How the “Decade of the Home” is impacting retailers

September 22, 2020By Craig NoldenBurrelles, Communications, Content Marketing, General Information, Marketing, Media Industry, Media Measurement, Media Monitoring, Media Outreach, Media Relations, Mobile Media, News Coverage, Productivity, Public Relations, Social Media, Technology No Comments

If there’s one thing I’ve noticed during the pandemic, it’s that friends and family alike are seizing on the opportunity to do activities, hobbies and work around the house that they might not otherwise have done pre-COVID-19. And why not? From cleaning out the clutter and re-organizing, to taking on home improvement projects, to playing games in the backyard, it seems we all are taking advantage of our time at home to make our lives a little more comfortable.

In fact, according to new research from Accenture, the 2020s will be the “Decade of the Home.” Simply put, this means that even as lockdowns lift around the country, lasting changes in the way people live, work and shop will still be centered around the home.

“Home is now the new frontier — it’s become the workplace, the schoolroom, the place to try new hobbies, the place to socialize and a safe sanctuary — so companies must account for this reality,” said Robin Sahota, a managing director at Accenture.

This shift will force retailers and brands to take a look at how they do business and market their products as consumer behaviors continue to adapt to this evolving way of life. Among the most interesting Accenture findings:

  • 69% of respondents expect to do most of their socializing over the next six months either in their home, a friend’s home or virtually.
  • 53% of people who never worked from home previously now plan to work from home more often in the future.
  • 56% of consumers said that the pandemic has caused them to shop in closer neighborhood stores, with 79% of those respondents saying they plan to continue to do so long-term.

These statistics support the dramatic impact on consumers, including myself, my friends and family. Two of the trends related to the “how and where” we shop for goods and services were already there, but have been accelerated by the pandemic:

  1. Brick & mortar stores:
    The Accenture stats confirm that the desire to shop locally has increased during the pandemic. While consumers feel strongly about this, they need to feel safe in doing so and believe the personal experience that an in-store visit provides is worth it.
  2. E-Commerce:
    It should come as no surprise that online business is booming during the pandemic. In the first six months of the year, consumers spent $347.26 billion online with U.S. retailers, up 30.1% from $266.84 billion for the same period in 2019, according to the latest Digital Commerce 360 analysis of U.S. Department of Commerce data. Comparatively, ecommerce sales during the first half of 2019 grew just 12.7% year over year.

Additionally, visits to the top 2000 North American ecommerce sites jumped 19% collectively and 125% on average between March – June 2020 compared with the year-ago period, according to a Digital Commerce 360 analysis. Office supplies and sporting goods are the fastest-growing categories compared with 2019.

It is imperative that retail and online businesses remain adaptable to this new normal and stay up to date on the latest consumer trends, data and sentiment. Burrelles’ comprehensive suite of products includes media monitoring, communication tools, in-depth customized reporting, analytical research, publishing, data services, and professional services. Combining sophisticated technology with specialized expert analysis, our new technologies and expanded product portfolio provide a simple, seamless and personalized connection to media data across all of today’s channels. Let Burrelles find the right solution for you. Contact us today and we’d be glad to answer any questions or set up a demo on our products and services.

 

 

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