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Home Furniture - US - October 2011

The effects of the recession and the negative impact on the U.S. housing market caused home furniture sales to decline significantly in 2008 and 2009 (the primary recession years) with many consumers postponing furniture purchases. A rebound was seen in this sector with growth in 2010 and 2011 due to consumers returning to spending in this sector, which is expected to see expansion over the next five years.

There are many factors impacting this sector, most notably the housing market which has not fully recovered. However, there is long term potential for the home furniture industry as consumers continue to invest in their homes.

Some of the key issues covered in this report include:

  • How the devastated housing market is impacting furniture sales
  • How consumers’ lifestage changes affect demand for furniture
  • Consumer confidence and its link to purchases of home furniture
  • The desire for American-made products in many industries including home furniture
  • Consumer expenditure on furniture
  • An overview of the highly-fragmented retail landscape and how retailers have responded to cross-channel competition
  • How retailers and manufacturers are utilizing social media to promote products and influence shoppers
  • Typical channels shopped for home furniture, and preferences across demographics
  • Reasons for buying furniture and attitudes toward furniture shopping, including online and in-store
  • The impact of the recession on home furniture buying
  • Reasons for postponing furniture purchases
  • How race and Hispanic origin impact shopping behaviors, attitudes toward furniture shopping

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Sales data
            • Consumer survey data
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                  • Executive Summary

                      • The market
                        • Figure 1: Fan chart: Total U.S. retail sales and expected forecast of home furniture, with best and worst cases, 2006-16
                      • Market factors
                        • Housing market remains dismal, hinders furniture purchases
                          • Figure 2: Chart: New houses sold in the U.S., by region, 2004-10
                        • Consumer confidence low
                          • Lifestage changes create different furniture needs
                            • Renewed sense of patriotism extends to home furniture
                              • Retail channels
                                • Retail landscape for home furniture is highly fragmented
                                  • The consumer
                                    • Furniture purchasing
                                      • Motivations to purchase furniture
                                        • Figure 3: Chart: Furniture buying: look, practicality or price? June-July 2011
                                      • Consumers look for products online, but few actually purchase
                                        • Shoppers postponed furniture purchases during the recession
                                          • Figure 4: Chart: Impact of recession on furniture purchases, June-July 2011
                                      • Insights and Opportunities

                                        • Generate interest in stores through differentiation
                                          • Complimentary services
                                            • Creating a connection
                                              • Trade-ins and buy backs
                                                • Focus on younger consumers to drive sales and encourage loyalty
                                                  • Groovystuff bridges established consumers and young adults
                                                    • Crate and Barrel/Pottery Barn and Dormify push for the dorm market
                                                      • Promote American-made products
                                                        • Offer sustainable products
                                                        • Inspire Insights

                                                            • Inspire Trend: Minimize Me
                                                              • Inspire Trend: The Power of One
                                                              • Market Size and Forecast

                                                                • Key points
                                                                  • Home furniture market rebounds, still lower than prerecessionary levels
                                                                    • Sales and forecast of home furniture
                                                                      • Figure 5: Total U.S. sales of home furniture, at current prices, 2006-16
                                                                      • Figure 6: Total U.S. sales of home furniture, at inflation-adjusted prices, 2006-16
                                                                    • Consumers spend the most on couches, mattresses
                                                                      • Figure 7: Average amount spent on Furniture, by category in the last 12 months, 2010-11
                                                                    • Fan chart forecast
                                                                        • Figure 8: Total U.S. retail sales and expected forecast of home furniture, with best and worst cases, 2006-16
                                                                    • Market Drivers

                                                                      • Key points
                                                                        • Housing market has not recovered
                                                                          • Figure 9: New houses sold in the U.S., by region, 2004-10
                                                                          • Figure 10: Housing starts in the U.S., by region, 2004-10
                                                                        • DIY is the new mentality as consumers stay in homes longer
                                                                          • Consumer confidence remains low
                                                                            • Figure 11: University of Michigan’s index of consumer sentiment, January 2007-July 2011
                                                                          • Lifestage changes create demand for furniture
                                                                            • Patriotism creates demand for American-made products
                                                                            • Segment Performance

                                                                              • Key points
                                                                                • Sales of furniture, by segment
                                                                                  • Figure 12: U.S. sales and forecast of home furniture at current prices, by segment, 2006-2016
                                                                              • Dining Room, Living Room, and Bedroom Furniture (Excluding Bedding and Upholstered Furniture)

