Home » The Growth Distillery Reveals That 80% Of Home Retail Buyers ‘Concerned’ With The Current Economic Climate

25 March, 2024

The Growth Distillery Reveals That 80% Of Home Retail Buyers ‘Concerned’ With The Current Economic Climate

The Growth Distillery has launched Moments That Matter: Home Retail, revealing economic and technology forces are redefining the home retail shopping dynamic, creating a unique challenge for brands.

Lead image: The Growth Distillery research director, Ciel Graham

This research offers marketers valuable insights into navigating changing customer behaviour as well as the knowledge to connect with and guide consumers on the purchase journey.

The research found that more than 80 per cent of home retail buyers are concerned with the current economic climate and how they will be able to afford the items they need. While 80 per cent say technology improves their lives, almost half say they are overwhelmed by the pace of tech change for home retail items. And while 70 per cent of shoppers prefer to go in-store, more than half will do their research online to ensure they are well prepared.

This complex combination creates a distinct challenge for marketers within the home retail sector. The Growth Distillery’s research identified three touchpoints along the purchase journey in which brands can have an impact:

The Catalyst: 75 per cent of home retail buyers find themselves in a situation where something breaks or changes at home, and they need to act quickly in a category they rarely give much attention to. This means they may be overwhelmed and underprepared and looking for shortcuts. Establishing brand familiarity and trust is critical to instilling confidence at this point in time.
Considerations: As consumers navigate a complexity of options, they must balance excitement and confusion as well as desire versus reality as they seek products that meet their needs. It’s essential brands keep consumers on track and guide them towards meaningful purchases.
The Closing: As shoppers approach the point of purchase, last-minute hesitations and compromises can jeopardise decision-making. Providing reassurance and demonstrating value is imperative to ensuring consumers feel confident in their choices.

“Home retail isn’t a category most buyers expect to find themselves in, until they are and all of a sudden there’s so much to think about and do,” said the research director of The Growth Distillery Ciel Graham.

“Our research highlights the stress and confusion shoppers can feel along the journey. Understanding those moments that matter and helping make those moments easier for consumers to navigate is an incredibly valuable opportunity for brands, retailers, and marketers”.

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