A record low level of spending by affluent consumers for home furniture and furnishings is suggested by the most recent survey in a series of twice-yearly studies that began in Spring 2002.
Negative attitudes about the current economy and the economic outlook for the next 12 months are contributing to plans for spending less on home furniture and furnishings by affluent consumers during the next year, according to the Spring 2009 Affluent Market Tracking Study #15 conducted by the American Affluence Research Center.
In the Spring 2009 survey of the wealthiest 10% of all U.S. households, spending plans for home furniture and furnishings during the next 12 months, in comparison to their spending for such items during the past 12 months, are to be increased by 10% of the affluent consumers and to be reduced by 43% of the affluent consumers. The remainder (47%) expects to spend the same for home furniture and furnishings during the next year as in the past year.
The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. They also reported declines in their net worth, as a result of substantial declines in the value of their home and their investments/savings during the past two years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in all areas.
The intentions to reduce spending for home furniture and furnishings are consistent with the overall mood of the affluent market. Over 80% of the survey respondents reported that they had made a general effort to reduce or defer expenditures during the past 12 months, would make a conscious effort to do so during the next 12 months, or had both done so in the past and would continue to do so in the future.
The survey is representative of the population of the most affluent 11.2 million households in the U.S. that account for almost 40% of total personal income and two-thirds of the personal wealth of all Americans.
The 640 men and women included in the national survey have an average annual household income of $290,000, an average primary residence value of $1.2 million, an average net worth of $3.1 million, and average investable assets of $1.4 million. This survey of the affluent market has a maximum margin of error of five percentage points at the 95% confidence level.
These surveys track how affluent consumers assess current business conditions and their 12-month outlook for the economy, the stock market, personal household income, and their spending plans for different products and services that include major appliances, home computers, furniture/furnishings, home entertainment equipment, casual and upscale dining out, entertainment, recreation, domestic and international travel, designer and non-designer apparel, collectibles, fine jewelry, and political and charitable contributions.
September 23, 2010
Luxury Consumer Insights – Affluent Consumers Plan Less Spending on Home Furniture and Furnishings in New Survey
The ultimate choice to purchase your home furniture
Home remodeling is one of the most cherishing dreams, remodeling as such is known for refreshing the feel of a home. Remodeling can be for anything: is it for office remodeling, bathroom remodeling, and kitchen remodeling or let it be for the entire home furniture, it is known for revitalizing the feel. However we all are aware of the fact that home remodeling is an arduous task but it is important to remember that the feel which we derive after it is completed, is just revitalizing. These days the market is completely filled with the latest furniture models, hence it is important to assess the fact that you should know the right way about choosing the right kind of furniture as per your needs. When you are in the process of buying, it is important to note that the better you have the ability to match the furniture for your needs, the happier you will be with your purchase. Once you do this well you can easily be aware about the different kinds of variations and the features that are available to you. This article will help you to purchase the right kind of furniture for the different components of furniture that are required for the different rooms like the consideration of purchasing a bed, a sofa, sleeper sofa, a home entertainment center and a table lamp, what are the requisites that you need to consider.
Beds are the most essential component that you require for a very good night’s sleep and they are sort as an exclusive piece of furniture for home remodeling. It is also important to remember the fact that bed’s act as a focal point for your bedroom’s attraction. It is important to remember the fact that in addition to buying the bed for your room alone, you also need to consider the fact that you need to buy a bed for your child and guest also. You need to consider the amount of space that you have, in addition to this there are a number of choices that you need to consider for the purpose of buying the perfect kind of bed for yourself.
A sofa is one of the most important assets that you purchase in your furniture for your home. It is important that you need to realize the fact that a sofa that is perfect for your living room may not be the apt choice for your family room. These days sofa is sort as an important piece of furniture for office remodeling, there are many options available in the market for office furniture. Some of the factors that you need to consider when you are purchasing a sofa for yourself is that you should determine the purpose for which you are going to use, then you need to analyze the size for the amount of space that is available, the style of the sofa that should adequately match your needs and above all the quality is very important.
When you are considering buying an entertainment center for home furniture, it is important to realize the fact that it is a must for your home. They are available in different shapes and sizes; you have the option of buying a home entertainment center wherein you can completely conceal it and on the other hand the one that you can completely display it. You will also need to consider the amount of space that you need to place your media center, so you can also look in for a system that has a built-in storage system. It is important that you have a perfect view for the quality because you are intending to store perfect expensive equipment.