                                                                                • Key points
                                                                                  • Favorable outlook for dining room, living room, and bedroom furniture
                                                                                    • Sales and forecast—Dining room, living room, and bedroom furniture (excluding bedding and upholstered furniture)
                                                                                      • Figure 13: U.S. sales and forecast of dining room, living room, and bedroom furniture at current prices, 2006-16
                                                                                  • Mattresses, Sleep Sofas

                                                                                    • Key points
                                                                                      • Lack of frequent purchasing, recession cause decline in mattress, sleep sofas segment
                                                                                        • Sales and forecast—Mattresses, sleep sofas (mattresses/sleep equipment and sleep sofas/other dual-purpose pieces)
                                                                                          • Figure 14: U.S. sales and forecast of mattresses, sleep sofas at current prices, 2006-16
                                                                                      • Upholstered Furniture

                                                                                        • Key points
                                                                                          • Upholstered furniture is forecast to experience strong growth
                                                                                            • Sales and forecast—Upholstered furniture
                                                                                              • Figure 15: U.S. sales and forecast of upholstered at current prices, 2006-16
                                                                                          • Other Furniture

                                                                                            • Key points
                                                                                              • Office, outdoor furniture likely to drive growth
                                                                                                • Sales and forecast—Other furniture (outdoor, office, computer, kitchen)
                                                                                                  • Figure 16: U.S. sales and forecast of other furniture at current prices, 2006-16
                                                                                              • Retail Channels

                                                                                                • Key points
                                                                                                  • Furniture sales by channel
                                                                                                    • Figure 17: U.S. sales of home furniture, by retail channel, 2006-11
                                                                                                • Furniture Stores

                                                                                                  • Key points
                                                                                                    • Furniture stores see sales declines, face competition from other channels
                                                                                                      • Figure 18: U.S. sales of home furniture at furniture stores, 2006-11
                                                                                                  • Mass Merchandisers and Warehouse Clubs

                                                                                                    • Key points
                                                                                                      • Mass merchandisers and warehouse clubs withheld deep recessionary impact
                                                                                                        • Figure 19: U.S. sales of home furniture in supercenters and warehouse clubs, 2006-11
                                                                                                    • All Other Channels

                                                                                                      • Key points
                                                                                                        • Other channels grow stronger than the rest
                                                                                                          • Figure 20: U.S. sales of home furniture at all other channels, 2006-11
                                                                                                      • Retailer Overview

                                                                                                          • Key points
                                                                                                            • Retailer profiles
                                                                                                              • Crate and Barrel
                                                                                                                • Williams-Sonoma Inc.: Pottery Barn/Pottery Barn Kids/PB Teen/West Elm/Williams-Sonoma Home
                                                                                                                  • Ashley Furniture HomeStore
                                                                                                                    • IKEA
                                                                                                                      • Haverty’s
                                                                                                                        • Ethan Allen
                                                                                                                          • Rooms to Go
                                                                                                                            • Target
                                                                                                                              • Walmart
                                                                                                                                • Costco
                                                                                                                                  • Macy’s Inc.
                                                                                                                                    • Value City Furniture
                                                                                                                                      • Retailer developments
                                                                                                                                        • Alternative channels gain popularity for furniture shopping
                                                                                                                                          • New retail concepts focus on convenience and value
                                                                                                                                          • Innovations and Innovators

                                                                                                                                            • Esquire magazine launches furniture for men
                                                                                                                                              • Reclaimed wood creates sustainable furniture
                                                                                                                                                • Using unique materials for furniture
                                                                                                                                                  • Functional furniture maximizes space
                                                                                                                                                  • Marketing Strategies

                                                                                                                                                    • TV advertising
                                                                                                                                                      • Haverty’s
                                                                                                                                                        • Figure 21: Haverty’s television commercial
                                                                                                                                                      • Rooms to Go
                                                                                                                                                        • Figure 22: Rooms to Go television commercial
                                                                                                                                                      • IKEA
                                                                                                                                                        • Figure 23: IKEA television commercial
                                                                                                                                                      • Macy’s
                                                                                                                                                        • Figure 24: Macy’s television commercial
                                                                                                                                                      • Value City Furniture
                                                                                                                                                        • Figure 25: Value city furniture television commercial
                                                                                                                                                      • Ashley Furniture HomeStore
                                                                                                                                                        • Figure 26: Ashley furniture homeStore television commercial
                                                                                                                                                      • Online initiatives and social media presence
                                                                                                                                                        • Figure 27: Profiled Companies Retail Stores and Social Media Reach, Aug. 28, 2011
                                                                                                                                                      • Partnerships and sponsorships
                                                                                                                                                        • Other marketing activity
                                                                                                                                                        • Home Furniture Purchases

