“Due to the recession and slow recovery, consumers want control and to be empowered to make better decisions and manage their lives,” said Jack Suvak, senior director of market research and insights, Moen.
North Olmsted, Ohio (PRWEB) November 29, 2012
Back in the “olden days” (or even just ten years ago), if you wanted a product, you went to the store and purchased it. My, how times have changed. Today, hands-on digital media tools have permanently altered the path to purchase. They’ve put consumers in control of the shopping experience through touch points that deliver everything from basic information (including reviews and prices) to enhanced capabilities (such as personalization and interactivity). These empowered customers are navigating a more fluid research process and shopping wisely because of it. Moen takes a look at the colliding trends of consumers in control and the accelerated growth of digital and calls it: “Channel Surfing 2.0.”
Channel Surfing 2.0
More than half (55 percent) of smartphone shoppers say they use their phones to research prices while shopping, and more than a quarter look at reviews before heading to the checkout.* Consumers are also using more than mobile sites as they shop, with Nielsen finding that almost half (47 percent) of smartphone owners use mobile shopping apps.
“Due to the recession and slow recovery, consumers want control and to be empowered to make better decisions and manage their lives,” said Jack Suvak, senior director of market research and insights, Moen. “As a result, they have higher expectations for products and services, and are using multiple channels to gain information throughout the decision process.”
But it’s not just consumers that are benefiting from these tech-savvy tools; retailers are pleased with these educated shoppers. According to a survey by Deloitte, consumers who use more than one channel before making a purchase spend over 80 percent more per transaction than those who shop only in-store. Multichannel customers spend an average of $182, compared to an average of $100 for shoppers who purchase only in-store**.
In the home remodeling segment, the story is much the same:
- Two in five homeowners express that in the future they plan to use the Internet more to research home improvement products, whether they buy them there or not.***
- When planning a home improvement project, the Internet has held a top spot as one of the most frequently used sources of project information.
o Younger home buyers (ages 18-34 = 28%; 35-54 = 25% vs. ages 55+ = 10%) and those with higher incomes ($50K-$100K = 24%, $100K+ = 23%; <$50K = 11%) often mention Internet search engines as their source of information.****
- Specifically in the kitchen, homeowners seek ideas and advice from a number of sources, more than is typical for other projects. The top sources include family and friends, T.V. home improvement programs, manufacturer/store displays, and websites. More homeowners visit the Internet for kitchen remodels than other projects (26% for kitchen; versus 20% for other projects).*****
“The growing utilization of smartphones by consumers is driving the integration between purchasing, social media and content,” explained Suvak. “There really is no end to the future of mobile – the possibilities are limitless. And, manufacturers must continue to stay on the cutting-edge of this technology in order to satisfy these quickly changing consumer needs.”
For more information about consumer behavior trends from Moen, visit moen.com.
*Empathica Consumer Insights Panel, an Authoritative Voice on Economic Indicators for Consumer Behavior
**BizReport.com, December 15, 2010
***Home Improvement Research Institute – Product Purchase and Project Activity Tracking Study, 2012
****Home Improvement Research Institute – 2012 Recent Home Buyers Report
*****Home Improvement Research Institute – 2011 Project Decision Study
As the #1 faucet brand in North America, Moen offers a diverse selection of thoughtfully designed kitchen and bath faucets, showerheads, accessories, bath safety products and kitchen sinks – each delivering the best possible combination of meaningful innovation, useful features, on-trend styling and lasting value.
Moen is part of Fortune Brands Home & Security, Inc. (NYSE: FBHS), which creates products and services that help fulfill the dreams of homeowners and help people feel more secure. For more information, please visit http://www.fbhs.com.
Jennifer Allanson or Jamie Dalton
jallanson(at)fallscommunications(dot)com or jdalton(at)fallscommunications(dot)com