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How Britain Shops for Homewares | Verdict Consumer Report

How Britain Shops for Homewares | Verdict Consumer Report


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Executive Summary

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.

Key Findings

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

Synopsis

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?

1 Overview

2 Main Conclusions

2.1 Discretionary nature of homewares spend highlights importance of cross-selling and regular newness

2.2 Homewares market continues to rely on more affluent shoppers

2.3 Investment in homewares by value retailers has potential to boost penetration in younger demographics

2.4 Amazon most visited retailer for homewares

2.5 Grocers draw on synergies with core shoppers to boost homewares visitors

2.6 Dunelm comes out top for conversion

2.7 Value for money most important driver of spend

3 Sector Analysis

3.1 Sector summary

3.1.1 While housing market and economy improve, 26.9% of shoppers still feel worse off than last year

3.2 Shopping frequency

3.2.1 Homewares remains area of discretionary spend for most shoppers

3.3 Channel spend

3.3.1 Touch and feel important for homewares shoppers as 86.4% purchase instore

3.4 Penetration of shoppers

3.4.1 Potential exists to increase penetration of male homewares shoppers

3.5 Conversion

3.5.1 Engaging customer service and personalised recommendations can improve homewares conversion

3.6 Shopping around

3.6.1 Dunelm and John Lewis shoppers least likely to shop around, while B&M shoppers most likely

4 Retailer Ratings

4.1 Importance of shopping drivers

4.1.1 Homewares shoppers will respond positively to a well-branded and reasonably priced offer

4.2 Retailer ratings

4.2.1 Amazon exceeds customer expectations for online shopping experience

5 Methodology

5.1 Access to additional data

6 Appendix

6.1 About Verdict Retail

6.2 Disclaimer

Figure 1: How much better off homewares shoppers feel compared to last year (%), 2015

Figure 2: How much extra homewares shoppers feel they are spending compared to last year (%), 2015

Figure 3: Homewares share of shoppers (%), 2015

Figure 4: : Demographic profile of homewares shoppers (%), 2015

Figure 5: : Frequency of homewares shopping trips (%), 2015

Figure 6: Channels used in the last year by homewares shoppers (%), 2015

Figure 7: Percentage of consumers who shop for homewares by demographics (%), 2015

Figure 8: Percentage of consumers who shop for homewares by region (%), 2015

Figure 9: Percentage of homewares shoppers visiting the top 10 retailers (%), 2015

Figure 10: Percentage of homewares shoppers purchasing from the top 10 retailers (%), 2015

Figure 11: Proportion of shoppers who are frequent or occasional shoppers at the top 10 homewares retailers (%), 2015

Figure 12: Average rate of conversion for all sectors (%), 2015

Figure 13: Top 10 retailers conversion for homewares (%), 2015

Figure 14: Average number of homewares retailers each shopper visited and purchased from in the last year, 2015

Figure 15: Average number of homewares retailers purchased from by region, 2015

Figure 16: Average number of other homewares retailers purchased from for the top 10 retailers, 2015

Figure 17: Importance of shopping drivers to homewares shoppers (rated out of 10), 2015

Table 1: Frequency of homewares shopping trips by region (%), 2015

Table 2: Frequency of homewares shopping trips by demographics (%), 2015

Table 3: Channels used in the last year by homewares shoppers by region (%), 2015

Table 4: Channels used in the last year by homewares shoppers by demographics (%), 2015

Table 5: 10 Rows, 7 Columns

Table 6: Average conversion of homewares retailers by region (%), 2015

Table 7: Homewares retailer ratings for shopping drivers (rated out of 10), 2015

Table 8: Homewares retailer ratings for shopping drivers (rated out of 10), 2015

Table 9: Homewares retailer ratings versus driver importance, 2015

Table 10: Homewares retailer ratings versus driver importance, 2015

Table 11: Sample sizes by sector, 2015

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