Affluent consumers

One-fifth of U.S. households earn $100,000 or more a year, according to the. U.S. Census Bureau’s 2007 Current Population Survey. Good news for retailers, right? In the current credit crunch, it makes sense to target the consumers who actually have money to spend.

And, the number of affluent households has steadily grown, increasing 144% between 1997 and 2007. Households making $100,000 or more a year accounted for 13.4% of total household figures in 2000 and only 9.4% in 1997.

Eight out of ten consumers earning between $100,000 and $149,999 say they’ll redecorate in some fashion this year, according to Furniture/Today and HGTV’s 2009 Consumer Views Survey. That’s also the case for nine out of ten consumers earning $150,000 or more. Out of those earning $150,000 or more, 36% plan to buy new family room furniture this year and 27% plan to buy new furniture for both the master bedroom and living room.

Affluent households are shopping online, too. Results from comScore’s April survey reveal that households earning $100,000 or more a year make up 26.1% of the Internet-buying population.

More than one-half of affluent consumers answering Furniture/Today and HGTV’s 2009 survey say they’ve purchased home furnishings, including furniture, home accents and linens, via the Internet. Out of this group, two-thirds have bought top-of-bed linens online and one-half have purchased wall décor and area rugs online. An occasional table is the leading online furniture product, purchased by 16% of affluent respondents. Another 14% of affluent consumers have purchased both entertainment furniture and desks online.

Quality is the No. 1 factor with affluent consumers when shopping for home furnishings. Affluent consumers answering Furniture/Today’s survey also rate the product’s style and design as very important.

Results from Furniture/Today and HGTV’s exclusive Consumer Views Survey derive from an online survey conducted via HGTV’s Ideas newsletter in January 2009. You can also check out Furniture/Today’s Research microsite for more data pertinent to the home furnishings industry.