Consumers who postponed home furnishings expenditures during the recession are venturing back into the market. Some pieces of furniture are proving more popular than others this year. And specific demographic groups top the list for purchasing furniture according to the new Consumer Buying Trends published by Furniture Today.
In 2011, about 10.8% of surveyed consumers plan to purchase bedding. This marks an increase of nearly 0.6% over 2011. Last year, consumers who bought box springs and mattresses spent a total of $11.6 billion and the median spending on a queen set was $599. Mattress sizes purchased last year broke out as follows:
- Queen: 42%
- Full: 26%
- Twin: 21%
- King: 18%
Look for stationary sofas to be another bright spot in the market this year as 7.9% of households will make this type of purchase. Last year, average spending ranged from $624 for a fabric sofa to $899 for a leather sofa.
Baby Boomers comprised 42% of households who purchased furniture and bedding in 2010 and they account for 41% of the spending. This is a demographic group that clearly has disposable income. They account for 32% of the population, yet this year they will generate 44% of the spending on bedding and furniture. By comparison, Gen Y consumers comprise 33% of households but only 19% of spending in this category. Gen X households show slightly more favorable demographics. Though they make up 19% of the population, 24% of these households will be in the market for new furnishings this year.
In order to optimize revenue, furniture retailers should be concentrating on marketing messages that target Baby Boomers, especially those who are married homeowners with incomes exceeding $100,000.[Source: Consumer Buying Trends. FurnitureToday.com. 2 Apr. 2011. Web. 27 Apr. 2011]