Just the Stats: Formal dining

Furniture/Today Market Research -- Furniture Today, January 25, 2010

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

	2009 estimated spending in $billions	% of total furniture and bedding market	% change from 2008
Casual dining	$3.5	5%	-6.8%
Formal dining	$5.0	7%	-10.7%
Total Dining	$8.5	12%	-9.1%

Source: Furniture/Today market research and Easy Analytic Software

Formal dining in furniture stores

Accounted for 4% of furniture store sales for fiscal year 2008.
Accounted for 5% of selling space in furniture stores in 2008.
Median SKUs, 7, and median number of lines, 4.
Median best-selling price points for a table and 4 chairs, $1,599.
Average markup for table and 4 chairs, 1.18 times

Source: Furniture/Today Furniture Store Performance Report: Merchandise Mix, 2009

Style trends for formal dining

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 include 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 Dining Room Metro Market Product Potential Report, December 2009
Furniture Store Performance Report: Merchandise Mix, September 14, 2009
Case good style survey, July 2008
Furniture/Today & HGTV Consumer Views Survey: Spotlight on Dining

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