In Search of More Time

No question, consumers have become more sensitive to price in the current economic landscape—but shoppers still put a significant price on their time. In fact, one annual survey shows that many people still value time over money.

When asked to compare the two, consumer insight firm CivicScience found that 41% of U.S. adults value time over money; 15% said they value money more, while 45% said they value both equally.

That survey, conducted in April of this year, benchmarks a similar survey exactly a year ago. While there was a little movement this year in favor of money (42% prioritized time as more important in 2003, while 13% prioritized money), the report found that “time is still largely more valued.”

Those results aren’t surprising to Tom Mirabile, the founder of Springboard Futures and trend strategist and expert resource to IHA. “’Save me time, save me space, save me money’—in that order—has consistently been the consumer’s rallying cry when it comes to (looking for) better product,” he told attendees in an education session at The Inspired Home Show 2024.

In fact, saving time was the #1 lifestyle benefit respondents to his company’s 2024 Value Equation Index survey said they look for when shopping for home and housewares products; 52% said it was the most important lifestyle benefit a product can offer.

Credit (or blame) fast-paced lifestyles and busy schedules that aren’t slowing down, and in many cases, increasing despite continued inflation.

“Shifts in (consumer) lifestyles and aspirations have created an expansive demand for innovations and technologies that deliver ease, efficiency and flexibility at the speed of life,” says Derek Miller, president and CEO of the International Housewares Association, in “Easy Does It”—the second portfolio in the HomePage News InSight Trend Index 2024-25.

That portfolio features a variety of new home and housewares products that help consumers save time, space and effort. New products and other expert insights can be found at homepagenews.com/insight24/easy-does-it/.

While CivicScience’s survey found that the majority of Americans prioritize time, here are a few more insights:

• Income – Although time is important to Americans at all income levels, it is most important to those earning $100,000 or more each year.
• Life Stage – Almost 3-in-4 of those who prioritize time over money are parents or grandparents.
• Spending Choices – People who value time over money are 15 percentage points more likely to take a vacation this year than those who value money over time.