Just the Stats:  Formal dining

Furniture/Today Market Research -- Furniture Today, August 6, 2009

The Just the Stats series gathers in one place data Furniture/Today's Market Research team has compiled on specific product categories; in this case, formal dining. Drawn from special research reports published throughout the year, the data points spotlight what's going on with the category.

 

Dining retail sales

	2008 estimated spending in $billions	% of total furniture and bedding market	% change from 2007
Casual dining	$3.6	5%	-4.7%
Formal dining	$5.5	7%	-8.1%
Total Dining	$9.1	12%	-6.7%

Source:  Easy Analytic Software and Furniture/Today market research

Formal dining in furniture stores
• Accounted for 5% of furniture store sales for fiscal year 2007.

• • Accounted for 6% of selling space in furniture stores in 2007.
• • Median SKUs, 10, and median number of lines, 4.
• • Median best-selling price points for a table and 4 chairs, $1,550.

Source:  Furniture/Today Furniture Store Performance Report, 2008

Formal dining style trends

1. • Contemporary styles claimed the biggest chunk of market share in terms of units at 53% at low price points ($999 and below for a table, four side chairs and two arm chairs, priced at retail).

• • Other Traditional, 25%, and Contemporary, 24%, shared as leaders of unit market share at middle price points ($1,000 to $2,999 for a table, four side chairs and tow arm chairs, retail).
• • At high price points, Other Traditional scored as unit market share leader, with 31%, with European Country, 28%, running a close second.
• • Cherry was the best-selling wood or finish at both low and middle price points. At high price points, cherry and mahogany shared the top spot.
• • Formal dining room features that retailers perceived as gaining favor among consumers included self-storing table leaves, buffet/servers, tables longer than 84 inches and nickel or pewter hardware. Features losing consumer favor were skirted chairs, brass hardware and fully upholstered chairs.

Source: Furniture/Today Case Goods Style Survey, 2008

Consumers and formal dining

• • 61% of responding consumers would first shop a traditional furniture store for formal dining
• • 29% of consumers expect to pay between $1,000 and $1,999 for a new formal dining table and chairs; 23% expect to pay between $2,000 and $2,999; and 19% expect to pay $3,000 or more
• • 37% of consumers want to know more about formal dining room furniture's construction and 32% want to know more about the quality of the furniture

Source:  Furniture/Today and HGTV Consumer Views Survey, 2009

To purchase full copies of  the special reports referenced above, click on the links below.
Furniture/Today & HGTV Consumer Views Survey: Spotlight on Dining
Dining furniture potential report, February 2009
Furniture store performance report, September 2008
Case good style survey, July 2008