By Furniture Today Staff -- Furniture Today, February 23, 2003
Master bedroom furniture ranks high on the list of products that American households plan to purchase in 2003 — second only to mattresses. In fact, consumers plan to spend over $10 billion on the category. This year, 5.2% of U.S. households say they plan to buy master bedroom furniture. They've allocated anywhere from $10 (a tag sale buy, perhaps) to more than $10,000 for their purchase. Some may be buying only a nightstand; others, the whole shebang. About one-quarter have allocated between $1,000 and $1,999 for their purchase. Only 9% plan to spend $3,000 or more, while 35% plan to spend less than $500. The median amount being allocated for master bedroom is $800.
Master bedroom budget for 2003
% of households that plan to spend
Under $200
14%
$200–$299
9
$300–$499
12
$500–$999
20
$1,000–$1,999
24
$2,000–$2,999
12
$3,000 or more
9
As usual, most of the households planning to buy master bedroom are somewhere between 25 and 54 years old. Compared to their numbers in the population, however, those under 25 are three times more likely to be in the market for master bedroom than might be expected, while those between 25 and 34 are two times more likely to be shopping for master bedroom. Both groups are budgeting a median of $600 for their master bedroom purchases this year. The slightly older and more affluent 35- to 44-year-olds are budgeting a median of $800.
In terms of lifestage, it's the working older couples and older parents that are planning to spend the most, a median of $1,000 for each group. Planned spending also rises by income level, but slowly. The median for those with annual incomes of $20,000 to $39,999 is $600; for those with incomes between $40,000 and $74,999, the median ranges between $800 and $950. For those with incomes of $75,000 or more, the median budgeted for master bedroom holds at $1,000.
Income
% of the 3.9% of households that bought in 2002
% of the 5.2% of households that plan to buy in 2003
master bedroom furniture
Under $20,000
14%
17%
$20,000–$29,999
8%
12%
$30,000–$39,999
11%
11%
$40,000–$49,999
11%
10%
$50,000–$59,999
9%
10%
$60,000–$74,999
12%
11%
$75,000–$84,999
8%
6%
$85,000–$99,999
8%
8%
$100,000–$124,999
10%
7%
$125,000 or more
9%
8%
Percent of households that...
Shopped for master bedroom in 2002
7.3%
Bought master bedroom in 2002
3.9%
Plan to buy master bedroom in 2003
5.2%
Age
% of the 3.9% of households that in 2002 bought
% of the 5.2% of households that in 2003 plan to buy
master bedroom
Under 25
3%
6%
25–34
24%
27%
35–44
24%
26%
45–54
23%
23%
55–64
16%
11%
65 and over
10%
7%
Lifestage
% of the 3.9% of households that in 2002 bought
% of the 5.2% of households that in 2003 plan to buy
master bedroom
Young singles
6%
7%
Middle singles
13%
12%
Older singles
3%
2%
Young couples
10%
13%
Working older couples
15%
11%
Retired older couples
6%
4%
Young parents
18%
20%
Middle parents
11%
14%
Older parents
16%
15%
Roommates
2%
2%
Opportunity knocks
Percent of households in each region that plan to buy master bedroom in 2003
West
5.3%
Midwest
5.2%
South
5.4%
Northeast
4.7%
Apartment dwellers account for 15% of the planned master bedroom purchases next year, 1.4 times their presence in the population.
Nearly half — 46% — of households planning to buy master bedroom furniture also plan to buy a new mattress.
Just over one-third of households plan to spend less than $500 on their master bedroom purchase this year, while 21% are planning to spend $2,000 or more.
More African-Americans and Hispanics are in the market for master bedroom than their numbers in the population would indicate.
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NAPLES, Fla. — Industry executives and guests took the opportunity to network and play golf during down time at Furniture/Today's 13th annual Leadership Conference here this month.
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