- Contents
- *Scope and Themes
- What you need to know
- Definition
- Data sources
- Sales data
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
What you need to know
In the wake of the “Great Recession,” the US furniture market has seen a substantial resurgence, growing by 16.6% since 2009, to reach $97 billion in 2014 and is projected to grow by an additional $16 billion between 2014 and 2019, reaching $113 billion in 2019. Despite some prevailing consumer attitudes, such as a reluctance to purchase new furniture before old furniture becomes worn out, the desire to buy “traditional” and durable furniture, and a significant aversion to shopping for furniture online, the market managed to return to growth in recent years. This report has identified the key demographic segments of interest with different perspectives on furniture buying and a greater willingness to rethink their preconceived notions on buying items in this category.
This report explores consumer motivations that have defined the performance of the market to date and highlights key opportunities for further growth, including:
Demographic, social, environmental, and economic factors that can drive market growth
A segment-level opportunity analysis
An effectiveness analysis of category innovations to date
Marketing strategies and consumer receptiveness to different types of communication, both online and offline
This report builds on the analysis presented in Mintel’s Furniture Retailing – US, August 2012 and Home Furniture – US, October 2011.
Definition
This report focuses on the retail furniture market and offers sales trends, profiles of major players in the US market, as well as detailed exploration of consumers’ attitudes, usage, and shopping behaviors in this category. The primary purpose of this report is to identify the shopping behaviors and preferences of consumers in the market for furniture, as well as to analyze the leading category innovations and marketing strategies that have made the most substantial effort to garner consumer attention in the category.
For the purposes of this report, the retail furniture market includes:
Upholstered furniture
Mattresses/sleep equipment
Sleep sofas, daybeds, futons, and other dual-purpose items
Living room, dining room, and bedroom furniture
Office furniture
Outdoor/patio furniture
All other furniture including kitchen, dinette, etc
Although infant/children’s furniture is covered by the market size, it is not discussed in this report as it is covered in Mintel’s Baby Durables – US, September 2013.
Value figures throughout this report are at rsp (retail selling prices) excluding sales tax unless otherwise stated.
Sales data
The Market Size and Forecast section of this report is based on the Bureau of Economic Analysis and the Retail Channels section of this report is based on the US Census Bureau, Annual Retail Trade Survey as well as information from the US Bureau of Economic Analysis.
The market size has been revised from the previous report due to changes in the source data. Estimates provided here are subject to future revision.
Consumer survey data
For the purposes of this report, Mintel commissioned exclusive consumer research through GMI to explore consumer attitudes toward and shopping behaviors at furniture retailers. Mintel was responsible for the survey design, data analysis, and reporting. Fieldwork was conducted in April 2014 among a sample of 2,000 adults aged 18+ with access to the internet.
Mintel selects survey respondents so that they are proportionally balanced to the entire US adult population based on the key demographics of gender, age, household income, and region. Mintel also slightly oversamples, relative to the population, respondents that are Hispanic or Black to ensure an adequate representation of these groups in the survey results. Please note that Mintel surveys are conducted online and in English only. Hispanics who are not online and/or do not speak English are not included in the survey results.
Mintel has also analyzed data from Experian Marketing Services, using the Simmons NCS (National Consumer Study) and the Simmons NHCS (National Hispanic Consumer Study).
The Experian Marketing Services, Simmons NCS/NHCS was carried out during November 2012- December 2013 and the results are based on the sample of 20,906 adults aged 18+, with results weighted to represent the US adult population.
While race and Hispanic origin are separate demographic characteristics, Mintel often compares them to each other. Please note that the responses for race (White, Black, Asian, Native American, or other race) will overlap those that also are Hispanic, because Hispanics can be of any race.
Abbreviations
The following is a list of abbreviations used in this report.
| CME | Chicago Mercantile Exchange |
| CPI | Consumer Price Index |
| EPA | Environmental Protection Agency |
| FEMA | Federal Emergency Management Agency |
| HGTV | Home and Garden Television |
| NCS/NHCS | National Consumer Study/National Hispanic Consumer Study (Experian Marketing Services) |
| rsp | Retail selling price |
| SOV | Share of Voice |
Terms
Generations are discussed within this report, and they are defined as:
| World War II/Swing generations | Members of the WWII generation were born in 1932 or before and are aged 82 or older in 2014. Members of the Swing Generation were born from 1933-1945 and are aged 69-81 in 2014. |
| Baby Boomers | The generation born between 1946 and 1964. In 2014, Baby Boomers are between the ages of 50 and 68. |
| Generation X | The generation born between 1965 and 1976. In 2014, Gen Xers are between the ages of 38 and 49. |
| Millennials* | Born between 1977 and 1994, Millennials are aged 20-37 in 2014. |
| iGeneration | Born between 1995 and 2007, members of iGen are aged 7-19 in 2014. |
| Emerging generation | The newest generation began in 2008 as the annual number of births declined sharply with the recession. In 2014 members of this as-yet-unnamed generation are younger than 7. |
* also known as Generation Y or Echo Boomers
In order to provide an inflation-adjusted price value for markets, Mintel uses the CPI to deflate current prices. The CPI is defined as follows:
| CPI | The Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The CPI and its components are typically used to adjust other economic series for price changes and to translate these series into inflation-free dollars. Examples of series adjusted by the CPI include retail sales, hourly and weekly earnings, and components of the national income and product accounts. In addition, and in Mintel reports, the CPI is used as a deflator of the value of the consumer’s dollar to find its purchasing power. The purchasing power of the consumer’s dollar measures the change in the value to the consumer of goods and services that a dollar will buy at different dates. The CPI is generally the best measure for adjusting payments to consumers when the intent is to allow consumers to purchase, at today’s prices, a market basket of goods and services equivalent to one that they could purchase in an earlier period. It is also the best measure to use to translate retail sales into real or inflation-free dollars. Based on Bureau of Labor Statistics definition. |
