According to a new market research report looking at consumer attitudes towards home furnishings, consumers have cut back their spending on furniture significantly since 2007 and the outlook does not look brighter for the rest of 2009.
The “Home Furnishings Trend Report,” which was authored by Pam Danziger president of Unity Marketing, looked at consumer trends in the luxury furniture market.
According to the research, about 1 million fewer affluent households are buying high-end furniture, and the amount of money they are spending in the category is declining as well. This translates roughly into a $2 billion drop in sales of high-end furniture between 2007 and 2008.
"Our most current research in the home market paints a picture of consumer behavior throughout 2009, and the picture is a challenging one for marketers," she said.
According to the report, the average amount spent on luxury furniture, lamps and rugs by the typical affluent household in 2008 was down 7.3 percent from previous year.
Statistics from the Department of Commerce show a similar trend, with fourth quarter sales of the nation's home furnishings and furniture retailers down some 13 percent from comparable sales in the fourth quarter of 2007.
In the research, consumers who make over a certain amount of money were asked what kinds of stores they go to for furniture, why they visit certain stores, what kinds of products are still popular among furniture consumers, what they expect to buy in the future and what marketing messages influence their behavior.
To buy a complete copy of the report, visit http://www.researchandmarkets.com/research/41580d/home_furnishings_t
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