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Just the Stats: Formal dining

Furniture/Today Market Research -- Furniture Today, August 30, 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	2008 estimated spending in $ billions	% growth from 2008	% of 2009 total industry sales
Casual dining	$3.5	$3.7	-6.8%	5%
Formal dining	$5.0	$5.6	-10.7%	7%
Total Dining	$8.5	$9.3	-9.1%	12%

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 39% for low price points ($999 and below for a table, four side chairs and two arm chairs, priced at retail).
Contemporary styles, at 40%, also lead in unit market share for middle price points ($1,000 to $2,499 for a table, four side chairs and two arm chairs, retail).
At high price points ($5,000 or more), more than one-half of the formal dining category is comprised of Traditional styles.
Formal dining room features that retailers perceived as gaining favor among consumers include cleaner styles and smaller extendable tables. A feature losing consumer favor is the china cabinet.

Source: Furniture/Today Case Goods Style Survey, 2010

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 goods style survey, July 2010
Furniture/Today & HGTV Consumer Views Survey: Spotlight on Dining

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