Home Is Where the Luxury Is: A Study of Luxury Consumers & Their Home Furnishings, Redecorating and Remodeling Purchases
Luxury trend report studies the new market for high-end home furnishings
Sales of home furnishings in the U.S. are expected to shoot higher in the second quarter, with in-store sales increasing nearly 8 percent to $23.222 billion and online sales increasing 28.4 percent, according to an IBM analytics-based forecast. Combined in-store and online sales of home furnishings are expected to grow 16.6 percent in the second quarter. Click this link to learn more about these projections.
Further, the Census department's Advanced Monthly Retail Sales reports for June show that for the first six months of 2012, home furnishings and furniture store sales will grow 9 percent from 2011 totals. Click this link to see this Census report.
Question>> Is your brand or your company going to get your share of this prosperous and growing home furnishings market?
This trend report will be a powerful tool to help you benefit from a vital and growing luxury home market. It covers two surveys among luxury consumers giving different perspectives on their luxury homes.
- The latest, conducted in association with the second quarter 2012 Luxury Tracking Study, covers luxury consumers purchases of home furnishings items, including decorative items as well as furniture, bedding, art and others (excluding home electronics and major home appliances).
- The second, conducted in second quarter 2010, covered luxury consumers' investment in major home decorating and remodeling projects.
These two perspectives - one focused on home furnishings and the other on major home projects - gives marketers a comprehensive look at the luxury consumers' purchases and attitudes toward their homes and home furnishings.
Affluent luxury consumers who bought home furnishings (2012):
- We surveyed those who bought any home furnishings from January 2011 through April 2012 or who plan to buy home furnishings from April 2012 through December 2013.
- 2Q2012 survey among 1,271 affluent (top 20% income) luxury consumers.
- Average income $274.8k; 44.8 years; 45 percent male and 55 percent female.
Affluent luxury consumers involved in major home projects (2010):
- 2Q2010 luxury tracking survey of 1,349 affluent (top 20% income) luxury consumers
- Average income $306.7k; 44.8 years; 45 percent male and 55 percent female
Trends in 2010 major home projects compared with similar survey conducted in 2008
- 2Q2008 luxury tracking survey among 1,024 affluent luxury consumers
- Average income $204,800; age 45 years; and men 36 percent/women 64 percent2008 income weighted to 2010 income sample
To understand the market for luxury home goods and services, specifically:
- Profile the luxury home furnishings consumers, what they buy, where they shop, how much they spend and most importantly, why they buy
- Market size of the luxury home furnishings market
- Attitudes and motivations in home furnishings purchases
- Trends in major home projects, 2008 to 2010
- Trends in amount spent major home projects and what they spent on
- Factors that influenced home purchases
- Places where luxury consumers shop for their home
- Use of a decorator or designer and why they use a decorator
- Favorite styles of home decorating
- Personalities of luxury home consumers and how to sell to them
>> Our goal is to help you put consumer insights and understanding to work to grow your business
The results of this research are analyzed to help home marketers and retailers understand the opportunity among the affluent consumers. Take action slides call out specific strategies marketers and retailers can use to attract more luxury consumers to their brands and their businesses.
Publication Date: July 2012 (120 pages in PDF)