                                                                                                                                                          • Key points
                                                                                                                                                            • Men more likely to purchase furniture than women
                                                                                                                                                              • Figure 28: Type of furniture bought/rented by gender, June-July 2011
                                                                                                                                                            • Younger shoppers purchase bedroom, home office furniture
                                                                                                                                                              • Figure 29: Type of furniture bought/rented, by age, June-July 2011
                                                                                                                                                            • Higher-income households more likely to purchase furniture than lower-income households
                                                                                                                                                              • Figure 30: Type of furniture bought/rented, by household income, June-July 2011
                                                                                                                                                            • Furniture purchases common among larger households
                                                                                                                                                              • Figure 31: Type of furniture bought/rented, by presence of children in household, June-July 2011
                                                                                                                                                          • Reasons for Buying Furniture

                                                                                                                                                            • Key points
                                                                                                                                                              • Replacement items, sale prices are primary reasons for purchasing furniture
                                                                                                                                                                • Figure 32: Reasons for buying or renting furniture, by gender, June-July 2011
                                                                                                                                                              • Younger shoppers more likely to assemble furniture, look for stylish home improvements
                                                                                                                                                                • Figure 33: Reasons for buying or renting furniture, by age, June-July 2011
                                                                                                                                                              • Higher-income households purchase furniture due to remodeling, lifestyle changes
                                                                                                                                                                • Figure 34: Reasons for buying or renting furniture, by household income, June-July 2011
                                                                                                                                                            • Attitudes Toward Furniture Shopping

                                                                                                                                                              • Key points
                                                                                                                                                                • Women motivated by style and price, men select practical items
                                                                                                                                                                  • Figure 35: Furniture buying: look, practicality or price? by gender, June-July 2011
                                                                                                                                                                • Younger respondents seek stylish, affordable furniture
                                                                                                                                                                  • Figure 36: Furniture buying: look, practicality or price? by age, June-July 2011
                                                                                                                                                                • Higher-income households less price sensitive, look for style
                                                                                                                                                                  • Figure 37: Furniture buying: look, practicality or price? by household income, June-July 2011
                                                                                                                                                                • Married respondents least price sensitive, more concerned with looks
                                                                                                                                                                  • Figure 38: Furniture buying: look, practicality or price? by marital/relationship status, June-July 2011
                                                                                                                                                              • Retail Channels Where Furniture is Purchased

                                                                                                                                                                • Key points
                                                                                                                                                                  • Specialist furniture stores and mass merchandisers are channels of choice
                                                                                                                                                                    • Figure 39: Retail channels where furniture is purchased and shopped for, by gender, June-July 2011
                                                                                                                                                                  • Older respondents shop traditional channels
                                                                                                                                                                    • Figure 40: Retail channels where furniture is purchased and shopped for, by age, June-July 2011
                                                                                                                                                                  • Shoppers with lower household incomes favor mass merchandisers
                                                                                                                                                                    • Figure 41: Retail channels where furniture is purchased and shopped for, by household income, June-July 2011
                                                                                                                                                                  • Online purchasing has room for development
                                                                                                                                                                    • Figure 42: Retail channels where furniture is purchased and shopped for, in store vs. online, June-July 2011
                                                                                                                                                                  • Physical stores preferred over websites when looking for furniture
                                                                                                                                                                    • Figure 43: Retail channels where furniture is looked at but not purchased, in store vs. online, June-July 2011
                                                                                                                                                                  • Alternative channels pursued for shopping, not actual purchases
                                                                                                                                                                    • Figure 44: Alternative locations shopped for home furniture, by gender, June-July 2011
                                                                                                                                                                • Attitudes Toward Online Shopping for Furniture

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Lack of physical attributes, shipping costs deter online shopping
                                                                                                                                                                      • Figure 45: Attitudes towards online shopping for furniture, by gender, June-July 2011
                                                                                                                                                                    • Older shoppers resistant to online shopping
                                                                                                                                                                      • Figure 46: Attitudes towards online shopping for furniture, by age, June-July 2011
                                                                                                                                                                    • Little differences in attitudes among household income groups
                                                                                                                                                                      • Figure 47: Attitudes towards online shopping for furniture, by household income, June-July 2011
                                                                                                                                                                  • Impact of the Recession on Furniture Buying

