One age group is still willing to splurge on home furnishings

New York – For those looking to sell products, 2024 is shaping up to be a better year, with more people willing to splurge, according to 5WPR’s 2024 Consumer Culture Report. The bad news for those in the home furnishings industry is that, with a one exception, most consumers aren’t looking to spend their extra money on their homes.

The fifth annual report finds when it comes to splurging, consumers in 2022 and even 2023 put home goods and furniture third on their list of top five categories with which they tend to treat themselves. But looking at 2024, furniture and home has fallen off the chart.

Instead, more than half of consumers (52%) said, if they’re going to splurge, it will be on electronics and technology or health and wellness. Travel (45%) was now third, followed by dining out (44%) and beauty and personal care (43%).

Broken down by age group, there was one demographic that would still indulge in home goods and furniture: those 65 and older. Among this group, 39% ranked home furnishings as their No. 3 splurge-worthy category, placing it behind health and wellness (45%) and electronics and technology (42%). Other categories getting nods from across all age groups were beauty and personal care, clothing and fashion, travel and experiences, and dining out.

The study also found that when deciding to purchase from a particular brand, word of mouth was the most compelling content, cited by 46% of all consumers. Also important were customer reviews (44%). From there, the numbers start to fall off with just 26% incentivized to buy when seeing a brand covered in the media, whether it’s print, online, TV or elsewhere. Tik Tok and user-generated content ranked lowest at 16%.

Looking more closely at word of mouth, 71% defined it as hearing about a product from someone they know in real life, like a family member or friend.

The farther from the source, however, the less likely consumers see it as “word of mouth” content. Just 36% defined a celebrity influencer on social media as someone who provides compelling word of mouth information.

For its survey, 5WPR used Censuswide, an independent research consultancy, which sampled 2,005 nationally representative U.S. consumers between Nov. 28-30.

See also:

Furniture sales slumps continues in ’24, but there’s 1 optimistic sign

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