In the American realm of home furnishings purchases, consumers find themselves at a crossroads, with divergent mindsets shaping their spending habits. Recent surveys conducted by Dentsu, a leading provider of integrated marketing solutions, shed light on this nuanced consumer behaviour, revealing a dynamic interplay between delayed purchases and impulse buying tendencies.
As of February, consumer sentiment remains divided, with a notable segment opting to defer furniture purchases or reduce spending altogether. According to the surveys, 29% of respondents indicated a propensity to delay furniture purchases or curtail their spending, while 19% expressed a willingness to increase spending or make impulsive purchases. Although these figures represent a slight decrease from January's statistics (35% and 25%, respectively), the 10 percent-point differential persists, indicating a consistent trend.
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Similarly, the sentiment toward home decor purchases mirrors this dichotomy, with a greater proportion of consumers inclined to delay purchases compared to those willing to splurge. Despite fluctuations in specific numbers, the gap remains consistent, favouring those deferring purchases by 12 percentage points.
For those who do proceed with a purchase in either the furniture or home decor category, a discernible shift towards budget-friendly options is observed. In January, 30% of respondents opted for less expensive brands when purchasing furniture, while 19% indulged in higher-quality items. Although the proportion of bargain shoppers remained steady in February, there was a slight increase in those opting for premium purchases, rising to 21%.
Similarly, within the home decor category, bargain buying experienced an uptick from 29% in January to 32% in February, while splurging decreased marginally to 18%. Despite these fluctuations, both furniture and home decor emerged as favoured categories for indulgent spending in February, tying with luxury goods and events, respectively.
Source: www.furnituretoday.com