According to the fourth annual survey from TD Bank, furniture retailers remain optimistic and expect furniture sales to increase. The survey was conducted at the High Point Fall Market and found that a majority (45%) expect furniture sales to increase through 2019 – an increase from 2018’s fall market (35%) – reflecting growing confidence from retailers, despite whispers of the looming economic downturn.
Additional findings from the survey include:
- Despite seeing the benefits, most furniture retailers don’t offer financing: Over half of respondents (52%) agree that financing programs help encourage customer loyalty and grow sales – a large jump from 32% in 2018 – yet 77% don’t offer financing programs for their customers. Additionally:
- Of those who offer financing programs, almost half (48%) say their customers see paying off the purchase slowly over time to be the key benefit, followed by ability to make larger purchases (44%).
- Of respondents who don’t offer financing, 1/4th (25%) didn’t even know it was an option.
- Most retailers aren’t concerned about a holiday surge: Most survey respondents (44%) don’t plan on making any changes to accommodate increased consumer demand over the holidays, meaning they could be leaving themselves unprepared or missing out on ways to maximize sales. 32% plan to offer special promotions, and 13% plan to hire additional staff.
- 2020’s biggest furniture trend? Eco-friendly products: Almost half of respondents (46%) predict the eco-friendly furniture trend to build the most momentum heading into 2020.