How impactful would a recession be on furniture purchasing? New survey sheds some light
A recently published article made by Furniture Today discussed the findings of a May 2023 trends report conducted by Provoke Insights, shedding light on consumer furniture purchasing trends in the face of a potential recession. While post-pandemic optimism is evident, with an increase in recent furniture purchases, consumers remain cautious about the economy’s stability. A significant number of respondents expressed a willingness to postpone or abandon furniture purchases if a recession occurs. However, a substantial portion of respondents still plan to buy furniture in the next year. Inflation at furniture stores is a concern for many, surpassing worries about the economy, the government, and COVID-19. Mattresses, sofas/loveseats, and lighting are among the top items on consumers’ furniture shopping lists, with budget constraints affecting purchase decisions.
Some noteworthy insights include:
- 13% of consumers made a furniture purchase in the past month, showing post-pandemic optimism.
- 68% of respondents plan to buy furniture within the next year.
- 42% of potential buyers would easily cut out a furniture purchase in the event of a recession.
- Inflation is the top concern for respondents, followed closely by the economy and the government.
- Mattresses, sofas/loveseats, and lighting are the most sought-after furniture items.
- The majority (60%) of consumers allocate $1,000 or less for their next furniture purchase.
- Shoppers prefer cash, check, or debit card payments, with credit card usage also increasing slightly.
- Browsing in stores and sticking with familiar brands are the preferred shopping methods.
By staying attuned to consumer concerns, addressing pricing considerations, and delivering products aligned with consumer preferences, businesses can position themselves for success in the evolving furniture market.