Grab the opportunity

Results from Furniture|Today’s exclusive 2009 Consumer Views Survey, conducted in partnership with HGTV, shows that three out of four responding consumers plan to redecorate in some fashion this year.

Yes, some will scale back their efforts, doing a little bit at a time; some will redecorate one room instead of two; some will shop for less expensive product; and some will only buy accessories. But overall, three-fourths of consumers will still buy something.

This one nugget of data presents the more than $75 billion home furnishings industry with an opportunity. The key to seizing this opportunity is by fulfilling the needs and wants of today’s consumer.

I think the industry needs to answer two basic questions. First, are we offering what she wants to buy?

According to Furniture|Today and HGTV’s survey results, consumers want product that is of high quality and style and is both versatile and functional. Because of the economy, she can only afford to purchase a few products this year and therefore wants to concentrate on redecorating common areas in the home. This will lead her towards a new sofa, an occasional table or new entertainment furniture. Decorative accessories will also be important to her so she can change the look of rooms she can’t completely redo with new furniture.

Second, are we bringing her into the store? Consumers want to be energized and enticed. They want more than great product, they want an experience. Create some buzz by running a promotional contest or offering door prizes. Try partnering with a local charity for an event. Hold a date night for your customers with live entertainment and refreshments. Do whatever you have to do to create some excitement and bring her through the door.

If you have what she wants and get her through your door, she will buy something this year. And, if you satisfy her needs and wants today, she’ll come back again when the economy improves.

Three out of four consumers will redecorate and buy something in 2009. Be creative in your offerings and merchandising. Energize your customers and community. Take a step forward and grab the opportunity.