As we head towards the end of the year, it’s good to reflect on 2022 and what that meant in terms of consumer spend and why. For the past 18 months, John Lewis & Partners has been exploring the changing habits of Britain’s shoppers. The Moments Economy: How We Shop, Live and Look in 2022 marks a profound and exciting shift. While the celebrations and holidays are back and we’re embracing them, shoppers today are bringing joy to each moment – not just the big days, but the everyday too.

Images: John Lewis & Partners

Here’s what John Lewis & Partners has found…

From the late 1990s, the “Experience Economy” evolved and gave way to a new, modern shopper investing in unforgettable experiences like travelling the world. Today, something has begun to change. and we are making more of all the moments in our lives. This is the “Moments Economy”. A number of factors have driven this shift. In a distracted, digital world, we want to appreciate the small, real moments in our lives. Covid drew us together with our nearest and dearest and we learnt the importance of each and every moment. Despite the cost of living crisis, our thirst for these moments remains. As eight in ten Britons told us, happiness comes from the everyday moments in life.

Experience economy evolves

The cost of living crisis won’t deter the majority from making the most of everyday moments. More than three quarters (77%) agreed that despite the rising cost of living, it was still important to experience moments that make them happy and two-thirds (67%) say even if their living standards go down, it won’t stop them wanting to celebrate with friends and family. The majority (72%) say they don’t have to spend a lot of money to make them happy.  In the coming year, more people plan to invest in quality time at home with family and friends (50%) than festivals (27%) or big days out (38%).

The importance of everyday moments is reflected in the things people say they want to do more of.  Four in ten people have held a dinner party in the last 12 months, while six in ten say they want to host even more in future. With one in four people making a social moment of watching something on TV, the rise of Netflix parties, which peaked in the pandemic, is a trend that’s here to stay.

2022: how we lived and looked

It’s clear that a number of moments – big and small – have dominated 2022, evidenced by the trending products that defined the year:

We elevated moments at home with guests – with small gatherings on the rise, making an impression is paramount. Sales of statement white sofas are up 48%, while sales of maximalist ‘bobbin’ furniture quadrupled. Flutes and wine glasses are up 88% and dinner sets up 34%

…and this continued in our gardens as outdoor furniture sales quadrupled, with BBQs up 175% and pizza ovens up 62%.  Looking ahead, 61% of people intend to grow their own food to serve.

New working week – many office workers found a new rhythm to life. At home baristas continue to thrive with coffee accessories up 46% as we Zoom on Mondays and Fridays, while Tuesdays, Wednesdays and Thursdays in the office saw sales of blazers increase by 75% and formal shoes by 93%.

The return of travel – travel adaptors are up 270% as we rediscovered the world.  Our customers bought five times more cabin bags this year as regular mini-breaks became preferable to big holidays. Sales of cameras were also up 20% to capture these longed-for moments.

We went wild for our health – nearly half of us spent more time on doing things that promote our wellness. Wild swimming grew in popularity. Sales of changing robes and paddleboards increased as 58% of us enjoyed spending more time in nature. Sales of wellness supplements were up 43% as customers looked to improve their inner zen.

What we left behind:

Wall-mounted desks John Lewis has bid farewell to permanent reminders of home working.

Microwaves We’re taking our time over cooking once more.

Bread bins Our desire for sleek kitchen counters means we binned the bread bin.

How we shopped

Shopping itself became a moment to treasure, as 60% of people declared they went shopping ‘for the joy of it’. In 2022, for every £10 spent at John Lewis, £5.50 was spent in our shops, up from £3 last year.

The economy of moments

The Moments Economy is a marked change in how people spend. Until recently, we were happy to outsource the creation of the experiences. We’d celebrate by going out to a restaurant. Today, we’re buying tablecloths, wine glasses and entertaining at home. As we become the authors of our own lives, creating our own moments of joy, retailers will have to curate everything their customers might need.