This is part two in our consumer goods strategy series.
Think about your target customer and what they commit to spending money on every month. Is your product a monthly need, a want, or a less frequent, expensive purchase? If your product doesn’t fit into an existing purchasing category, how will you convince customers to buy what you’re selling?
Needs (Based on Typical Monthly Expenses)
- Water & Beverages
- Heat & Hot Water
- Telecom Plan
- Home Wi-fi
- Maybe: Caffeine, Pet Food, Child Expenses, Education, Student Loans
- Personal care items (beauty, hair care, nutrition)
- Cleaning and laundry supplies (and other misc small household items)
Larger Lifestyle & Household Purchases (every 1–10 years)
- A new Mobile Device
- A new Personal Computer
- Travel Luggage
- Home Decor & Renovations
- Kitchen Tools & Gadgets
- Sheets & Towels
- Washing Machine
- Entertainment — Books, Movies, Music, Cable, Games, Virtual Reality
- Outside Entertainment — Travel, Restaurants, Movie Theater, Concerts
- Clothing, Shoes & Accessories — Beyond what you already own.
- Gym Membership or Fitness Devices — Health and wellness is necessary, but a gym membership isn’t accessible or affordable to all.
- Smart Home — Gadgets that connect to the internet and mobile phones, giving consumers control over their home’s electricity and temperature.
- A Personal AI — To automate your life and keep your pantry stocked.
- Wearable Devices — Such as smart watches and fitness trackers.
Top Household Purchasing Categories in 2015
1010 Data compiled a study of top CPG categories for online sales in the U.S. in 2015. Pet Food was the clear winner with almost $700M in online sales.