Consumer Survey -- Dining room buying trends
Spending could top $10B
Dana French -- Furniture Today, May 6, 2005
HIGH POINT -- About 12 million households spent $9 billion on dining furniture in 2004. According to Furniture|Today's exclusive Consumer Buying Trends Survey, nearly 4.5 million households plan to buy formal dining room and another 6 million-plus plan to buy kitchen/dinette furniture this year.
If households follow through with their buying plans and spend what they plan to, 2005 consumer spending could reach $6.6 billion on formal dining and top $3.6 billion on casual dining. Top prospects for formal
For formal, high-income households, those with incomes of $75,000 or more, are excellent candidates. The group plans to buy at a rate 1.7 times higher than their presence in the population. They spend more, too. While all households spent a median of $700 on their formal purchase last year, high-income households spent a median of $1,150. Formal dining target consumers by price point:
* High — High-income households account for 79% of all buyers and baby boomers account for 50%. These groups plan to spend $3,000 or more on their dining room purchase.
* Middle — Again, high-income households represent the largest group of buyers — 71% of those planning to spend between $1,000 and $2,999.
* Low — Likely buyers planning to spend less than $1,000 include retirees, Hispanics and those living in an apartment or condominium.
Top prospects for casual
Casual dining buyers are a much more eclectic bunch than those buying formal.
Generation Y, whose members range between 20 and 29 this year, is a hot prospect for casual. Members of Gen Y plan to buy at a rate 2.0 times higher than their presence in the population. Budgets for the group are low however. Gen Y spent a median of $100 in 2004 on their total casual purchase and plan to spend a median of $200 this year. Nationally, households spent a median of $250 on their total casual purchase in 2004 and plan to spend a median of $300 this year.
African-Americans are also likely buyers for casual, planning to buy at a rate 2.0 times higher than their presence in the population. African-Americans spent a median of $350 on casual in 2004 and plan to spend a median of $250 in 2005.
Casual dining target consumers by price point:
* High — High-income households constitute 73% of those spending $1,500 or more.
* Middle — Gen X accounts for 35% of those buying, and high-income households comprise 57% of those planning to spend between $700 and $1,499.
* Low — About half of those spending less than $700 on casual dining have household incomes of less than $50,000. Other likely buyers are Hispanics, retirees, apartment dwellers and those that are divorced, widowed or separated.
*For more details, see the Maynd print issue of Furniture|Today.
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