CIN Week 5 – A look at how the economy is impacting consumer buying plans in the 2nd half

In this week’s installment of Consumer Insights Now, sponsored by Bread Pay and PayTomorrow, we look at a critical issue that impacts furniture purchases now and in the future: the economy. A key takeaway is that half of those surveyed plan to put some furniture purchases on hold until sometime next year. Upholstery, which is the category people have at the top of their shopping lists, also is the top item they plan to delay until the first or second half, followed by mattresses, bedroom furniture, recliners and outdoor furniture. Inflation is another factor that is causing some consumers to pause, most notably younger consumers and those earning below $50,000. The survey also provides data on what categories are most quality versus price driven and what other types of spending are competing with furniture spending. Here, some obvious contenders surface such as vacations in the U.S. and abroad, along with entertainment such as concerts and sporting events. Also ranked are other purchases such as cell phones, TVs, computers and a new car, tied with home improvements. Notably, purchasing a new home is toward the bottom of the list, with only 5% of those surveyed planning to make this investment in the second half. Scroll below to see what other economic factors, including the degree of customer loyalty towards various retailers and manufacturers, are impacting furniture spending now and in the months ahead. For a video interview on the research between Home News Now Editor-in-Chief Tom Russell and HNN research expert Dana French, click here.

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