HFPA’s August webinar, “Mapping Consumer Loyalty in Home Fashion Products,” with Paul Bragan, Senior Partner at Wakefield Research, shares the results from a recent survey designed to understand consumer sentiment right now – and how it impacts brand and product loyalty when consumers purchase furnishings and accessories for their homes. Paul shared that for consumers today, there is “a lot of hedging. We are seeing optimism mixed with caution.”
Some key survey findings:
- Consumers are looking to invest in and spend more on their homes, but what they can do within their budgets is decreasing.
- 2023 has been a challenging and volatile year, with major layoffs, salary stagnation and other challenges. “A lot of middle-income consumers in America, those who do a great deal of spending in this category, are feeling very uneasy right now,” Paul says.
- Gen X and Millennials are less likely to be stressed about current financial conditions than older and younger generations.
- Younger families (under age 40) are the most optimistic consumers out there. They feel that making purchases to upgrade their homes is a smart way to be spending money now. This sentiment bodes well for the upcoming fall and winter holidays.
After sharing these insights about consumer sentiment, Paul dove into the data about “What is important to consumers” vs. “What drives purchase decisions.” For example, buying products that are “durable and long-lasting” and “fit my style” matters to most everyone, but these factors don’t drive consumers to make a purchase. So what is driving consumers to make home products purchases? This survey finds product factors like “have the latest innovations,” “are from a well-known brand” and “are rooted in sustainability” are powerful drivers for purchases. But these factors are very niche: they don’t resonate with many people. But when they do resonate, the effect is strong. Higher Income ($75,000+) and Younger Families are particularly motivated by these narrow factors and niche benefits.
The key takeaway? Craft tailored, specific, individualized marketing messages that will resonate with these small groups of consumers. Paul recommends: “Think about talking to small groups of consumers and making a deep impact with them.”
More survey findings:
- Loyalty matters. And runs strongest in Younger Families. Purchases are driven by factors like new product benefits and innovations, but consumers still want to buy from the brand they have purchased from before.
- Free advertising. Getting consumers to take a chance on a new brand is tough. But getting a consumer to switch brands yields major dividends: 77% of consumers will tell others about the great experience they had with the new brand and product.
Couldn’t join us live? Listen to the full recording of this webinar. HFPA webinars are free for members. Not a member? Join today.
