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DID YOU KNOW a typical consumer in 2022 is less likely to be married or have children? It’s also likely they’ve recently moved into a larger living space that accommodates working a new job and/or studying from home in the company of a new pet.
IHA Market Watch Tracks Consumer Trends
by Rachel Crippin Clark
IHA’S MARKET WATCH
REPORT is an annual resource offering consumer lifestyle trends. This report helps guide product developers and retailers as they decide where to focus critical resources in the coming months and years.
The 2022 report also found that consumers have fewer things tying them down. They are more fluid, less trapped in place literally or figuratively by work, geography, family—or even identity.
They are more empowered than ever, and therefore it is more important than ever to understand the passions and proclivities that drive them.
SOME KEY FINDINGS: 1 2 3 4 5 6
An increasing number of consumers are interested in products that are flexible and allow them to use their creativity and easily make changes.
Today’s consumers, especially Millennials, are more interested than ever in renting—rather than owning —certain items. Top categories of interest include seasonal décor, bakeware and kitchen electrics.
Consumers are just as concerned about mental health as physical health. Survey respondents actually ranked mental wellness as slightly more important than physical wellness.
People today view being physically well as being less about how they look or how much they weigh, but more about how they feel.
Convenience is a popular buzzword, but most of all, consumers describe a convenient product as easy to use.
Consumers are only interested in smart home products if they truly solve a problem. Top features they would like in a smart product include automatic cleaning, coordination of meal elements, detection/ suggestion of recipes, detection/ordering of parts and detection of expired or empty items.
For more from the 2022 Market Watch Report, visit TheInspiredHomeShow.com/Market-Watch-2022. IHA will preview the 2023 report at The Inspired Home Show 2023 during a keynote education session and in the IHA Market Watch display in the Lakeside Center Lobby.
