Today's topic : Web work
By David Perry -- Furniture Today, February 15, 2010
How the recession has changed consumer behavior
Percent of consumers saying they are engaging in new behaviors more often than in the past
| Source: Furniture/Today and HGTV's The 2010 Consumer Survey, 2009 |
|
| Researching online before buying | 60% |
| Clipping coupons | 58% |
| Do-it-yourself work at home | 55% |
| Shopping several stores before buying | 51% |
The 'new normal': More online research, coupons
Everyone knows the recession has affected consumer spending on home furnishings. But now, thanks to an online survey designed by Furniture/Today and linked to an HGTV Ideas newsletter, we have a clear look at exactly how consumers' behavior has changed.
While we are now emerging from the recession, the experts say, there are some new realities that have emerged to stay, the survey found. This, one researcher said, looks to be the “new normal” for the home furnishings industry. We think these truths will apply to the mattress industry just as well as to the retailers selling sofas and case goods.
The survey found the four behaviors cited above as typifying consumer behavior this year. Three of them relate directly to the mattress consumer.
The biggest change in consumer behavior now is that consumers are even more likely to research online before buying. That should lead retailers to some basic questions: How strong is their online presence? How easy is it to find their Web site? How consumer-centric is the Web site?
Emphasizing coupons is a no-brainer. Notice all those shoppers in grocery stores sifting through their envelopes of coupons? A number of bedding retailers do well with coupons. If you aren't offering coupons, start now.
The trend of shopping several stores before buying presents a good news-bad news scenario, depending on whether a store is making the sale or losing the sale. The store experience is critical. It's also critical to monitor close rates — and to reward those sales associates who are getting the job done.
Key take-away
Consumers picked up some new habits during the recession. Knowing how to adapt to those habits will put you one step ahead of your competition.
Mattress Metrics is a regular column of statistical analysis by David Perry, bedding editor. Ideas for future coverage can be shared with Dave at dperry@reedbusiness.com.
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Today’s topic: Distribution
Mar 15, 2010
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