In our recent report — 2022 Retail TrendWatch — we uncovered insight from 1,840 consumers and 268 home retailer professionals. Consumers provided their thoughts on spending priorities and buying outlook for 2022, while retailers shared their two cents on the biggest marketing and operational challenges.
People prioritize a good value when making purchases, but they also want retailers with strong values. They’re focused on DIY, but also open to splurges. They’re looking for products online and in-store, and for print and digital deals.
Such a dichotomy — what are you to make of it?
You can read the full report for yourself, but here’s a sneak peek at what we learned:
Expectation #1: Do it yourself + treat yourself
- Key Stat: 26% of people are doing more home repair, maintenance or improvement projects themselves versus hiring contractors or service providers.
- Key Takeaway: Position yourself as a trusted advice-giver and people will look to you when they want to do it themselves. If they change their mind, and decide they want to pay a professional, you’ll already be top of mind when it comes to their vision, trust and relatability.
Expectation #2: Value + values
- Key Stat: 55% of people are willing to try a new retailer or provider when purchasing a product or service for their home.
- Key Takeaway: People want to make their money stretch further. Inflation, rising prices and supply chain delays influence buying decisions. Your brand can compel people to try new products or switch retailers altogether.
Expectation #3: Relevance + immediacy
- Key Stat: 50% of people are more likely to purchase from a retailer that reaches out at the right time when there is a need for a product or service.
- Key Takeaway: It’s important not to take loyalty for granted. Give people a clear, compelling reason to keep coming back. Ensure you stay top of mind and inbox across the buying journey — online and offline.
Expectation #4: Mobile + mailbox
- Key Stat: When it comes to coupons, discounts or deals, 28% of people are influenced by print and 24% say direct mail is their preferred delivery method for deals.
- Key Takeaway: While it may be a surprise that paper is a strong contender to digital deals, retailers should note it ultimately depends on lifestyles and preferences. The best approach is to use both digital and traditional marketing, from mobile to mailbox.
We’ve shared with you the trends and a takeaway for each — download the full report for more perspective, stats, action items and recommendations.
Matthew Tilley is executive director of marketing for Vericast and leads content marketing for the company. He has more than 20 years of experience in digital advertising and consumer promotions to develop, communicate and distribute ideas to make modern marketers more effective.