Home is Where the Luxury Is: A Study of Luxury Consumers and Their Furnishings, Redecorating and Remodeling Purchases

Unity Marketing Inc.
July 1, 2012
125 Pages - SKU: UM4859525
Countries covered: United States



Home Furnishings Market Poised For Growth: Is Your Company Ready?

Home furnishings a prosperous and growing market segment, but accessing key consumers depends on careful targeting and messaging

STEVENS, PA July 30, 2012 – The home furnishings market is on an upswing. According to a new survey, Home Is Where the Luxury Is, Unity Marketing projects the luxury sector of the home furnishings market to grow over 5 percent in 2012 to reach just over $100 billion.

Unity Marketing is not alone in its positive predictions for the home furnishings market. As we wait for full reporting of data from the second quarter 2012, these gems give us reason for optimism:

Sales of home furnishings in the U.S. are expected to shoot higher in the second quarter, with in-store sales increasing nearly 8 percent to $23.222 billion and online sales increasing 28.4 percent, according to an IBM analytics-based forecast.

Combined in-store and online sales of home furnishings are expected to grow 16.6 percent in the second quarter from same period last year.

Additionally, the Census department’s Advanced Monthly Retail Sales reports that they expect home furnishings and furniture store sales will grow 9 percent from 2011 totals for the first half of this year.

The market for home furnishings is healthy, but marketers can’t expect sales to be effortless.

Is your company going to get your share of this prosperous and growing market?

“Finally, we have a segment of the market that has rebounded from the recession to be healthy and showing signs of growth,” says Pam Danziger, president of Unity Marketing and author of Home is Where the Luxury Is: A Study of Luxury Consumers and Their Furnishings, Redecorating and Remodeling Purchases. Unity Marketing’s newest report shows consumers are ready to invest in their homes, but only if the marketing messages they receive match the consumers’ own desires.

“For example, home furnishings marketers should be pleased to learn that income is not predictive of participation in the home furnishings market, so HENRYs (HHI $100K-$250K) are just as likely as ultra-affluents to be spending on sprucing up their homes. This is great news, since HENRYs who make up 90 percent of the affluent consumer segment are the heavy lifters of the economy,” says Danziger.

“Our research also shows home furnishings consumers view their homes as a retreat or a refuge, and they look for items that make them feel calm and comfortable. This is to be expected after a turbulent economic recession; consumers want a place to retreat from the stress of the outside world. And, since it looks likely that the housing market in most parts of the country will not rebound to pre-recession levels for several years, consumers are wise to invest in making their current homes a sanctuary.”

The data and analysis home furnishings marketers need to effectively reach their most valuable consumer is contained in Home is Where the Luxury Is 2012, a comprehensive report that shows who is buying home furnishings, where they shop, how much they spend, and what marketing messages resonate with them.

More About the Research

This trend report will be a powerful tool to help you benefit from a vital and growing luxury home market. It covers two surveys among luxury consumers giving different perspectives on their luxury homes.

Home Furnishings Purchases: The latest, conducted in April 2012, covers luxury consumers who purchased of home furnishings items, including decorative items as well as furniture, bedding, art and others (excluding home electronics and major home appliances). The survey same was 1,271 affluent (top 20 percent income) luxury consumers. Average income $274.8k; 44.8 years; 45 percent male and 55 percent female.

Major Home Projects: Affluent luxury consumers involved in major home projects (2010). This survey was conducted among 1,349 affluent luxury consumers (Average income $306.7k; 44.8 years; 45 percent male and 55 percent female). Results were compared with similar study conduct in 2008 among 1,024 affluent luxury consumers (Average income $204,800; age 45 years; and men 36 percent/women 64 percent 2008 income weighted to 2010 income sample)

The Objectives

To understand the market for luxury home goods and services, specifically:
  • Profile the luxury home furnishings consumers, what they buy, where they shop, how much they spend and most importantly, why they buy
  • Market size and growth of the luxury home furnishings market
  • Attitudes and motivations in home furnishings purchases
  • Factors that influenced home purchases
  • Places where luxury consumers shop for their home
  • Use of a decorator or designer and why they use a decorator
  • Favorite styles of home decorating
  • Trends in major home projects, 2008 to 2010
  • Trends in amount spent on major home projects
  • Personalities of luxury home consumers and how to sell to them



More Affluent Market reports by Unity Marketing Inc.

Luxury Home Report 2014: The Six-Year Guide to the Affluent Consumer Market for Home Goods by Unity Marketing Inc.
While the emerging luxury markets and their rapid growth, like China, may make the news, the U.S. luxury market remains the world's largest many times ...
Travel Snapshot Report 2014 (with Affluent Consumers' Hotel and Cruise Brand Preferences) by Unity Marketing Inc.
Travel Snapshot Report 2014 (with Affluent Consumers' Hotel and Cruise Brand Preferences) "Just the Facts, Ma'am" Report on the Affluent Consumer Market for Travel Released ...
Spa, Massage and Beauty Services Snapshot Report 2014, including Physician-Provided Services by Unity Marketing Inc.
Spa, Massage and Beauty Services Snapshot Report 2014, including Physician-Provided Services "Just the Facts, Ma'am" Report on the Affluent Consumer Market for Luxury Spa, Massage ...
Fine Dining Snapshot Report 2014 (with Affluents' Restaurant Brand Preferences) by Unity Marketing Inc.
Fine Dining Snapshot Report 2014 (with Affluents' Restaurant Brand Preferences) "Just the Facts, Ma'am" Report on the Affluent Consumer Market for Fine Dining Released ...
See all reports like this >>

More United States Affluent Market reports

Affluent Market Tracking Study #26, Fall 2014 Survey of the Wealthiest 10% of US Households by American Affluence Research Center
Affluent Market Tracking Study #26, Fall 2014 Survey of the Wealthiest 10% of US Households Affluent Positive in their Personal Wealth Outlook Despite Some ...
Luxury Report 2014: The Ultimate Six-Year Guide to the U.S. Affluent Consumer Market by Unity Marketing Inc.
Luxury Report 2014: The Ultimate Six-Year Guide to the U.S. Affluent Consumer Market While the emerging luxury markets and their rapid growth, like China, ...
Affluent Market Tracking Study #25, Spring 2014 Survey of the Wealthiest 10% of US Households by American Affluence Research Center
Affluent Market Tracking Study #25, Spring 2014 Survey of the Wealthiest 10% of US Households Affluent Have Positive 12 Month Outlook for Economy, ...
Consumers and the Economic Outlook - US - February 2014 by Mintel International Group Ltd.
Consumers and the Economic Outlook - US - February 2014 “Consumers are a little more optimistic than they were last year but ...
See all reports like this >>

More United States reports

The 2013-2018 Outlook for Collagen and (hyaluronic Acid) HA-Based Biomaterials in the United States by Icon Group International, Inc.
The 2013-2018 Outlook for Collagen and (hyaluronic Acid) HA-Based Biomaterials in the United StatesThis econometric study covers the latent demand outlook for collagen and (hyaluronic ...
The 2013-2018 Outlook for Relish in the United States by Icon Group International, Inc.
This econometric study covers the latent demand outlook for relish across the states and cities of the United States. Latent demand (in millions of U.S. ...
See all reports like this >>

 

SELECT A LICENSE

    Online Download  USD 500  
    Global Site License  USD 1,500  
 
US: 800.298.5699
Int'l: +1.240.747.3093
 

Share this report


    Other tasks

     
     
    Join Alert Me now!
    Receive bi-weekly email alerts on new market research

    Sign up today!