News about consumer confidence and the price of consumer goods continue to dominate headlines. But price is still just one part of consumers’ buying decisions. Brand can play a key role in helping consumers determine where they shop and what they buy. In fact, a recent survey shows it’s becoming increasingly important in home and housewares.
NIQ (formerly NielsenIQ) says the brand playing field has evolved in the current economic landscape. “It’s becoming less about a brand’s ‘name and recognition’ and more about its credibility and reputation for delivering on consumers’ tangible expectations for affordability, quality and more,” says Lauren Fernandes, NIQ vice president, Marketing & Communications.
When it comes to home and housewares, 51% of consumers surveyed in the 2024 Consumer Value Equation Index said brand was extremely or very important in their purchase decisions, up from 36% last year. Results of this survey, which was conducted in February 2024 by Springboard Futures in partnership with Project Partners Network and The Trend Curve, were revealed at The Inspired Home Show 2024.
What’s driving the growth? Consumers are increasingly looking for housewares brands that convey personality, as well as opportunities for personal growth and community, said Tom Mirabile, founder of Springboard Futures and a trend strategist and expert resource to IHA.
What It Means for Housewares
Retailers selling home and housewares products may be interested in how brand affects purchase decisions in different categories.
According to the 2024 Consumer Value Equation Index:
- Branding is most important in small electrics; 72% of survey respondents said brand was extremely or very important when choosing a product here.
- Other categories that ranked high for housewares brand importance include cook/bakeware, cutlery and wellness. There’s a correlation between brand importance and categories where safety, quality or durability are a factor, said Mirabile.
- Entertaining is what Mirabile called “a fashion category,” meaning consumers are much more concerned with how a product looks than its brand.
- Other categories where brand is not always as important are food prep, pantryware and drinkware. “That’s not necessarily a bad thing,” said Mirabile. This tells us these categories offer a good entry point for lesser known companies or store brands, he explained.
Tips for Effective Branding
Retailers examining their own brand or the housewares brands they sell might be reassured to know there are many commonalities in building an effective brand. In fact, branding strategist Adrienne Weiss, CEO of Adrienne Weiss Corp., told attendees at The Inspired Home Show 2024 that the basics of building a brand are the same no matter the type of company or organization.
According to Weiss:
- An effective brand is not just a cute logo or clever website—it’s the “genetics” or the core of who you are that are woven in to everything you do as a company.
- Brand messaging doesn’t have to be big, splashy or cost a lot. “I’d rather write something on the side of a straw than on a neon sign,” said Weiss.
- While some retailers might feel they should associate their brand with the newest trends or messaging, timeless and universal themes like friendship feel more authentic and are less likely to generate skepticism or cynicism.
Video and/or audio recordings of education sessions from The Inspired Home Show 2024 are available online.