Are consumers redecorating?

The latest consumer spending figures from the Department of Commerce predict retail sales of furniture and bedding will increase 3% or so for all of 2010, after experiencing devastating, consecutive sales decreases in 2009 and 2008.

And, according to an exclusive consumer survey fielded last January in partnership with HGTV, seven out of ten consumers have home redecorating on their mind. More than half of the 8,000 responding consumers stated plans to buy new furniture this year.

Common household spaces continue to be the hottest targets for new furniture. Forty-five percent of consumers plan to buy at least some furniture for the living room, while 34% say they'll purchase furniture for the family or great room. The master has the highest interest as far as bedrooms go. For the master, 29% have furniture buying plans, while 17% plan to buy for the guest bedroom and 14% for a children's bedroom.

Younger consumers and households with higher incomes have the most interest in purchasing new furniture. According to the exclusive results, 78% of consumers under 35 and 74% of consumers between the ages of 35 and 44 plan to buy furniture. Seventy-seven percent of households with incomes between $75,000 and $99,999 have furniture-buying plans, as do 84% of households earning $100,000 or more.

Six out of ten buyers plan to redecorate this year because they're replacing worn-out furniture. One-third have a need due to a change in style and another third are buying because they're making home improvements and/or an expansion.

And, it looks like the housing tax credits of 2009 and 2010 have helped the industry somewhat. Nearly one-fourth of buyers are doing so because of a new house to furnish. Younger buyers cited new home more often as the reason for decorating - new homes are the reason for redecorating for 45% of responding consumers under age 35 and 21% between 35 and 44.

The presentation of this exclusive data published in Furniture/Today's October 4th issue. The full report can be downloaded for FREE for 30 days (through November 5, 2010). Click here to access your own copy of Furniture/Today's Spotlight on Redecorating.