When furniture prices rise, how do shoppers respond? – Furniture Today
In autumn 2022, 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 younger (Gen Z & Millennial), work from home, and affluent
- About 13% of Americans plan to buy furniture in the next three months
- One-third have reported they have noticed price increases at furniture stores
- Financing through a credit card, using buy now, pay later, and financing with the furniture retailer were top payment methods for about one-third of those purchasing furniture in the past year
- Less than half remain loyal to a specific furniture brand
Overall, quality, free delivery, and in-stock inventory are top motivators for those looking to buy furniture within the next three months. These features should be top of mind when developing marketing strategies to encourage those considering furniture to convert.