Report Examines the Changing Dynamics of the Home Furnishings Market

Furniture World Magazine

It is now official: The economy has slipped into a recession. But just because consumers are pulling back and cutting spending, it doesn't mean that savvy and foward-thinking home furnishings marketers and retailers are destined to follow companies like Fortunoff, Wickes Furniture, Domain, Scan International, Sofa Express, Levitz, Bombay and Linens 'N Things into bankruptcy. "These bankrupt home marketers may have suffered from a hostile selling environment, but their demise was not inevitable," says Pam Danziger, president of Unity Marketing and author of a new study of the home furnishings consumer market. "These companies failed to adapt to a changing consumer marketplace. They were not proactive enough and were out of touch with the rapid change of pace in their customers' lives. "To be successful, home marketers need first to understand the mind set of the customer and how consumer psychology influences their shopping behavior, then marketers must take action based upon those insights in order to remain relevant. That is what separates home consumers' favorite home marketers as ranked in Unity's latest survey, specifically Home Depot, Target and Bed Bath and Beyond, from the losers," Danizger explains. New Unity Marketing study examines the changes in the home furnishings market Unity Marketing has just published a new research study of the home furnishings market that examines the results of two consumer surveys. One survey was conducted among 1,360 consumers with incomes of $50,000 and above who are active in home decorating and remodeling. Another survey looks more closely at the affluent market through a survey of 1,026 luxury consumers (incomes $100,000 and above). This new study provides two different consumer perspectives in a single report. Among the important findings for home marketers targeting both the 'classes' and the 'masses' that make up the home furnishings consumer market are: - The potential market for home furnishings is huge: About half of American consumer households with incomes of $50,000 or more were involved in home decorating or remodeling projects in the past year or plan to undertake such projects in the coming year. Through this study, marketers will learn how much these consumers spend on their projects, what they buy and how to reach these highly motivated consumers who both need and desire home solutions. - Outdoor living is a priority for home consumers: When it comes to upgrading their homes, Americans often forego more luxurious interiors in favor of creating inviting outdoor living areas. This study will give marketers and retailers ideas about ways to help their customers enliven their outdoor living areas. - The Internet plays a vital role in influencing home consumers: When it comes to learning about new products and brands, the Internet is the go-to source for home consumers. Through a special investigation into how home consumers use the Internet, marketers will discover how to maximize the potential of their websites to reach buyers online. Pam Danziger to host a free webinar about the new home furnishings study On Friday December 5, 2008 from 12 pm to 12:30 pm Pam Danziger will conduct a complimentary webcast that will introduce you to the major findings from Unity Marketing's recent home furnishings and home decorating study. To receive your login and dial-in instructions, call Pam personally at 717-336-1600 anytime weekdays from 8:30 am-5:00 pm eastern time.