                                                                                                                                                                    • Key points
                                                                                                                                                                      • One third of shoppers postponed furniture purchases during recession
                                                                                                                                                                        • Figure 48: Impact of recession on furniture purchases, by gender, June-July 2011
                                                                                                                                                                      • Lower household income primary driver for postponing furniture purchases
                                                                                                                                                                        • Figure 49: Reasons for postponing furniture purchases during recession, by gender, June-July 2011
                                                                                                                                                                      • Lower confidence among younger respondents caused them to postpone purchases
                                                                                                                                                                        • Figure 50: Reasons for postponing furniture purchases during recession, by age, June-July 2011
                                                                                                                                                                      • Higher-income households paid down debt, put off remodeling
                                                                                                                                                                        • Figure 51: Reasons for postponing furniture purchases during recession, by household income, June-July 2011
                                                                                                                                                                    • Type of Furniture Desired and Reasons for Postponing Furniture Purchases

                                                                                                                                                                      • Key points
                                                                                                                                                                        • Living room, bedroom furniture most desired categories
                                                                                                                                                                          • Figure 52: Types of furniture needed/wanted, June-July 2011
                                                                                                                                                                        • Purchases postponed due to lower household incomes, waiting for sales
                                                                                                                                                                          • Figure 53: Reasons for postponing purchases June-July 2011
                                                                                                                                                                      • Impact of Race and Hispanic Origin

                                                                                                                                                                        • Key points
                                                                                                                                                                          • Whites least likely to buy dining room/kitchen furniture
                                                                                                                                                                            • Figure 54: Type of furniture bought/rented by race/Hispanic origin, June-July 2011
                                                                                                                                                                          • Hispanics buy furniture for new additions to family, to update styles
                                                                                                                                                                            • Figure 55: Reasons for buying or renting furniture, by race/Hispanic origin, June-July 2011
                                                                                                                                                                          • Style most important factor when shopping for furniture
                                                                                                                                                                            • Figure 56: Furniture buying: look, practicality or price? by race/Hispanic origin, June-July 2011
                                                                                                                                                                          • Hispanics most likely to shop across retail channels
                                                                                                                                                                            • Figure 57: Retail channels where furniture is purchased and shopped for, by race/Hispanic origin, June-July 2011
                                                                                                                                                                          • Blacks, Hispanics most likely to buy furniture at garage sales, flea markets
                                                                                                                                                                            • Figure 58: Alternative locations shopped for home furniture, by race/Hispanic origin, June-July 2011
                                                                                                                                                                          • All groups prefer to see and touch furniture before purchase
                                                                                                                                                                            • Figure 59: Attitudes towards online shopping for furniture, by race/Hispanic origin, June-July 2011
                                                                                                                                                                          • Lower household incomes delay furniture purchases
                                                                                                                                                                            • Figure 60: Reasons for postponing furniture purchases during recession, by race/Hispanic origin, June-July 2011
                                                                                                                                                                        • Cluster Analysis

                                                                                                                                                                            • Furniture Finders
                                                                                                                                                                              • Demographics
                                                                                                                                                                                • Characteristics
                                                                                                                                                                                  • Opportunity
                                                                                                                                                                                    • Shopping Skeptics
                                                                                                                                                                                      • Demographics
                                                                                                                                                                                        • Characteristics
                                                                                                                                                                                          • Opportunity
                                                                                                                                                                                            • Needless and Wantless
                                                                                                                                                                                              • Demographics
                                                                                                                                                                                                • Characteristics
                                                                                                                                                                                                  • Opportunity
                                                                                                                                                                                                    • Characteristics
                                                                                                                                                                                                      • Figure 61: Home Furniture clusters, June-July 2011
                                                                                                                                                                                                      • Figure 62: Reasons for buying or renting furniture, by home furniture clusters, June-July 2011
                                                                                                                                                                                                      • Figure 63: Furniture buying: look, practicality or price? by home furniture clusters, June-July 2011
                                                                                                                                                                                                      • Figure 64: Impact of recession on furniture purchases, by furniture buyer or renter clusters, July 2011
                                                                                                                                                                                                      • Figure 65: Types of furniture needed/wanted, by home furniture clusters, June-July 2011
                                                                                                                                                                                                      • Figure 66: Attitudes toward online shopping for furniture by home furniture clusters, June-July 2011
                                                                                                                                                                                                    • Demographics
                                                                                                                                                                                                      • Figure 67: Home furniture clusters, by gender, June-July 2011
                                                                                                                                                                                                      • Figure 68: Home furniture clusters, by age, June-July 2011
                                                                                                                                                                                                      • Figure 69: home furniture clusters, by household income, June-July 2011
                                                                                                                                                                                                      • Figure 70: Home furniture clusters, by race, June-July 2011
                                                                                                                                                                                                      • Figure 71: Home furniture clusters, by Hispanic origin, June-July 2011
                                                                                                                                                                                                      • Figure 72: Home furniture clusters, by marital status, June-July 2011
                                                                                                                                                                                                    • Cluster methodology
                                                                                                                                                                                                    • Appendix—Other Useful Tables

