As a furniture retailer, understanding your customer base is crucial. The preferences and behaviors of today’s furniture shoppers are reshaping the industry, presenting new opportunities for retailers who can adapt to their needs. From demographics to purchasing patterns, here are five crucial insights that every furniture store owner should know.
1. Who are today’s furniture shoppers?
Recent data shows that younger generations account for a significant portion of furniture purchases, with 7 out of 10 purchases made by Gen Z and millennials. The average furniture consumer also has an income of $50-75K. Additionally, 51% of furniture purchases are solo decisions made by women. It’s also interesting to note that the majority of purchasers (70%) don’t have children in household – 47% have two adults with no children at home, while 25% are single adult households.
If you want to cater to these shoppers, consider incorporating convenience, customization, and affordability into your marketing strategies and product offerings, as these features tend to appeal to younger generations. You could also ensure your retail environment is inviting and inclusive, targeting both men and women, especially since women make more than half of the buying decisions.
2. Where do furniture shoppers prefer to shop?
Today’s furniture shopper is a mix of digital and physical. While 43% of consumers shopped online for furniture in 2022, a substantial portion still prefer the tactile experience of brick-and-mortar stores. On average, shoppers visit around 5.5 physical stores before making a purchase decision. This highlights the importance of creating engaging in-store experiences while also maintaining an effective online presence. Striking a balance between online convenience and an appealing in-store experience can greatly enhance your bottom line.
3. Where do furniture shoppers live?
More than half (57%) of furniture shoppers have recently purchased a home or are in the process of buying one. What’s more, 40% of purchases come from individuals who have lived at their current address for five years or more. These two demographics are likely to invest in larger, long-term pieces. On the other hand, recent research shows that 85% of renters prioritize cost when shopping for furniture, compared to 74% of homeowners.
If you want to appeal to these customer segments, consider offering a range of products at different price points. For the budget-conscious renter, offer affordable yet stylish pieces. For new homeowners or long-term residents looking to invest in quality furniture, provide premium options.
4. What are furniture shoppers planning to buy in 2023?
According to Consumer Insights Now, sofas top the list, with 40% of shoppers planning to buy one in 2023. This is followed by area rugs (29%), mattresses and occasional tables (23% each), recliners (22%), primary bedroom furniture (21%), and office furniture (15%).
To capitalize on these trends, ensure your inventory reflects what shoppers are seeking. Stock up on popular items and consider offering package deals or discounts on complementary items, like a sofa and area rug combo.
5. What impacts their purchasing decision?
Reviews play a significant role in the buying process, with 19% of all furniture shoppers and 40% of Gen Z shoppers always reading reviews. Maintaining a strong online presence with positive customer testimonials and reviews can make all the difference.
Additionally, providing accessible financing options can be an incredible driving force for higher sales and enhanced customer satisfaction. In fact, 27% of shoppers prioritize affordable, easy financing options. Financing can be particularly beneficial for Gen Z and millennial shoppers, who may not have large amounts of disposable income but are willing to make regular payments over time.
The power of insight
In the ever-evolving landscape of furniture retail, understanding the nuances of today’s shoppers is key to thriving in a competitive market. By leveraging these insights, you’ll be well-positioned to meet the needs of different demographics, drive higher sales, and cement customer loyalty.
Snap Finance can unlock more sales for your furniture business
Want a financing partner that’s fully invested in the success of your furniture business? Snap’s lease-to-own financing can open the door to higher traffic and more closed sales at higher amounts. Visit snapfinance.com/become-a-partner to learn more on how becoming a Snap Partner can take your business to new heights.