The way people relate to their home has changed in the new millennium. The cocooning trend which dominated the home furnishings market for the past 20 years has ended as consumers turn their energy beyond the home to reconnect with the outside world. Home no longer is a safe, protective cocoon, but a new hub for connecting with the outside world. This study is an investment for home marketers to understand and prepare for the foundational shifts occurring in today's consumer market. Cocooning was great for marketers of home furnishings and home decorative products. But now that cocooning is dead, what is next? That is what this study helps home marketers and retailers explore.The simple fact is spending on home furnishings and decorative items is not growing like other areas of the consumer economy. Because of people's new attitude toward home, growth in home furnishings and decorative market fell far below overall growth in the consumer economy. Total consumer expenditures grew 5.2 percent in 2003 to reach $7.76 trillion, while home-related expenditures, excluding home entertainment equipment and computers, rose only 2.5 percent from $274.3 billion in 2002 to $281.1 billion. Home marketers and retailers today are not just competing vertically against direct competitors in their product sectors, but they are competing horizontally against all kinds of new and exciting ways people can spend money, including travel and entertainment, apparel and fashion accessories, beauty products, jewelry and watches, cars, fine dining and luxury services like spas and landscaping. Unity Marketing has published a new study of the home furnishings and decorative consumer market based upon two consecutive years of study among over 2,000 typical U.S. households. Product categories included in this report include Aromatherapy and/or scented household products, such as potpourri, steamers or sprays
Art, including original art or prints, lithographs, posters and other art reproductions
Baskets, boxes, vases, pots and other decorative holders
Candles and/or candle accessories, such as candle holders
Decorations, such as Christmas and/or other seasonal decorations including party decorations
Collectibles
Figurines and sculptures
Florals and greenery, including dried flowers and wreaths, for indoor use
Flowers, seeds, shrubs and trees for outdoor landscaping
Furniture and occasional furniture, including mattresses and/or box springs, upholstered, case goods
Garden equipment and decorative items for garden or patio
Greeting cards and/or personal stationary
Home textiles, including rugs, throws, pillows, table linens, bed linens, etc
Household storage systems, containers, and other storage solutions
Kitchenware and accessories, such as cooking utensils, pots and pans, and other housewares
Lamps and accent lighting
Picture frames
Tabletop china, crystal, silver and/or casual dinnerware, glassware, flatware, including serving ware, bowls, and centerpieces
Wall decor, such as sconces, mirrors, shelves, and tapestries
Window coverings, blinds, curtains and other window treatments Data about purchase incidence, consumer spending, what kind of stores people buy different home products, and most importantly why they buy these products are also explored. This new research study is an investment in the future of home marketers' and retailers' businesses so that they can stay out in front of their rapidly changing customers. Author: Pam Danziger |