                                                                                                                                                                                                        • Figure 73: Type of furniture bought/rented, by primary residence, June-July 2011
                                                                                                                                                                                                        • Figure 74: Attitudes towards furniture shopping, by primary residence, June-July 2011
                                                                                                                                                                                                        • Figure 75: Alternative locations shopped for home furniture, by primary residence, June-July 2011
                                                                                                                                                                                                        • Figure 76: Reasons for postponing furniture purchases, by primary residence, June-July 2011
                                                                                                                                                                                                        • Figure 77: Retail channels where furniture is purchased and shopped for, by marital/relationship status, June-July 2011
                                                                                                                                                                                                    • Appendix—Trade Associations

                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                      • ABC, Inc.
                                                                                                                                                                                                      • American Home Furnishings Alliance (AHFA)
                                                                                                                                                                                                      • Ashley Furniture Industries, Inc.
                                                                                                                                                                                                      • Ashley Homestore
                                                                                                                                                                                                      • Bloomingdale's
                                                                                                                                                                                                      • Bureau of Economic Analysis
                                                                                                                                                                                                      • Cost Plus, Inc
                                                                                                                                                                                                      • Costco Wholesale Corporation
                                                                                                                                                                                                      • Craigslist
                                                                                                                                                                                                      • Crate & Barrel
                                                                                                                                                                                                      • Electronic Arts, Inc
                                                                                                                                                                                                      • Ethan Allen
                                                                                                                                                                                                      • Facebook, Inc.
                                                                                                                                                                                                      • Haverty Furniture Companies, Inc
                                                                                                                                                                                                      • Home & Garden Television
                                                                                                                                                                                                      • Home Depot (USA)
                                                                                                                                                                                                      • Home Improvement Research Institute
                                                                                                                                                                                                      • IKEA USA
                                                                                                                                                                                                      • J C Penney Company, Inc
                                                                                                                                                                                                      • Juvenile Products Manufacturers Association (JPMA)
                                                                                                                                                                                                      • Kmart Corporation
                                                                                                                                                                                                      • Land of Nod
                                                                                                                                                                                                      • Lowe Worldwide
                                                                                                                                                                                                      • Macy's, Inc.
                                                                                                                                                                                                      • Marimekko
                                                                                                                                                                                                      • National Association of Manufacturers
                                                                                                                                                                                                      • National Independent Nursery Furniture Retailer’s Association (NINFRA)
                                                                                                                                                                                                      • National Retail Federation (NRF)
                                                                                                                                                                                                      • Office Depot (North America Retail)
                                                                                                                                                                                                      • Pier 1 Imports, Inc
                                                                                                                                                                                                      • Pottery Barn
                                                                                                                                                                                                      • SAM's Club
                                                                                                                                                                                                      • Sears Holdings Corporation
                                                                                                                                                                                                      • Staples, Inc
                                                                                                                                                                                                      • Target Corporation
                                                                                                                                                                                                      • The New York Times Company
                                                                                                                                                                                                      • Twitter, Inc.
                                                                                                                                                                                                      • U.S. Bureau of Labor Statistics
                                                                                                                                                                                                      • U.S. Bureau of the Census
                                                                                                                                                                                                      • Universal Furniture International, Inc.
                                                                                                                                                                                                      • University of Michigan, The
                                                                                                                                                                                                      • US Department of Commerce
                                                                                                                                                                                                      • Walmart Stores (USA)
                                                                                                                                                                                                      • Williams-Sonoma, Inc

                                                                                                                                                                                                      Home Furniture - US - October 2011

                                                                                                                                                                                                      £3,199.84 (Excl.Tax)