis by length of time in current home, 2023
- Graph 34: cluster analysis, by age and gender, 2023
- Graph 35: what they spent on the home in the last 12 months by cluster groups, 2023
- Graph 36: what they spent on the home in the last 12 months by cluster groups, 2023
- Behaviours towards purchasing for the home
- Graph 37: behaviours towards outdoor space at home, by home ownership, 2023
- Graph 38: behaviours towards purchasing energy-efficient home products to save money, by area, 2023
- Graph 39: behaviours towards purchasing more sustainable products due to environmental concerns, by area, 2023
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Retailer Activity
- Competitive strategies
- Launch activity and innovation
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Appendix
- Supplementary data – market dynamics
- Graph 40: payment methods used when purchasing items for the home, 2023
- Graph 41: consumer sentiments towards the home, 2023
- Graph 42: behaviours towards the home, 2023
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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