By Provoke Insights, Special to Furniture Today
HIGH POINT — Recent anecdotal evidence from furniture retailers around the country suggests that consumer demand has levelled. One of the key questions that retailers and manufacturers are wrestling with in this environment is whether demand is lower relative to the explosive levels seen early in the pandemic or is it lower relative to sales volumes in 2018 and 2019. And even more importantly, what is the outlook for the remainder of 2022 and beyond?
A new Provoke Insights trends study gives a national perspective on the mindset of consumers and offers insight into these exact question. The study, which covers multiple industries, including furniture also explores consumers preferred channels and directly explores the widely held belief that e-commerce has replaced brick and mortar as consumers’ outlet of choice.
Almost a tenth of Americans have purchased furniture in the last month; these shoppers are more likely to be parents and employed. A major home improvement commonly triggers these purchases. These furniture shoppers have discretionary income, as they are buying vacations, cars, and electronic items.
Loyalty to a furniture brand is not high, with most consumers buying from various companies.
In-store furniture purchase is still the preferred channel, but online is catching up. Convenience is the main driver for online furniture shopping.
About 60% of those surveyed expect to be buying furniture in the next six months. Two-thirds mention they would prefer to buy instore vs. e-commerce. Those looking to purchase furniture online are younger, wealthier and living in urban areas.
Provoke Insights, a full-service market research firm, conducted a 15-minute survey among 1,500 Americans between the ages of 21 and 65. The study was in-field March 1-10. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Results based on this sample have a maximum margin of sampling error of ±2.5% at a 95% confidence level.
For more on consumer purchase behavior
Mastercard research shows retail sales up 8.5% over last year
Unexpected bump in consumer confidence a mixed blessing
Inflation concerns impacting consumers’ perceptions, expectations