by Many stay up on trends by visiting home furnishings retailer and manufacturer websites
HIGH POINT — As we continue our discussion into the buying habits and attitudes of high-income households, it also makes sense to understand how they view their homes along with their preferences in home design.
Such is the focus of our fourth of five installments of Consumer Insights Now, sponsored by Bread Financial.
Describing their homes in terms such as modern, contemporary, cozy, practical/simple and minimal, they not only have a strong sense and appreciation of their surroundings — nearly half also say it’s important to stay current on design trends.
Also worth noting is that some 55% surveyed said they stay up on trends by visiting home furnishings retailer websites, and 49% saying they visit manufacturer websites.
Some 46% said they get ideas from HGTV or other televised design shows, and 45% said they read home magazines.
Another 29% each said they follow home furnishings retailers and home design influencers on social media while 45% said they follow furniture manufacturers and brands on social media. Nineteen percent said they follow designers on social media, and 10% get their ideas working directly with a designer.
Nearly 60% said they redesign every five years or more compared with 63% who said they buy furniture or mattresses every five years or more, compared with 36% who said they redesign every two to four years and 33% who said they buy furniture or mattresses every two to four years.
And in their design preferences, nearly 60% said they have a consistent design throughout their home compared with 41% who said their style varies by room. The following graphic further explains this dynamic by income and age group.
Another key takeaway deals with the market for antique or second-hand furniture. Some 35% surveyed said their home has antique furniture, while 30% said their home has some second-hand furniture. This speaks to the interest in the quality and durability of products from years past, along with the interest in brands they can no longer find, including well-known names such as Thomasville, Henredon, Drexel, Harden and many others along with some higher-end brands that still exist but that are more affordable at consignment or antique furniture establishments.
On this same subject, some 57% of those surveyed said their home has some kind of original artwork, again reflecting their interest in vintage creations that hold value over time.
The survey also sheds light on preferred color patterns by room and by metro area, offering retailers in those regions an insight into what may move the needle in their respective markets.
As always, we hope this data offers a window into the mindset and design preferences of high-income consumers. Perhaps it may lead to a discussion of what your store is doing or could be doing to attract this segment. Or most importantly, it could lead to a discussion with these customers as they shop your store about the things they want for their homes as they continue to invest in furniture and other decor — which we continue to believe is one of the single most important investments they can make for their home now and in the future.
Below is our publishing schedule for this season’s edition of Consumer Insights Now.
+ March 23 – High-Income Shoppers Overview
+ March 30 – Designers
+ April 6 – Furniture Stores
+ April 13 – Home Design
+ April 20 – Second Homes
