One-third of Consumers in Market for Furniture With Millennials Driving the Highest Demand
LIVONIA, Mich.–(BUSINESS WIRE)–#IntelligentMediaDelivery—Valassis, the leader in marketing technology and consumer engagement, today released new research furniture retailers can utilize to reach consumers and drive purchases year-round.
Overall, the Valassis Awareness-to-Activation Study found offers, deals and promotions drive the selection of a furniture or mattress retailer for 91% of consumers and even higher for millennial parents and millennials (96% and 95%, respectively). And receiving both print and digital ads increase shopper touchpoints, significantly lifting purchase likelihood and driving new store consideration. Sixty-one percent of those surveyed indicate receiving an advertisement both in print and digital can motivate them to shop at a new store or website. In the early research stages, both online and offline messages play an influential role in the decision-making process.
The study evaluated consumers across all key generational segments and found that one-third of respondents intend to purchase furniture within the year, led by millennial parents and millennials (52% and 46%, respectively). Millennials are a key market for furniture retailers.
Additionally, analysis of completed month-to-month furniture store sales in 2018 reveals that consumers are consistently completing purchases throughout the year. While many furniture retailers focus on three-day-weekend holiday sales (e.g. Labor Day, President’s Day and Memorial Day), many consumers experience a variety of reasons to inspire furniture purchases throughout the year. This gives retailers a reason to increase the frequency of their offers beyond promotional periods.
“Furniture shoppers conduct extensive online and offline research as they narrow and finalize their limited set of preferred retailers – typically just three or less,” said Chip West, retail vertical marketing director, Valassis. “With this, it’s important for furniture retailers to appeal to the shopping habits of those in market, take an omnichannel approach and increase the frequency of their deals. Our data shows that good deals outweigh retailer allegiance.”
The study found 59% of those who purchased furniture in the past few years did their research on a retail website although 68% purchased in-store. Due to the nature of furniture purchases and the interest in physically testing products, half of shoppers will complete research in a physical store before buying a product.
Additional key takeaways for furniture retailers from Valassis’ findings include:
Print ads resonate with furniture shoppers:
- 71% of shoppers find print media to be important for research and gathering ideas.
- 85% of consumers save print inserts; 40% hold onto them until they make the final purchase; 38% bring them to the store; and 23% pass it on to someone else in the household.
Offer deals and increase frequency to get in the consideration set:
- 76% shop at preferred retailers when looking for furniture or a mattress.
- 38% have one preferred retailer.
- 38% shop within a set of preferred retailers.
About the Study
The Valassis Awareness-to-Activation Study is an ongoing study fielded in conjunction with The NPD Group, Inc., a global market research company. The sample was derived via an online survey and all participants were at least 18 years of age and living in the contiguous United States. Approximately 10,000 respondents are surveyed annually. The specific data included in this report is from the research wave fielded Jan. 28 to March 29, 2019 to 1,745 respondents and is balanced by age and gender to U.S. Census demographic profiles.
Valassis is the leader in marketing technology and consumer engagement. We work with over 60,000 companies and brands in a wide array of industries, partnering to anticipate consumer intent, inspire action, and create demand. NCH Marketing Services, Inc. and Clipper Magazine are Valassis subsidiaries, and RetailMeNot Everyday™ is its consumer brand. Its signature Have You Seen Me? ® program delivers hope to missing children and their families. Valassis and RetailMeNot are wholly owned subsidiaries of Harland Clarke Holdings.