THE INSPIRED HOME SHOW FEATURE
Speaker round-up A
A consumer-centric approach
s the cost-of-living crisis continues to pinch consumer incomes, businesses are having to adapt to a shift in buying habits.
Five pillars The IHA Market Watch Survey 2023 focused on five pillars: • Time • Space
• Experience • Wellness
• Social Responsibility
Wellness emerged as the driving force for consumers this year. When asked which was most important to them at home, 47% said wellness. This was followed by time (19%), experience (14%) space (11%) and responsibility (9%). The Market Watch survey showed a higher intent to buy smart home
products in 2023 than 2022. Respondents said they would be most interested in smart products that had auto-cleaning features (52%). This was followed by detecting or ordering parts (51%), coordinating meal elements (49%), detecting ingredients or suggesting recipes (49%) and
14 | March/April 2023 14 | January/February 2023
Consumers are looking for energy-efficient, cost-efficient products, and it is the responsibility of the business to make their customers aware of which products fit these criteria. Arun Bhatoye, head of marketing at Hisense UK, says “Here at Hisense, we have always championed manufacturing products that are affordable yet high- quality, and this is more important than ever as we head towards the winter months amidst a national cost-of-living crisis. Right now, it is our number one priority to help the nation to understand how to best use their appliances to continue with their necessary household chores and reduce their bills as much as possible.” Founded over 50 years ago, Hisense is one of the world’s leading manufacturers of televisions and home appliances. Hisense has a core range of televisions and cooling appliances alongside a portfolio of cooking and laundry products featuring hobs, hoods, ovens, dishwashers and washing machines. Educating the consumer Bhatoye says “As energy bills soar to an all-time high, monitoring our gas and electricity usage has never been more important, and so consumers are looking for alternative solutions to cut down on their energy usage – and in turn, their energy bills. This doesn’t mean that consumers aren’t buying, but the path to purchase is much more considered. Customers
Combat the Crisis
Arun Bhatoye, head of marketing at Hisense UK, highlights the support businesses can provide consumers amidst the challenging cost-of-living crisis.
IHA Market Watch authors, Leana Salamah, Tom Mirabile and Joe Derochowski shared new data and insights on consumer values from the 2023 IHA Market Watch Report.
counting calories or macros (47%). “There are so many challenges right now related to time that are ripe for smart home innovation,” said Joe Derochowski. The industry also has a lot to offer consumers who value experience
but may not be spending as much discretionary income in 2023. According to the IHA Occasions survey, 35% of consumers plan to entertain at home more in the coming year. “Data so far in 2023 supports that trend as sales of products such as beer and cocktail items, fondue sets, popcorn makers, slow cookers and pie servers are especially strong,” added Derochowski. “Positioning is a huge piece of responding to consumer values. It doesn’t have to just be about new products. Sometimes taking something that already exists and repositioning it or thinking about how it fits into some of these pillars can be just as effective as wholesale new product development,” said Leana Salamah. “Think of it as a checklist. The more pillars you can check off on any given item, the more you’re going to sell,” added Tom Mirabile.
look to invest in appliances that achieve the best results whilst using the least amount of energy, to help with cutting down bills. During the cost-of-living crisis, retailers and suppliers should be looking at ways in which they can help educate and inform their customers on the best appliances for their individual needs, and support them as much as possible to find the most cost-effective solution. Here at Hisense, energy efficiency has played a large role in product development as we look to new launches in future years. “It’s likely that any appliance which doesn’t need to be switched on for a long amount of time during usage, for example a microwave or toaster is the most efficient small appliance, as it only uses energy whilst it is switched on. It’s also very much dependent on usage – every household is different and has different needs. For example, single-person households may have a large capacity oven and batch cook to make the most of their oven being turned on, whilst larger families might opt for a larger capacity washing machine to bundle loads together. Generally speaking, tumble dryers tend to be the most expensive appliance to run, so switching up this part of your laundry routine to drying your clothes on a traditional clothes horse or drying rack is an easy way to help cut down your energy bills. Of course, defining what the most expensive appliance to run will ultimately come down to usage habits. If you have a larger household, it’s likely to be more cost-effective to invest in a larger capacity washing machine, so that you can fit more clothes in one load,
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