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Survey shows ‘new normal'

Ray Allegrezza -- Furniture Today, November 4, 2010

Recently, I had the pleasure of being invited by The Franklin Furniture Institute to speak to attendees of the International Woodworking Machine & Furniture Suppliers Fair, held late last month in the Georgia World Congress facility in Atlanta.
     My topic was how the recession has impacted the consumer's shopping and buying habits for home furnishings. I shared insights from a proprietary survey Furniture/Today conducted late last year with HGTV.
     Our study essentially showed that the recession helped form a "new normal" in shopping traits. As part of the new normal, consumers are:
     researching multiple online sites before buying.
     shopping multiple stores prior to purchasing.
     clipping coupons.
   taking on more do-it-yourself projects.
   paying with cash.
    Equally as telling, a significant number of the consumers we polled said they intended to maintain these "new normal" characteristics even as the economy improves.
     To provide as much up-to-date information as possible, I also incorporated findings from a study by Chadwick Martin Bailey and iModerate Research Technologies. That study, conducted in April and released last month, is called "Engaging Consumers in the New Normal."
     Not surprisingly, the study confirmed much of what the FT/HGTV study found, including the fact that the recession has changed consumer buying characteristics.
     One sobering finding from both studies involves the fact that a significant number of respondents from each poll indicated that they intend to continue their trend of reduced spending as a result of the recession.
     If these consumers stick to their guns, we need to do a better job of selling value and want vs. need.
     But here's the good news: The values being offered the consumer have never been stronger.
     The studies also show that while the recession has altered her shopping habits, it has done little to dial down her desire for a beautiful home.
     She still very much wants what we have to sell.

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