Is Accessorising the Home the new battleground for fast fashion?
This report takes a look at products that are commonly used to accessorise the home. Over the last year sales growth has dwindled. The slowing of the housing market has reduced demand and lack of consumer confidence, the rising cost of living and growth in unemployment has caused consumers to cut back on unnecessary expenditure. Those that are buying home accessories are trading down to cheaper products, switching to value retailers or buying premium products at cheaper prices. Heavy discounting at the end of 2008 has dampened sales further.
This report takes a look at products that are commonly used to accessorise the home. Over the last year sales growth has dwindled. The slowing of the housing market has reduced demand and lack of consumer confidence, the rising cost of living and growth in unemployment has caused consumers to cut back on unnecessary expenditure. Those that are buying home accessories are trading down to cheaper products, switching to value retailers or buying premium products at cheaper prices. Heavy discounting at the end of 2008 has dampened sales further.
However, it is not all doom and gloom. The fact that home accessories offer consumers a cheaper way to change the look of a room than buying new furniture or flooring has meant that the market is likely to fair better than those categories. Manufacturers and retailers need to ensure they offer consumers value for money both at the bottom and top-end of the market.
Key report themes:
How interested are consumers in the look of their homes?
What effect has the economic downturn had on the home accessories market?
Importance of fashion trends to the market and the extent fast fashion has extended from clothing to home accessories.
How much are consumers looking for a complete look in terms of home furnishings and accessories?
What opportunities are there for targeting home accessories at particular groups?
Which retailers are gaining market share in these more difficult times?
New bedding and bed linens needs to be marketed as a small indulgence that can inject a bit of life into a tired-looking bedroom. Three in ten adults think new bedding is a good way to change the look of a room.
More imaginative in-store displays combined with discount offers are the key to triggering more impulse buying. A fifth of adults claim to have seen bedding items and bought on impulse.
Manufacturers need to increase brand awareness and communicate their brand’s story and why their products are unique. Only one in ten adults look out for well-known brands and just one in 20...
How interested are consumers in the look of their homes?
