A survey conducted by TD Bank during the Fall High Point Furniture Market from October 26-28, 2024, gathered insights from 139 retailers about trends and sentiment in the home furnishings industry.
The survey revealed a generally optimistic outlook for the first half of 2025, with 48% of respondents expecting an increase in home furnishings purchases, while only 8.6% anticipated a decrease. However, economic uncertainty was identified as the biggest concern for 40% of retailers, who also expressed worries about inflation, interest rates, and supply chain issues.
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When assessing customer purchasing habits, retailers noted a preference for living and dining spaces, while opinions were neutral regarding office spaces. Interestingly, there was no clear consensus on whether customers preferred shopping in-store or online; retailers indicated that clients seemed open to both options. Additionally, there was a "somewhat agree" sentiment regarding a growing interest in eco-friendly products among customers.
Regarding willingness to splurge on luxury items, responses were nearly split: 42% believed clients would invest in more expensive furniture, while 41.7% disagreed.
Payment methods showed that over half of customers (54%) were using credit or debit cards, with 29.5% opting for cash or checks, and 15.8% using financing options. This survey provides valuable insights into the industry's direction and highlights key areas of concern as retailers prepare for 2025.
Source: hfbusiness.com