Just the Stats: Formal dining

Furniture/Today Market Research -- Furniture Today, January 19, 2011

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

	2010 estimated spending in $ billions	2009 estimated spending in $ billions	% growth from 2009	% of 2010 total industry sales
Casual dining	$4.0	$3.8	2.9%	5%
Formal dining	$5.6	$5.5	1.4%	7%
Total Dining	$9.6	$9.3	2.0%	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 2009.
• Accounted for 4% of selling space in furniture stores in 2009.
• Median SKUs, 8, and median number of lines, 3.
• Median best-selling price points for a table and 6 chairs, $1,499.
• Average markup for table and 6 chairs, 1.9 times

Source:  Furniture/Today Furniture Store Performance Report: Merchandise Mix, 2010

Style trends for formal dining

• Contemporary styles claimed the biggest chunk of market share in terms of units at low, middle and upper middle price points - 39% at low ($999 and below for a table, four side chairs and two arm chairs, priced at retail); 40% at middle ($1,000 - $2,499) and 46% at upper middle price points ($2,500 - $4,999).
• At high price points ($5,000 or more), Traditional scored as unit market share leader, with 52% and contemporary second at 22%.
• Formal dining room features that retailers perceived as gaining favor among consumers include cleaner styles; less formal, yet elegant; and solid wood extensions.

  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 2010
Furniture Store Performance Report: Merchandise Mix, September 27, 2010  
Case goods style survey, July 2010
Furniture/Today & HGTV Consumer Views Survey: Spotlight on Dining