Survey of nearly 2,000 consumers nationwide provides window into planned furniture, bedding purchases.
HIGH POINT — In recent weeks, Home News Now and sister publications Decor News Now and Casual News Now have been teasing one of our biggest projects to date — our exclusive Consumer Insights Now research performed by furniture industry research expert Dana French.
As part of this effort, French and our editorial and sales staff created a vision of what we wanted the research to look like and areas we thought it should address. French then created in-depth questionnaires based on those discussions and sent the survey to nearly 2,000 consumers throughout the country in mid-July.
Based on the responses, she has created an in-depth look at consumer buying trends across age groups ranging from 18-74. Here’s a key takeaway: Millennials and Gen Z will comprise 7 out of 10 home furnishings purchases in the second half of 2022, with Gen Z planning to buy furnishings at a rate 1.7 times more than their presence in the population and Millennials planning to buy at a rate 1.5 times greater. Another key message? As French puts it, “These younger consumers are in prime household formation years and are poised to purchase.”
These and other findings, including the types of products they plan to buy, where furniture is in relation to other planned purchases and how they plan to fund such purchases are just some of the topics covered in this first installment, which offers a nationwide overview of the buying trends.
Taken together, these 50 slides provide layers of depth and insight not only into consumers’ historical buying trends by category, but also their unique style preferences. Data on planned purchasing by category and preferred price points — including in-depth insights into bedding — also is included in the full report.
In the weeks that follow, we will provide five successive regional reports that look at the trends in each part of the country.
“This data is huge in its scope and is meant to provide our readers — retailers and suppliers alike — with information that their businesses can use proactively in the months ahead,” said Home News Now Editor-in-Chief Thomas Russell. “We are grateful to be able to provide the industry such in-depth and beautifully illustrated charts and graphs that Ms. French has created in such a compelling and easy-to-read format.”
“Our publishing group will continue to deliver the best content from the best editorial team in the industry,” added Rick Harrison, founding publisher of Home News Now and its sister publications. “As I’ve said many times, free content isn’t actually free, so I’d like to thank our research sponsors Genesis Credit and Charge After for funding this effort. Together they and our advertising partners have made this possible and we are grateful for their support. If you like what you see here, stay tuned. We will build upon Consumer Insights Now in the coming months new research, new writers and more of the must-have stories our editors always supply.”