By Furniture Today Staff -- Furniture Today, February 24, 2003
In 2003, U.S. households have allocated close to $7 billion to buy dining room furniture — one of the largest outlays planned for any furniture product — accounting for 9% of the total planned spending on furniture this year. It's not on the shopping list of as many households as many other products, since only 2.8% of U.S. households plan to buy dining room furniture, but those that are planning to buy expect to spend more — a median of $1,000.
In the case of formal dining room, annual income does matter — the amount households plan to spend rises directly with their annual income.
Planned spending for dining room in 2003
% of households that plan to spend by annual income
Median
Under $20,000
$400
$20,000 – $29,999
500
$30,000 – $49,999
700
$50,000 – $84,999
1,000
$85,000 – $124,999
1,500
$125,000 or more
2,000
Age, too, is a factor in the amount households plan to spend for formal dining room. Households under 25 plan to spend a median of $400, and those between the ages of 25 and 34 plan to spend a median of $800. After age 35, the median plan-to-spend hovers at $1,000.
Lifestage groups that are the most likely shoppers for dining room this year are young parents, young couples and young singles — all in the process of settling into their first homes. Retailers should be aware of missed opportunities within young parents and young couples shopping for formal dining this year. Almost two-fifths of the households who shopped for formal dining last year, but ended up taking casual dining home, were young parents and young couples.
Percent of households that...
Shopped for dining room in 2002
4.3%
Bought dining room in 2002
2.2%
Plan to buy dining room in 2003
2.8%
Income
% of the 2.2% of households that bought in 2002
% of the 2.8% of households that plan to buy in 2003
dining room furniture
Under $20,000
13%
17%
$20,000–$29,999
9%
11%
$30,000–$39,999
7%
9%
$40,000–$49,999
8%
11%
$50,000–$59,999
8%
9%
$60,000–$74,999
13%
12%
$75,000–$84,999
7%
7%
$85,000–$99,999
11%
8%
$100,000–$124,999
13%
9%
$125,000–or more
11%
7%
Age
%of the 2.2% of households that in 2002 bought
% of the 2.8% of households that in 2003 plan to buy
dining room
Under 25
5%
5%
25 – 34
21%
25%
35 – 44
23%
27%
45 – 54
25%
21%
55 – 64
14%
14%
65 and over
12%
8%
Lifestage
% of the 2.2% of households that in 2002 bought
% of the 2.8% of households that in 2003 plan to buy
dining room
Young singles
5%
5%
Middle singles
10%
12%
Older singles
3%
2%
Young couples
12%
13%
Working older couples
15%
11%
Retired older couples
8%
6%
Young parents
16%
22%
Middle parents
11%
12%
Older parents
18%
15%
Roommates
2%
2%
Opportunity knocks
Percent of households in each region that plan to buy dining room in 2003
West
2.9%
Midwest
2.4%
South
3.1%
Northeast
2.7%
Households in the South are slightly more likely to be shopping for dining room furniture, but their budgets for the purchase are smaller, a median of $850, compared to the national median of $1,000.
40% of dining room shoppers are not married. The never-married in particular are shopping for dining room at a rate higher than their percentage of the population.
African-Americans make up 13% of the households planning to buy dining room in 2003.
Apartment dwellers make up 14% of those shopping for dining room this year.
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