The great retreat (indoors)
The great retreat (indoors). With rising costs of living, consumers are cutting back on non-essential spending and retreating to their homes. Brands can enhance the at-home experience or "premiumise" a night in, while providing tangible savings and advice, which are important to consumers. Brands should offer personalized rewards, exclusive offers, and price locks to build or strengthen brand loyalty, while considering how to respond to changing consumer behaviors.
This trend originates from the report:
Wavemaker UK - Growth Trends 2038
As consumers spend more time at home, they are replicating their out-of-home experiences and seeking entertainment and indulgences in-house. Brands that can enhance the at-home experience or "premiumise" a night in have the opportunity to maximize their products and services for the in-home market. Social media platforms, particularly TikTok, are becoming popular sources of discoverable content for saving money, beauty treatments, and budget planning.
As brands consider how to respond to changing consumer behaviors and respond to the cost of living crisis, it is crucial to be mindful of customers and respond accordingly. Brands need to consider offering personalized rewards, exclusive offers, and price locks to build or strengthen brand loyalty while conveying emotional and functional value to customers. By thinking about the sense of comfort the home brings, brands can tap into the great retreat and the sense of cocooning that is rising, leading to innovative approaches and new opportunities.