Survey shows 69 percent of furniture retailers expect that sales will increase in 2017.
Furniture World News Desk on
11/14/2016
New survey data released recently from TD Bank, which revealed an outlook from furniture retail executives. The data is based on a poll from a select group of industry executives in attendance at the recent High Point Market Conference.
The survey showed that 69 percent of furniture retailers expect that sales will increase in 2017. In addition, 35 percent of respondents expect that the majority of their customers will browse, apply and buy furniture online in the next two years, proving that mobile technology is becoming a larger part of the credit sales process.
Key findings on the current state of the furniture retail industry include:
- When looking at trends across various generations, the survey revealed that Gen X-ers (35-54 year olds) are most likely (46 percent) to seek financing options when purchasing furniture, followed by Millennials or 18-34 year olds (42 percent)
- Furniture retailers cited that 41 percent of their customers currently browse online then purchase in a brick-and-mortar store when purchasing furniture
- One-third of respondents (34 percent) believe that a credit promotional finance program is extremely important to their business
- Furniture retailers consider the following to be the most important factors in selecting a bank financing partner
- Credibility of the lender (23 percent)
- Quality of customer service (22 percent)
- High approval rates and credit limits (19 percent)
Mike Rittler comments on the survey findings, "For furniture retailers, focusing on the brick and mortar retail experience remains paramount. We found that even as mobile e-commerce becomes larger and more popular, buyers in this sector will continue to "window shop" through mobile, but will actually purchase in-store. Our findings also demonstrate that furniture retailers continue to have a strong need for a promotional finance program, especially as many expect sales to increase in 2017. Preparing a strong credit financing program with a financial institution they feel is credible is a priority and will position furniture retailers well for 2017."
A full report of the survey can be read
here.
TD Cards and Merchant Solutions is a top 10 card issuer in North America with over $24B in card receivables. TD Bank's credit cards are distributed nationally, leveraging our retail distribution network, direct response channels and through hundreds of partnership programs with financial institutions, retailers and other third party organizations, including private label financing.
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