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Since the global pandemic hit in 2020, the economy has been in a state of flux. However, one thing has remained the same—people have continued to purchase homes. According to the U.S. Census Bureau, homeownership rates hit 65.5% in the fourth quarter of 2021, up from 65.3% in Q1 of 2020. And, this number continues to grow—hitting 65.8% in Q2 of 2022.
Whether they’re first-time buyers, or long-time homeowners, consumers will always have a need for home goods to help make their living spaces their own. In addition to homeowners, there are other unique audience segments that you shouldn’t ignore if you’re an advertiser in the home goods industry.
Consider the following specialized audience segments to target in your next Connected TV (CTV) advertising campaign—all available via MNTN’s partnership with Oracle Data Cloud:
Approach: New Kids on the Block
- Segment name: New Home Owners
- Audience provider: Factual
- Why to target this audience: First-time homeownership is on the up and up—in 2021, first-time buyers made up 34% of all home purchasers, a 3% increase from the year before. No matter if these consumers are bringing items from their former residence with them, or buying everything fresh, they will be in need of home goods of some kind. Owning a home for the first time can feel overwhelming. So, to best appeal to these consumers, tell a compelling story for how your brand can support them in this new journey.
Approach: College Life
- Segment name: College Students
- Audience provider: Lotame
- Why to target this audience: There are ~16M students currently enrolled in college in the U.S. And, much of this population is made up of Generation Z (ages 10-25), a group who is very familiar with CTV—as of September 2022, ~76% of consumers aged 15-24 reported that they use CTV. While it might not be the first audience that comes to mind in relation to home goods, this segment needs items to make their dorm rooms, apartments, sorority/fraternity rooms, etc. feel like home.
Approach: Luxury Living
- Segment name: Luxury Home Owners
- Audience provider: ALC
- Why to target this audience: According to a recent report by Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury Program, single-family luxury home sales—defined as the top 10% of any given market—rose ~15% in 2021, with prices increasing 20% from 2020. This may be a niche audience, but due to its growing numbers, it shouldn’t be ignored. Ensure your advertisements resonate with this segment by showing how your product will add an additional level of luxury, or how your brand can help to raise a home’s value.
Approach: Brides, Grooms and Beyond
- Segment name: Wedding Registry
- Audience provider: Experian
- Why to target this audience: COVID-19 messed up a lot of things (understatement of the century, we know), and the wedding industry being no exception. Couples who had planned to wed in 2020 found themselves pushing their dates to 2021 and some even to 2022 or later. So, it should come as no surprise that 2022 is expected to see a record number of weddings—2.5M to be exact. The Wedding Registry segment is made up of online intenders likely interested in wedding registry related products and events. Meaning, your home goods brand has the opportunity to message not only to people who plan to get married, but also their friends, family members and others associated with wedding plans.
Approach: Home Away From Home
- Segment name: Vacation Home
- Audience provider: Lotame
- Why to target this audience: Owning a vacation home isn’t a new concept, but the meteoric rise in the use of platforms like AirBnB and VRBO has helped to make second home ownership more lucrative than ever. Consumers can now visit their vacation home at their leisure and turn a profit when they aren’t there. Appeal to this audience by highlighting how your product can elevate their vacation space for their comfort or that of their guests.
Approach: Millennials Wanting to Make Their Homes Their Own
- Segment name: Millennials with Discretionary Income
- Audience provider: TruSignal
- Why to target this audience: While homeownership has been out of reach for many Millennials, the National Association of REALTORS recently reported that this generation makes up 43% of 2022 home buyers. No matter if they’re homeowners or renters, this segment of Millennials with discretionary income is likely looking for ways to put their unique stamp on their living spaces. Target this consumer group with messaging that speaks to how your brand can support this endeavor, whatever that might mean to each individual.
Approach: Going Green
- Segment name: Sustainable Living Interest (consumers motivated to make green purchases, believe in climate change and want to do their part in helping the environment)
- Audience provider: Gravy Analytics
- Why to target this audience: Sustainability is a priority for many consumers. In fact, a recent study by eMarketer found that the overwhelming majority of consumers (94%) are concerned about the environment. Respondents in the same study reported the main reasons for not supporting eco-friendly brands as: products being too expensive and items being difficult to find in person or online. So, in order to best attract this segment, create a genuine message for the ways in which your brand is sustainable and be sure that finding and purchasing your product is an easy process.
Effectively Target Home Goods Customers on Connected TV
We hope these segments provide some inspiration for your next advertising campaign, but if you’re still searching for your ideal home goods consumer group, let CTV support your efforts. One primary benefit of CTV advertising is the detailed audience building and targeting it affords. With Connected TV you can get granular with who you’re messaging to. And, by utilizing a platform like MNTN Performance TV, your ads will only be served on top streaming networks, ensuring prime campaign performance.