How impactful would a recession be on furniture purchasing? New survey sheds some light – Furniture Today
In spring 2023, Provoke Insights surveyed 1,500 Americans. This survey aimed to gain perspective on the external trends affecting consumer behavior as well as top purchasing motivators in multiple industries, including furniture.
The standout findings include:
- Furniture shoppers are more likely to be millennials, parents, more affluent, and live in urban areas
- About 20% of Americans plan to buy furniture in the next three months, 68% plan to buy in the next year
- 51% have reported they have noticed price increases at furniture stores
- Mattresses lead in furniture purchases with 36% planning to buy in the next year
- Most consumers set aside under $1,000 for furniture purchases, but over 10% are willing to lay out $2,500 or more on a new piece.