The International Housewares Association’s (IHA) latest 2023 Market Watch Report highlights the consumer trends that drive home and housewares success. According to the report, 54% of consumers are eating at home more often and 35% of consumers plan to entertain at home more often, leaving plenty of opportunity for home and houseware brands to flourish this year. Conducted by CivicScience, survey results illustrate how consumers are feeling, what they want, what they need, and what motivates them to buy items for their home.
The pandemic has shined a light on our well-being. 87% of those surveyed said wellness was very or somewhat important to their daily lives at home
- Ranking order for each wellness component remained the same as last year:
- 78% Mental wellness
- 75% Physical wellness
- 56% Emotional wellness
- 38% Spiritual wellness
- 37% Financial wellness
- 21% Intellectual wellness
- Sleep/restfulness and calmness/managing anxiety tied with 61% in the mental wellness category followed by mental sharpness with 53% rounding out the top three.
- When it comes to physical wellness, consumers are prioritizing nutrition (56%), cardiovascular fitness (49%) and energy level (47%). It is interesting to note, that what may have been prioritized in the past, weight management, though mentioned in the survey, did not make the cut into the top three this year.
More people are returning to the office while also trying to find balance in spending time with family and friends, and as mentioned above, dedicate time to take care of their mental and physical well being.
- 70% of those surveyed said they wished they had more time or more resources to save time.
- Majority of those who answered “always” are 25-44 years old, evenly split across income levels, have a bachelors/associate dress, and live suburban (tends to be the age group juggling work schedules, kids activities, and taking care of parents).
- The survey found that consumers now own slightly more smart home products than in 2022, and they plan to buy more this year than last.
- People want smart home products to solve problems. Consumers are most interested in products that can automatically clean, detect/order parts, coordinate meal elements and detect foods/suggest recipes.
Spending more time at home during the pandemic showed us the impact that our living space has on our well-being. We’ve gathered more items into our home to keep us entertained, while those who have continued working from home have now needed to create space to set up a functional office. So, it is no surprise that the survey has found that consumers are looking for space saving solutions.
- 60% of respondents said they experience some kind of space-related challenge at home.
- Those who answered that they are experiencing many challenges regarding space are mostly 35-44 years old, are at a $50,000 and under income level, have a Bachelor’s/Associate’s degree, and live in the suburbs.
- When it came to making updates in the home, changing decorative items was the most popular with 39% agreeing, it also had the highest opportunity gap. 28% said they would like to update countertop appliances.
- The survey also found that younger generations are attracted to renting home and housewares products rather than owning. They are more interested in trying new things, and having the access to these items rather than owning them.
Due to the current economic climate, consumers are looking to create the same experiences at home that they can create going out, such as creating meals, having social gatherings, creating at home spa days, and watching a movie with buttered popcorn in their own living room.
- 10% of consumers said that they “often” try to create new experiences at home.
- 82% of respondents expect to entertain at home in 2023, and 35% said they would more often than they did in 2022
- The survey found that these gatherings are expected to be small and informal with 10 or fewer guests and self-serve meals and drinks.
- The biggest challenges that consumers face when it comes to entertaining are, Post-event clean up, Preparing everything to be ready at the same time, and general meal prep.
With more world connectedness than ever before, consumers are valuing responsible products and companies.
- Of those surveyed, 67% of respondents said they’re socially/environmentally conscious at home, either often (33%) or sometimes (34%).
- Those who answered “often” fall under these demographics; 55+ years old, $100,000+ income level, bachelor’s/associate degree, and living in the suburbs. This age group is more likely to have the time and resources to put their desires into action.
- The survey also notes that younger people are heavily represented in the “only if convenient” and in the “not yet but want to” categories.
The 2023 IHA Market Watch Report was conducted by CivicScience between December 13-20, 2022 among a sample range between 2,800-3,400 adults. The interviews were based on age, gender and household income and conducted through partnerships with hundreds of online and mobile content publishers and then aggregated into a centralized proprietary platform.