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Welcome to our latest installment of Consumer Insights Now, which offers a glimpse into furniture buying plans in the second half of 2024. In this segment, the first of six to be published each Monday between Sept. 23 and Oct. 28, we provide a broad overview of the types of products that consumers are looking to purchase during the period. As we’ve seen in previous CIN research dating back to our debut edition in the second half of 2022, sofas and sectionals remain the number one priority for those looking to upgrade their furnishings. This is followed by other categories including area rugs, decorative accessories, mattresses for the primary bedroom, wall decor, primary bedroom furniture, occasional tables, lamps and recliners. The good news for retailers is that most of those surveyed say they plan to purchase in store versus online. In addition, younger consumers between ages 18 and 43 represent nearly 70% of those planning to spend in the segment during the survey period. The survey also looks at other key elements of the purchasing journey, including how much consumers plan to spend by category, how they plan to pay for their purchases and where they plan to purchase each category. Also, new to this segment are insights into how inflation has impacted purchase decisions and what other areas consumers plan to spend money on that are competing with the industry. Be sure to check out the slides below for this and more.
