Household data can hold valuable insights that can impact business strategy and help brands refine strategy to appeal more directly to target consumers. Household studies can cover a wide variety of areas including household patterns, size, type, behavioral studies of residential neighborhoods, how residents interact with the environment, what kinds of goods and services households consume in a given area and why they prefer them, how technology is affecting household consumption for example the rise of internet access in homes and its impact on family habits.
In a broad sense, if you wanted to finger the pulse of any society, population or culture, a household study will pin-point the definitive trends, shifts, relationships and lifestyles that are emergent and how they are affecting consumers.
Gaining household insights may not only help you improve your brand strategy, but can also offer deeper understanding that informs longer term marketing strategy. Establishing patterns in household demographic trends and shifts can determine when to launch certain products, innovate on existing service offerings and even where to prioritize certain types of investment. Here are two examples of household trends and what impact they can potentially have on brands
The rise of single person households
Single person households are the fastest growing trend in the world. The number of singletons living in cities is on the rise as Millennials eschew marriage and delay starting families in favor of their careers and personal pursuits.
This trend will potentially impact home appliance makers. Singletons as home appliance customers will more likely favor small appliances that are more stylish, energy saving friendly, and compact as compared to family size bread toasters and coffee makers. Giant 7kg washing machines may soon need to make room for snazzy 1kg rapid washer/dryer units that are WiFi enabled and fit into small spaces as apartment living does not afford the luxury of space.
Family size households are still the most dominant form of households globally.
In spite of the rising popularity of singleton households especially in cities, Couple living-with-Children type of households is are still the most dominant form of household worldwide. The Middle-East and Africa leads with the largest household population numbers globally. This is due to the number of children and extended family members living within each household. For a brand that targets families as part of their marketing strategy, this would be a hard market to ignore in your business strategy.
To read more on household data and how it affects business strategy read the following EuroMonitor White Paper http://go.euromonitor.com/rs/805-KOK-719/images/Why_Household_Insights_Matter_For_Business_Strategy.pdf