How Britain Shops for Homewares | Verdict Consumer Report
Despite the recovery of the housing market homewares retailers are still under pressure as discretionary spending remains constrained. However, the outlook is much better and growth rates are set to increase in the market. Loyalty has increased in the market and retailers must target price and range as they remain the key drivers of loyalty for homewares shoppers.
Identify which stores drive the highest levels of loyalty for homewares and see what strategies they adopt to achieve these.
Identify how main players in DIY drive loyalty and which stores are favored by disloyal customers to improve your own shopper penetration
Data is segmented regionally and by demographic and socio-economic group to enable you to identify which customer groups offer the most opportunities
As a result of the downturn it has been the more affluent shoppers who have been relied upon to maintain demand for homewares, but even then overall shopper numbers have declined. However, the economic and housing market recovery offers greater opportunities for retailers as discretionary spending starts to recover.
Homewares is impacted less than other home related sectors because many of then items are essential and needed regardless of the state of the economy. However, it has been the likes of John Lewis and Dunelm that have been most successful by increasing the range both stock and providing prices to suit all budgets.
Loyalty and conversion both fell during the economic downturn as shoppers could not afford to shop where they might have wanted to. The fragmented nature of the market created opportunities for retailers to make positive gains if they could resonate with customers during these tough times.
Reasons To Buy
What drives loyalty among your customers and how can you combat problems of disloyalty in the homewares market?
How has the profile of homewares shoppers changed since the economic downturn and housing market crash?
Which retailers have made the biggest gains in homewares and what strategies have enabled them to do this?