The furniture market is mainly influenced by how much regular people spend. Spending habits are influenced by a few important things, like how much money each individual makes, how much debt they have, and what they expect as consumers.
One key reason the furniture market keeps growing is because people are earning more money over time, and that's allowing them to have better lifestyles. As they have more money to spend, they keep wanting and buying furniture.
Another big change that's happened is the rise of the internet and smartphones. This technology has not only changed how people shop, but also how furniture is sold. A lot of shopping happens online, and this has made the furniture market one of the fastest growing markets out there.
So, in simple terms, the furniture market is all about what we buy and how we buy it, and it's booming thanks to our growing incomes and online shopping.
The furniture market worldwide realized a worldwide revenue of $694B (2021) and is divided into four main segments:
Living Room Furniture Segment
Description: Furniture designed for the living room area, including sofas, coffee tables, and entertainment centers.
Accounts for US$203B of total furniture market revenue
Bedroom Furniture Segment
Description: Furniture meant for bedrooms, such as beds, dressers, and nightstands, and Mattresses.
Accounted for US $124.9B or 18% of the furniture markets revenue.
Kitchen and Dining Room Furniture Segment
Description: Furniture for kitchen and dining spaces, including dining tables, chairs, and cabinets.
Accounted for US $78B in 2022; a decrease of 3% compared to 2021
Home Office Furniture Segment
Description: Furniture tailored for home offices, including desks, chairs, and storage solutions.
Unique market considerations for home office furniture and the impact of remote work trends. By 2027, worldwide Home Office Furniture segment revenue is forecast to reach approximately US$60 billion.
Understanding consumer behavior is fundamental in comprehending how furniture stores can increase sales. Consumer behavior in the context of furniture shopping is influenced by various factors, including preferences, decision-making processes, and external influences.
Let's take a closer look at the decision-making process as it is a key aspects in understanding how furniture stores increase sales
The decision-making process is something we all go through when deciding what to buy. It's like a roadmap that helps us choose between different options, such as whether to make a purchase at Store A or Store B. To make it easier to understand, let's walk through the process with a fictional character who's looking to buy furniture.
Sarah has recently moved into a new apartment, and she realizes that she needs to furnish it. The empty rooms serve as a clear indication that she has a problem to solve: making her living space comfortable and functional.
Sarah starts by asking her friends for recommendations and browses interior design magazines and websites for inspiration. She visits furniture stores in her local area, exploring different styles, materials, and price ranges. She also looks for online reviews and ratings of furniture brands and retailers.
With a better understanding of what she likes, Sarah compiles a list of furniture pieces she needs, such as a sofa, dining table, and bedroom set. She considers various alternatives for each item, weighing factors like style, comfort, quality, and budget. Sarah also thinks about whether she prefers new or used furniture.
After much research and consideration, Sarah decides on the specific pieces of furniture she wants to purchase. She checks the availability of the selected items and looks for any ongoing sales or promotions. Sarah also reviews her budget to make sure she can afford her choices without straining her finances.
Once the furniture is delivered and arranged in her apartment, Sarah assesses whether it meets her expectations. She considers factors like comfort, appearance, and the quality of construction. If she's satisfied, it will reinforce her decision and may lead to loyalty to the brand or store.
Throughout this decision-making process, We can see that Sarah's choices were influenced by her personal style preferences, budget constraints, and the need to create a comfortable and functional living space in her new apartment. Understanding her journey can help furniture retailers tailor their marketing strategies and provide a positive customer experience.
Note: It is important to note that the consumer decision making process can take anywhere from several days to weeks. Being top of mind throughout the purchasing process makes consumers like Sarah more likely to choose your brand. In the next section, we break down how furniture stores increase sales using an Omni channel strategy.
In todays highly competitive business landscape, an omni channel strategy is a game changer for increasing furniture sales and reaching a broader audience. However, you don't need a bottomless budget to implement an effective omni-channel approach. With creativity and careful planning, businesses can significantly improve sales without breaking the bank.
To begin crafting an omni channel strategy, we must first put ourselves in the consumers mind. In the example below, we use Sarah and try to understand her buying process.
The diagram presented above provides insight into our interpretation of Sarah's thought process. As she was gearing up to move into a new apartment, it's probable that she initiated her housing search by browsing online for "apartments near me" or contacting real estate agents familiar with the area. Later on, as she realized the need for furniture for her new home, she may have turned her attention to platforms like Facebook Marketplace, OfferUp, or Pinterest in search of great deals and sources of inspiration for furnishing her new living space.
With these valuable insights, we can now develop a well-rounded omni-channel strategy to effectively boost sales at our furniture store. Here's a detailed plan:
A. Realtor Affiliate Program:To tap into the local real estate market, we'll establish an affiliate program for realtors. Realtors who refer new homeowners to our furniture stores will earn a commission for every successful sale generated through their recommendations. This not only incentivizes realtors but also helps us establish a direct connection with new homeowners who are likely in need of furniture for their new homes.
B. Blogger Affiliate Program:We'll also create an affiliate program specifically for local bloggers. Bloggers who refer customers to our location will earn commissions for sales resulting from their referrals. This approach capitalizes on the influence and reach of local bloggers, allowing us to tap into their dedicated followers and drive traffic to our store.
C. Social Media Platforms:We'll expand our online presence by posting our furniture catalog on popular platforms such as Facebook Marketplace, OfferUp, and Pinterest. This will ensure that our products reach a wide audience on platforms where users actively search for furniture and decor items. Engaging visuals and detailed descriptions will be key to attracting potential customers.
D. Blogging and Content Creation:To bolster our online authority and engage with local customers, we'll regularly write blog posts around furniture in our city. These blog posts will highlight various aspects of furniture, from interior design tips to local furniture trends. By providing valuable and informative content, we can attract and retain readers while subtly promoting our store's offerings.
Incorporating these strategies into our omni-channel approach will not only broaden our reach but also deepen our connections with different customer segments. By leveraging realtors and bloggers, expanding our online presence, and consistently delivering informative content, we can enhance our sales performance and strengthen our position in the local furniture market.
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