Customers are STILL buying this winter! Discover consumers purchasing habits!

Consumers spend money on different things based on their own personal priorities.

In retail, purchasing trends are constantly evolving, shaped by the unpredictable nature of the current economy.

While it's true, we're all feeling the financial pinch, where consumers are saving, they are also spending...

Post-Covid, getting out the house became essential for mental health. People wanted to socialise, dine together and experience NEW things - freedoms they won't give up again, no matter the price tag!

So instead of wondering if customers are still buying, the real question you might ask is, who are your customers and what factors determine their purchasing habits?

In this article, we delve into current consumption trends plus offer insights on how you can navigate and benefit from these shifts, also on The Journal.

There are so many products in market at the moment in super competitive spaces. Homewares is one of the most saturated with very different price points. So how can we predict what consumers are going to buy and where they are going to shop?

Firstly, people's product expectations these days are firm... If you are not offering sustainable, organic, [hand]made in Australia products, or those curated with thoughtful intention, your customer might disregard your shop entirely! These days, its rare customers will check if your products meet these standards, but they will sell more successfully with these value markers. 

Secondly, there is ‘practical’ versus ‘luxury’ shopping; what people need versus what they want. In the homewares space, a practical purchase might be a new dining set, a cook book or hand soap... These are quick and easy purchases that make a customer feel good in the moment but don't necessarily have long-term benefits. 

In contrast, luxury goods such as a brand new sofa or coffee table, which have more value, challenge the buyer to think twice on before investing! Want to know the difference when attracting a practical or luxury shopper? Your ability to communicate! 

It's not enough to simply have "pretty things" on a shelf. You need to be able to merchandise your products that speak to their value and advertise these markers with clear and impressive signage. One way to start the conversation is sharing your latest product offerings, i.e. what's ‘NEW’. The anticipation of a new product creates a dopamine hit to our brains leaving us wanting more! Continue to replenish old stock with new items and be sure to share this journey on socials and email, plus word of mouth!!

We know that people's priorities change based on their values. We also know, people will make time for their values.

Customers will forever seek ways to feel good about themselves, whether at home or when leaving the house. So speak to their wants and needs and communicate the value of your products and that's where you'll find your customer shopping!