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Date Posted: May 17, 2012
MOEN® RESEARCH AND INSIGHTS -- HOME IMPROVEMENT SHOPPING
Oakville, Ontario... As the economy continues to shift, consumers are looking for tools and products to live a well-balanced life in the place that is central to emotional satisfaction: home. But how are consumer trends shaping the way we live and interact in these sacred abodes? Moen, the number one faucet brand in North America, recently explored research from the Home Improvement Research Institute regarding how these trends are impacting home improvement today.
"There are many drivers shaping consumers' lives and marketplace expectations today," said Jack Suvak, senior director, research and insights, Moen. "But at the end of the day, home is the heart of it all."
During the latest exploration into the home -- and more specifically, home improvement -- Moen leveraged several key trends, including the "Selective Shopper."
Moen learned that consumers today are becoming more demanding. We're discerning, design-savvy and intelligent -- and thus, we're increasingly selective when it comes to consumption patterns. Suvak explained, "Shoppers have more variety and information resources available today than ever before -- so they're really becoming more selective in navigating the marketplace. This is leading to a more thoughtful and considered form of decision making."
And while consumers may be more demanding, they haven't neglected their desire for luxury and indulgence. However, this desire must be weighed against the value and the impact on other priorities. For example, consumers are becoming more creative in discovering ways to achieve lifestyle goals without risking their financial goals.
When shopping for home improvement products, what are these savvy consumers searching for?
- More Personalization: Consumers are looking for products and services that specifically meet their individual needs. In fact, 83 percent of consumers said they tackle home improvement projects to make their home a better fit for their current lifestyle or the way they want to live. How? Well, in a perfect world, 63 percent wish they could customize home improvement information to suit personal needs and interests.
- Smart Shopping: Moen also noticed that consumer shopping behaviour is changing. They are using more commonsense shopping approaches to find less expensive ways of improving the home. According to the Home Improvement Research Institute research, since the recession, 65 percent of consumers have improved their home without spending a lot of money, and 62 percent are doing more comparison shopping before buying than in previous years. And if you think that only families in the lowest income brackets are cost-conscious, think again. 54 percent of comparison shoppers boast a household income of more than $100,000.
- Informed Decisions: Finally, before making purchases, consumers today are seeking reviews, recommendations and reassurances on a product's value from trusted experts and peer groups. In fact, 46 percent of consumers say "reading what other people have said about products" influences their home improvement purchases, which is why manufacturers, such as Moen, allow consumers to write and post their own product reviews on its website.
"The economy has forced consumers to become more informed on their purchase decisions," noted Suvak. "And when it comes to home improvement products, they will continue to demand products they feel provide quality, value and that are personalized to meet their needs."
For more information contact:Garry Scott
Vice President, Wholesale Marketing & Brand Development
Phone: (800) 465-6130
Email: firstname.lastname@example.org Courtney McGeever or Samantha Eastman
Phone: (216) 696-0229
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