Tapping into Social Media Opportunities – The Inspired Home Show

Regardless of where consumers buy a product, social media is playing an increasingly important role in purchase decisions. Whether inspiration or product discovery, information-gathering or purchase, it’s a topic that came up again and again at The Inspired Home Show 2023.

“The battle right now is really for share of mind,” said Joe Derochowski, vice president and home advisor at Circana (formerly The NPD Group), in a keynote session that referenced lower consumer confidence levels and high inflation. “If (the home and housewares industry) can inspire people using different mediums, that can create a lot of growth.”

It’s no surprise that beauty is the only industry projected to increase year-over-year sales in 2023, said Derochowski. That industry is all over using social media to boost product discovery and inspiration, and has been for some time.

No matter where you are in your social media marketing, there’s plenty of opportunity for home and housewares retailers and brands to take advantage of this growth opportunity. After all, home and everyday life make up a good part of organic social media content to begin with.

What’s more, “We’ve seen that 61% of folks on TikTok have developed a new appreciation of their homes coming out of the pandemic,” said Anita Desai, TikTok head of home & living, in her Innovation Theater session. “Sixty-six percent have a home they want to be a place where friends and family gather. And nearly 80% want to put more money into their homes next year.”

Over on Pinterest, 72% of new pins on the platform have to do with food or drink, pointed out Tom Mirabile, principal of Springboard Futures, in a keynote session on the state of the industry.

On TikTok, the most popular communities in the home space have to do with cleaning, organization and renovation, reported Desai. The top five are: #CleanTok (69.5 billion views to date), #Clean, #Cleaning, #Renovation and #Organize.

The challenge is how to creatively get the message out, but there’s also the added bonus of having consumers who can easily spread the message or tell the story for you. Authenticity is especially important here, as is entertainment.

Social media is also a perfect venue to address the lifestyle benefits of products you carry. Forty-four percent of consumers in Mirabile’s 2023 Consumer Value Index said lifestyle benefits are extremely or very important when considering a home or housewares purchase, “a high percentage for something that’s generally not listed on the package,” he commented in his keynote on consumer values.

It’s also a place where home and housewares products that are already on the market can be re-positioned to speak to consumers’ current priorities of wellness, time, space, experience and responsibility, said Leana Salamah, IHA vice president, marketing.

“On TikTok, brand entertainment drives an infinite cycle of discovery, consideration, review and participation,” said Desai. Path to purchase isn’t linear, she added; it’s an infinite loop.

And while there’s an increasing number of direct purchase options on social media, recent polls show consumers prefer a balanced mix of in-store and online shopping.

When evaluating home and housewares products, Mirabile’s Consumer Value Equation found most consumers do an equal amount in-store and online (43%), though the remaining people skew more heavily toward online (23% said slightly more online and 14% almost all online vs 14% slightly more in-store and 8% almost all in-store).

TikTok’s data tells a similar story:  77% of all shoppers prefer a hybrid shopping experience.

Desai’s overall assessment? “Consumers are done with shopping as a chore,” she said. “Two out of three Millennials and Gen Zers say it’s important to have fun while shopping.”

 

Audio and video recordings of many education sessions from The Inspired Home Show 2023 will be posted in the next week or two.