June 29, 2022

2022 Retail TrendWatch Series: Splurging, Saving and Saying I’ll Do It Myself

By Dave Cesaro
Categories

Summary:

• In this Retail TrendWatch series, we’ll highlight each trend with the top stats you need to consider as you market your products and brand in 2022.

• Shoppers are torn between saving, splurging and doing it themselves.

• Temporary purchases for décor, wall coverings and furniture top the charts.

In our recent report — 2022 Retail TrendWatch — we uncovered insight from 1,840 consumers and 268 home retailers and service providers. Consumers provided their thoughts on spending priorities and buying outlooks for 2022, while retailers shared their two cents on the biggest marketing and operational challenges.

People are spending, but retailers need to give them a reason to splurge — now more than ever.

  • 77% of advertisers say businesses need to give consumers stronger reasons to purchase
  • 81% of advertisers say consumers are looking for deals and discounts more than in the past

Do it yourself + treat yourself

In home retail, DIY is on the upswing, and money saved on big projects is slated to be spent elsewhere.

“I’ll just do it myself” — said by both frugal and frustrated consumers

More people (26%) are doing more home repair, maintenance or improvement projects themselves versus hiring contractors or service providers.

When asked why they plan to DIY:

  • 57% of people said it was more expensive to hire outside contractor or service providers
  • 51% said it was easy to complete projects by watching how-to videos or reading online articles
  • 19% of people said it was both taking too long to find contractors or service providers and when they do find a contractor or service provider, it takes too long for them to complete the job

“My home is my happy place”

Forty-six percent of people planning to purchase products or services for their home primarily want to enhance the enjoyment, comfort and beauty of their home, with repair or maintenance a secondary priority. The baby boomer generation is more focused on repairs and maintenance (53%).

Top 3 Projects

Affluents are investing in outdoor design and remodeling – landscape, deck or patio renovations ranked at 22 percent, whereas parents of all ages are focusing on paint at 20 percent.

Visual depicting top 3 purchases to update your space

It’s no surprise that Gen Z is spending their dollars on electronics (24%) while Millennials spend on furniture (24%), mostly likely for family living.

“Save then spend or spend then save?”

Money saved could go toward bigger purchases down the road, with 29 percent of people delaying purchases to save money in the next three months

People still just wanna have fun, with nearly a third (27%) concerned about having money to spend on fun purchases, dining out and treats

What’s the blueprint?                                          

While you can expect spending to scale back as our inflationary times continue, know that people are receptive to your brand, deals and products if they fit their lifestyle and budget.

People are looking for deals on the luxuries as they treat themselves. Stretching a dollar will mean more with every trip to the store.

Learn more about Value + Values in our next blog. You can also download the full report for more perspective, stats action items, and recommendations.

Dave Cesaro is executive director of client Strategy at Valassis, where he leads a team dedicated to providing insights and promotional advice to partners in the Retail, Grocery, and E-Commerce categories. Dave has more than twenty years of experience in advertising and direct marketing focusing on strategies that combine the world of online and offline media to engage consumers and drive them to act.

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