2024 Occasions and 2024 At-Home Entertaining Reports compare consumers’ home and housewares spending and planned entertaining for 2024 vs 2023.
Following several years of unpredictable life and business altering ups and downs, the home and housewares industry is primed for market stability and is eager to celebrate the next wave of growth, according to the 2024 HomePage News Occasions Report and collaboration 2024 At-Home Entertaining Report.
Results from the surveys, conducted in partnership with market researcher Morning Consult, underline the product development, marketing and sales opportunities available to the industry by serving key life moments and increasing frequency of at-home entertaining for all sorts of get-togethers.
The reports created from survey results present insights on why and how retailers and suppliers should consider their roles as gift providers for major life events like weddings, new homes, new babies, etc, annual events like birthdays and anniversaries, and ‘anytime moments’ when families and friends want to turn any day into a celebration.
Dawn Evans, IHA director of marketing, commented: “The pandemic and its economic aftermath scrambled long-established occasion-marking and in-home gathering traditions.
“Results of these complementary consumer surveys chronicle how consumers have rescheduled and reimagined key life events as they settle into a new groove and how their reinvigorated zest for at-home entertaining shows no signs of abating. That has created a wide, new sweet spot for the housewares industry to connect with consumers in a celebratory mood.”
The Occasions Report suggests that consumers are more willing to consider laying out some cash in the year ahead when it comes to celebrations. Although the numbers aren’t dramatically above last year’s results, responses showed significant enthusiasm for spending on occasions in the coming year, compared to 2023.
In demographic terms, the youngest adults are most willing to spend on gifts, especially housewares gifts for occasions. Consumers aged 35-44 followed.
In terms of income, the most affluent consumers were the ones most likely to anticipate participation in an occasion over the next few months.
The At-Home Entertaining Survey showed that eight out of 10 consumers expect to entertain at home in the coming year, building on the trend from last year.
“Because of this, we strongly feel that at-home entertaining is the new normal and is here to stay,” Dawn said. “In fact, it’s really become part of our lifestyle and natural behaviour as consumers still have great enthusiasm for inviting people into their homes.”
The survey also showed that 73% planned to have intimate gathering of 10 or less people; 67% said they would cater for events themselves; and 50% said they preferred to serve buffet style rather than sit-down.
The full reports can be viewed here.
