What Makes Millennials Tick? June 2015 — The answer, of course, is you.
For years, Baby Boomers were the gravy to the home furnishings retailer’s train. Like clockwork, they’d waltz through your front door every seven years or so—sooner if that big promotion came through or they finally bought that lake house—looking for a sofa or bedroom group. Only now that gravy train is slowing down. Baby Boomers are downsizing. Millennials—consumers born between 1980 and 2000—are the demographic every home furnishings store is chasing and with good reason: With almost 80 million of them, they’re the nation’s largest population segment. CONSUMER BUYING TRENDS: Boomers' buying power decreases 17%
Dana French -- Furniture Today, April 14, 2015 While Baby Boomers still account for the largest percentage of the total dollars spent on furniture and bedding, they no longer comprise the biggest share of buyers.
A generational analysis of Furniture/Today’s Consumer Buying Trends data reveals how buying power has shifted since 2012. And, what a difference two years makes. Baby Boomers accounted for 42% of all furniture and bedding buying households in 2012 and 45% of the total dollars spent that year, spending nearly $42 billion. Fast forward two years to 2014 when the 72 million Boomers comprised 29% of all buyers and 36% of all dollars, amounting to $35 billion. In 2012, Gen X accounted for 24% of all buyers and 24% of dollars. Mary Meeker's 2016 Internet Trends Analysis. Lovers of fashion look forward to the September Issue and in the Valley we look forward to Mary Meeker's annual delivery of this year's Internet Trends Analysis, delivered in the 2016 Code Conference.
Some of the information provided about the general state of economy was not as positive as we'd like it to be; the fact that we have an aging population worldwide, global economic growth is decreasing and public debt is increasing in every country are not the best of news, though it has not caught us completely unawares. However, focusing on the subject matter of technology, the prospects are far from negative and we would like to highlight the following: The internet economy is slowing down globally: We all knew exponential growth could not last forever and it seems that internet economy growth is starting to stabilise. 5 Top Trends in the Furniture Industry. During the economic recession, the furniture retail industry was negatively impacted as consumers cut back on non-essential spending, but now there is an uptick in demand.
In fact, the U.S. furniture industry has outpaced the U.S. economy in recent years. While the housing market improves and discretionary spending increases, we will see this growth continue. By 2019, the global market for furniture and floor coverings is forecast to reach $695 billion. Several key industry trends have emerged, as new innovation and shifting consumer preferences influence the demand for furniture. Read on to learn more about the top trends that are shaping the furniture industry. 1. The need for home offices increased during the financial crisis in 2008-2009 and the European debt crisis in 2011-2012, driving increased demand for computers, desks, office chairs, and filing cabinets. Guerrilla Marketing Revisited.
Volume 146 NO.2 March/April Furniture World Magazine Posted: 3/25/2016 By Larry Mullins Marketing is not an event, but a process...
It has a beginning, middle, but never an end... You improve it, perfect it, change it, even pause it, but you never stop it completely.” -Jay Conrad Levinson The late Jay Conrad Levinson was one of the most brilliant and celebrated marketing experts of all time. Few independent furniture entrepreneurs follow the processes of Guerrilla Marketing recommended by Jay Conrad Levinson, yet these processes represent ideal and affordable marketing solutions for independent furniture stores. Dispelling the Myth of the Effectiveness of Big Budgets People simply are not paying much attention these days to intrusive advertising appeals. Furniture World Magazine. Volume 146 NO.2 March/April Furniture World Magazine Posted: 3/25/2016 I f you, as an independent retailer think that most of your prospective customers know your business, think again!
This recent survey tells a different story. This is the first of a two-part series on the results of a nationwide survey to understand today’s U.S. consumer—specifically, the shopping behaviors and purchasing patterns for durable home goods such as furniture. The results were surprising. Preconceived notions of what consumers want were shattered, particularly for independent retailers as they grapple to compete against larger national and regional chains in today’s digital age. Furniture World Magazine. Volume 146 NO.3 May/June Furniture World Magazine Posted: 6/2/2016 This is the second of a two-part series on the results of a nationwide survey to understand today’s U.S. consumer—specifically, their shopping behaviors and purchasing patterns of durable goods for the home such as furniture.
In our March/April issue, we discussed a common misconception among independent furniture retailers: If your store is located in a small town, it’s easy to assume everyone knows your business. Nearly 1,800 respondents challenged this conventional wisdom; the results show if you’re an independent durable goods retailer in a small market, most of your prospects don’t know who you are. Here, we look at another all-to-common misunderstanding among independent retailers: to avoid publishing pricing online. To publish pricing online or not to publish pricing online—it’s one of the most hotly debated discussion points when we talk with independent retailers.