One-size-fits-all doesn't fit so well anymore
Carole Sloan, Senior Contributing Editor -- Furniture Today, February 6, 2005
Nearly everyone in furnitureland could better their business simply by digesting and understanding the meaning of the vast amount of information contained in last week's Furniture/Today consumer buying plans survey.
First and foremost is the impact the Hispanic population could have on the furniture business, and almost every other business as well. This industry for too long largely has neglected this significant and growing ethnic group.
The survey found that an astonishing 60% or so of all Hispanic households are planning to buy furniture this year. That statistic alone should make everyone sit up and not just take notice, but do something about it. Three-fifths of 41.3 million households is just way too juicy a target, and they should be in the spotlight of everyone in this business.
Then there's the group that, again, too many in this business tend to downplay — the affluent folks with household incomes above $75,000. These folks, the survey points out, plan to buy in ratios disproportionate to their size.
While this well-heeled segment represent only 30% of the households planning to buy furniture this year, they account for 46% of the plan-to-spend monies overall. That's a significant marketing opportunity for those in the upper end of the furniture universe.
Interestingly, this group probably will account for most of the business done in stationary chairs and dining room furniture, two of the smallest categories in plan-to-buy intentions.
What this survey shows is that the industry needs to get away from its one-size-fits-all approach to merchandising furniture — aka the no-no-no promotions. Instead, it's time to analyze the business and take aim at specific consumer segments.
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