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Trouble in the Housing Market Is Taking Home Furnishings Companies Down with It

New research report from Unity Marketing examines the current mindset and psychology of home furnishings consumers to help home furnishings marketers and retailers discover actionable marketing strategies

Stevens, PA October 16, 2008 -- Trouble in the housing market is resulting in collateral damage in the home furnishings market. Marketers and retailers that sell to the home furnishings needs of consumers often see their fortunes rise and fall with the pace at which people buy homes. Recent casualties in the home furnishings market include Fortunoff, Wickes Furniture, Domain, Scan International, Sofa Express, Levitz, Bombay and Linens 'N Things.

"These bankrupt home marketers may have suffered from a hostile selling environment, but their demise was not inevitable," says Pam Danziger, president of Unity Marketing and author of a new study of the home furnishings consumer market. "These companies failed to adapt to a changing consumer marketplace. They were not proactive enough and were out of touch with the rapid change of pace in their customers lives. To be successful, home marketers need first to understand the mind set of the customer and how consumer psychology influences their shopping behavior, then marketers must take action based upon those insights in order to remain relevant. That is what separates home consumers' favorite home marketers as ranked in Unity's latest survey, specifically Home Depot, Target and Bed Bath and Beyond, from the losers."

New Unity Marketing study examines the changes in the home furnishings market

Unity Marketing has just published a new research study of the home furnishings market that examines the results of two consumer surveys. One survey was conducted among 1,360 consumers with incomes of $50,000 and above who are active in home decorating and remodeling. Another survey looks more closely at the affluent market through a survey of 1,026 luxury consumers (incomes $100,000 and above). This new study provides two different consumer perspectives in a single report.

Among the important findings for home marketers targeting both the 'classes' and the 'masses' that make up the home furnishings consumer market are:

The potential market for home furnishings is huge: About half of American consumer households with incomes of $50,000 or more were involved in home decorating or remodeling projects in the past year or plan to undertake such projects in the coming year. That amounts to a total market size of some 26 million households that spent just under $20,000 on their home projects.
Outdoor living is a priority for home consumers: When it comes to upgrading their homes, Americans often forego more luxurious interiors in favor of creating more luxurious outdoor living areas. Yet the size of the outdoor furniture segment of the market is roughly half the size of indoor furniture segment. Marketers and retailers can find many opportunities to help their customers enliven their outdoor living areas, particularly with more luxurious offerings.
The Internet plays a vital role in influencing home consumers: When it comes to learning about new products and brands, the Internet is home consumers go-to source and leads all others, such as magazines and television, by a wide margin. What they value most is the detailed information that websites offer, so marketers need to boost the information content of their sites and make sure they invite potential buyers to their sites.

This report is packed full of actionable information that marketers and retailers can put to use immediately to maximize sales and grow their businesses

In order to bridge the gap between research findings and actionable marketing strategies, Unity Marketing has packed the Home Furnishings & Decor Report 2008 full of advice and recommendations about how marketers can put the research-based insights to work in building their businesses and their connection with the target consumer.

The report analyzes the results of a survey among 1,360 consumers (average income $123,900; 65 percent female; average age 44.3 years) and 1,026 affluent consumers (average income $204,800; 64 percent female; average age 45 years). The two surveys combined provide perspectives on both the mass and the luxury market for home furnishings marketers and retailers.

Details are provided in the report about :

Demographics that characterize the prime home furnishings consumer
What consumers have and what they own, including size of house and lot, indoor and outdoor features of their home; luxuries they own including second homes
How they define luxury in their lifestyle and in terms of their home furnishings purchases
Recent home changes and planned changes, including rooms involved, features changed
Purchase detail, including type of product, amount spent, where bought and whether the items bought were on sale; a luxury or mass brand; and/or a necessity or a desire-driven purchase. Further the key attributes that influenced the most recent purchase are analyzed in four product categories:

Linens, home decorating fabrics, window and wall coverings
Furniture, mattresses and foundations, lamps and lighting, floor coverings and rugs
Outdoor lawn, patio, garden products
Kitchen and/or laundry major appliances, kitchen and bath fixtures, cabinetry, countertops and other building products.

Where consumers gather decorating advice and their favorite decorating styles
Special investigation into use of home decorators and how the Internet influences home consumers
In-depth study of the shopping behavior of home consumers, including favorite stores, where they regularly and occasionally turn for home needs, what service features influence them in the places they like to shop.
Attitudes about home furnishings and home decorating, including the identification of five distinct personalities that make up the home consumer marketplace.

For more information on the new Unity Marketing Home Furnishings & Decor Report 2008 and how marketers can use the information in support of their marketing strategies and tactics, call Pam Danziger at 717-336-1600 or visit http://www.unitymarketingonline.com/cms_home/homedecor/Home_Report_2008.php

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