As a leader in the consumer packaged goods (CPG) space, staying ahead of the curve is important. That means identifying emerging trends early and being agile enough to capitalize on them. After all, the CPG industry is constantly changing, and those who don’t change with it are likely to be left behind.
With so much change happening in hypercompetitive sectors like consumer/household durables, it can be difficult to forecast what’s coming next. Luckily, a CPG data and insights platform can give us a sneak peek into the future.
Helio’s comprehensive and forward-looking features help CPG companies stay on top of what’s new and now by highlighting trends that are likely to explode in the coming months and years. This enables CPG companies to grow — building customer loyalty, developing new products, and identifying trends in consumer behavior. Here are some of our forecasts for what will take off in the CPG household durables space in 2023:
Smart homes will get even smarter
One of the biggest household durables trends for 2023 is the continued rise of smart home technology. A growing number of consumers are investing in products that will make their lives easier and more efficient. Early adopters of smart home technology will continue to add and upgrade more products.
Various types of smart home technologies are available on the CPG market today — from smart thermostats to voice-activated assistants. And as prices continue to drop, we expect even more consumers to jump on board with this trend in 2023.
Consumers look towards a greener future
Another big household durables trend for 2023 is an increased focus on sustainability. Consumers are becoming more aware of the environmental impact of the products they buy, and they’re looking for ways to reduce their carbon footprint. As a result, we expect to see more CPG brands adopting an ethical value chain and offering sustainable product options made from recycled materials or minimal packaging.
CPG companies that integrate conscious consumerism and ethical production initiatives into their supply chain and business model will be poised for success in 2023 and the next decade.
Health and wellness remain front and center of consumers’ lifestyles
As consumers become more health-conscious, we’re seeing a glaring increase in demand for household durables that promote health and wellness — from air purifiers and humidifiers to fitness trackers to vitamins and supplements. US consumers are looking for products that will help them live healthier lives, and CPG brands that can tap into this trend will be able to find success in 2023.
Omnichannel strategies continue to capture the younger demographic
Consumers will increasingly shop for high-value items such as appliances, furniture, and home décor online and in-store. This will be especially true for millennials and Generation Z, who are more comfortable with omnichannel shopping than older generations.
These younger consumers will also expect a rewarding customer experience from CPG brands — through targeted digital marketing and brand engagement on social media and other digital channels. They want nothing less than being able to shop anytime, anywhere — in-store shopping and through online marketplaces like Amazon.
CPG brands that can meet the needs of digital natives will win their brand loyalty in the coming years.
DTC and e-Commerce show no signs of slowing down
Direct-to-consumer (DTC) sales by household durable goods and consumer brands will continue to increase and catch up on offline retail sales. This is partly due to the pandemic’s shift to at-home lifestyles, which has increased eCommerce sales by 50% over the last two years.
E-commerce and DTC provide consumers with the convenience of shopping from home and the ability to compare prices and products easily. It’s also a great way for CPG brands to build relationships with their customers and collect valuable data about their buying habits.
CPG brands that invest in eCommerce and DTC strategies will be well-positioned for success in 2023 and beyond.
What’s next for CPG household durables?
If you’re a CPG company looking for more insights and trends, visit Helio. We’ll keep you in the loop on all the latest industry trends and consumer preferences in the CPG space.
Request a demo to discover how you can uncover real-time competitor and consumer data in your sector.
