inspired home show - review
ever-growing component of trust has to do with data privacy, safety and security. The topic is extremely or very important to developing their trust, according to 78% of respondents. “This is where you can lose consumer trust very quickly,” said Mirabile, adding that broken trust usually lasts forever.
Quality
Quality is a value that influences consumers’ perceptions of trust, brand and price, and 86% of respondents rated quality as extremely or very important. Quality is the #1 driver of good and bad online reviews. “Over 90% of reviews are driven by comments about high quality or lack of quality,” said Mirabile. Durability (59%) and reliable performance (57%) were the overwhelming top two considerations when consumers evaluate a product’s quality. For Millennials and Gen Z, durability also is important because it means less discarded products in landfills, said Mirabile.
consumers to see and understand how a smart product can help them, said Derochowski.
Rapid change for consumer value equation After two years of economic and social uncertainty, the consumer value equation is changing quickly… and is very fluid across generations, said Tom Mirabile, principal of Springboard Futures, and Leigh Ann Schwarzkopf, founder of Project Partners Network, in a keynote address on Monday morning at the show. “Consumers are moving so quickly right now that sometimes the consumer value equation changes overnight,” said Mirabile. That’s why, he says, it’s important to make sure the industry is aware of new developments and stays nimble enough to act on them quickly. The session featured the 2022 Value
Equation Index – brand new research highlighting the most important elements influencing consumers’ purchases of home and housewares products today. The survey was commissioned by Mirabile and Schwarzkopf, along with Michelle Lamb of The Trend Curve.
Convenience “Everything’s an emergency now,” said Mirabile. Pandemic-level services have become expected as the baseline, and the value of in-stock items is elevated. “Consumers are tired of the supply chain issue,” he added. “It doesn’t matter to them that it’s still an issue (for the industry).” The duo recommend that the housewares industry manage consumer expectations with honesty, only offering products that can be delivered in a timely fashion.
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housewareslive.net | 17 Price
Price appears to be less important to consumers today than last year. In 2022, 47% of respondents said price was extremely or very important when considering the purchase of a home or housewares product. That number is down from 66% in 2021. That’s partly because people’s jobs or economic outlooks are more stable than a year ago, said Mirabile.
Trust
As the importance of trust grows, more strategic efforts to deliver and enhance trust are crucial, Mirabile and Schwarzkopf said. When evaluating the importance of brand, all four generations ranked it consistently high. An
Lifestyle Benefits Lifestyle benefits outside of the primary function of product – say, a storage system that helps create a sense of calm and well- being – are becoming increasingly popular with today’s consumers. The top lifestyle benefits cited by respondents were inspiring time with family and friends (46%), promoting physical wellness (43%), enhancing emotional health (37%), cultivating new skills (28%), fostering creativity (22%) and creating sharing opportunities (13%).
Next year’s The Inspired Home Show runs from 4-7 March at McCormick Place, Chicago. Check out uhttps://www.
theinspiredhomeshow.com for details on exhibitors, GIA 2021-2022 winners, keynote addresses, Innovation Theatre and more.
https://www.theinspiredhomeshow.com
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