Video Interview Offers Details on Consumer Buying Trends in Furnishings

In this exclusive video, Editor-in-Chief Tom Russell of sister publication Home News Now sits down with research expert Dana French to discuss the key findings uncovered in the fall edition of the Consumer Insights Now survey.

Of note is the disparity of perspective between how consumers view the economy overall versus how they assess their own financial situations. For example, while the macro-economy has been challenging, consumers are still willing to spend on lighting and furnishings whether they are renovating an existing home or moving into a new residence. Exactly what they intend to purchase and where (online versus various types of brick and mortar retailers) are among the revelations found in that CIN research.

According to French, two out of three consumers surveyed indicated they were willing to pay more for quality since they tend to hang onto these pieces for some time. “They are looking for durability, and they’re willing to spend a little bit more if they think it’s going to last,” she said.  

French noted that today’s consumers are omni-channel shoppers who combine online shopping – primarily for conducting research – with an in-store visit before making a purchasing decision. Younger Millennial consumers said they have used AI chats (i.e. ChatGPT) to search for furniture and make selections. 

“I encourage everyone to use their smart phone, pull up ChatGPT, and ask some questions, like, ‘Where should I buy a sofa in my area?’ Or, ‘What’s the best mattress to buy in my area?’ and see what those results are because consumers are using that as a resource,” French advised.

Russell agreed, adding, “Considering the importance that people place on going to stores to buy, or as the second part of their shopping pattern after they do their research online, it seems like there are some takeaways for retailers to be aware of this tool that especially younger consumers are using.”

To learn more about today’s consumer shopping habits and what they report are the home furnishings categories they intend to purchase during the balance of the year, click the video link below to hear see the entire interview.