Nine out of 10 would pay more for solid wood
Dana French -- Furniture Today, November 28, 2013
Furniture/Today asked consumers this question: If you had $1,000 to spend on your home, would you use the money to update one entire room or would you use it to invest in one, better-quality piece of furniture? Overall, 54% would update one room, while 46% would invest in a higher-quality piece.
Three out of 10 consumers under age 25 would invest in a better-quality piece, while 57% of those between the ages 35 to 44 would. By income, 39% of those earning less than $50,000 wanted to buy the higher-quality product, while 61% of those earning $100,000 or more chose the quality route.
The exclusive consumer data shows that nearly nine out of 10 consumers are willing to pay more for solid wood furniture. Half would spend between $100 and $299 more and 28% would pay $300 more. For households with incomes $100,000 or more, 17% would pay between $300 and $499 more and a full 28% would spend $500 or more.
Two-fifths of buyers would spend more on top-grain, leather upholstery. Out of this group, nearly one-fourth would spend $500 more for high-end product; 16% would give between $300 and $499; and 21% would pay another $200 to $299.
Nearly six out of 10 consumers look for home furnishings made from eco-friendly or Green materials, but not many are willing to spend more for them. Thirty-seven percent would shell out less than $100 for eco-friendly furniture; 19% would pay between $100 and $199 more; and 18% would spend $200 or more.
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