|2013 Consumer Buying Trends|
The master bedroom is the inner sanctuary of the home and it is evident that homeowners are not skimping on the expense of their serenity. In 2012, U.S. households bought $8.8 billion-worth of master bedroom furniture, where all the buyers spent a median of $599. Midwest households spent the most with a $999 average, while Northeastern households spent the least with an average of $525.
Baby Boomers comprised two-fifths of all buyers in 2012. Younger Boomers (ages 49-57) spent a median of $849 and Older Boomers (ages 58-67) spent the most, a median of $1,549.
In 2013, 5.5 million households plan to buy master bedroom furniture. Adult Millennials, currently ages 18 through 32, are 65 million strong and are excellent master bedroom prospects for 2013 because many are in the process of designing their own homes and personal spaces. Comfortable luxury is the desire of most Millennials. Strategic marketing catered towards these interests can boost a company’s revenue significantly.
|Master Bedroom Trends|
Casual Dining for Millennials
Millennials love to eat out, but it appears that many more are opting for dining in the comfort of their own backyards. This year, 4.1 million consumer households plan to buy casual dining furniture, with Millennials and Young Boomers purchasing at considerable rates. In 2012, on average, Millennials spent $199 and Young Boomers spent $349. The highest amount of buyers came from the middle class, with incomes between $50,000 and $99,999.
When creating a marketing strategy, it is important to not only consider the consumers’ age and income, but also the location of the buyer and the purpose of the product. The South spent the most on casual dining furniture with a $299 median, while the West spent the least with only a $99 median. Targeting a specific region can help cover a large demographic efficiently.
|Casual Dining Trends|
The commonplace of flat-screen TV’s and household gaming equipment caused the peak of entertainment furniture sales in 2004 and 2006. In 2012, the top-selling case goods product and the fourth-most popular furniture product overall was entertainment furniture, with 5.2 million U.S. households investing an estimated $5.5 billion in retail. By generation, Millennials (ages 18-32) and Generation X (ages 33-48) are the best prospects for buying entertainment furniture in 2013.
Last year, Millennials spent an average of $199 on entertainment furniture and Generation X spent $225. As many retailers and manufacturers are aware, casual dining and entertainment furniture go hand-in-hand for providing comfortable luxury items for the home. Marketing products to specific age groups allows the consumer to purchase products that are well-suited for their own lifestyles. Once that vision is seen and accepted, then a sale can be made.
|Entertainment Furniture Buying Trends|
Trend spotting is meant to raise awareness and inspire action. Targeted strategic marketing can help address these new findings. We hope this revealing information sparked our furniture retailer and manufacturer followers’ interest and drives toward exponential business growth.
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