From Home Furnishing Business
What Sells: Floor Show
In the era of the open floor plan, the use of rugs to define open spaces has set the stage. After all, rugs are a floor show - they unify a room by reinforcing other design elements of furniture and decor or act as a surprise pop of personality. Generally, the trend in homes today do not include carpeting. Rugs offer a touch of warmth and help to dampen sounds, benefits that carpet would have provided, but are easier to update to stay with current trends.
Without question, social media has impacted how consumers are influenced by home trends from designers showcasing their most recent project to personal friends posting photos of their latest décor purchases perfectly positioned for their Instagram feed. A simple search of ‘rugs’ on Pinterest leads consumers not just to images suggesting the latest colorways and layering techniques, but where to purchase the product online. This vein of social media grew from simply influencing consumers to directing them to online retailers. The good news is that the exposure has driven sales in the category.
“The rug industry has grown and impacted the economy greatly thanks to the growing interest of consumers towards interior decoration and the rise in remodeling activities,” says Paola Bradfield, Tayse marketing supervisor. “There is no doubt the revolution of technology and easy access to information and products that are one click away from purchase has also significantly increased sales and influenced our industry by raising standards of quality and trend awareness.”
Based on consumer research conducted by FurnitureCore, Inc., the research arm of Home Furnishings Business, consumers were asked where they made their most recent rug purchase. The largest cluster reported purchasing their rug online at 30.77%. Luckily for the traditional retailer, the second largest cluster at 25% reported making their most recent rug purchase at a traditional furniture store. Mass merchants were next at 17.31%, followed by home improvement stores at 15.38%. The remaining 11.54% purchased from a floor covering store. With consumers who are armed with research and online influence, retailers need to have the necessary product knowledge on hand to convince customers to make in store purchases in order to maintain marketshare and negate online purchases.
Rachel Fasciani, vice president, licensing and marketing at Momeni, has noted this consumer awareness saying, “We’re seeing a resurgence of interest in better goods in our offerings. Consumers recognize the value of higher quality products while retailers appreciate the opportunity for higher returns.” The same FurnitureCore study backs this and found that consumers are willing to spend a significant amount in order to make a quality purchase that they expect to last for years to come.
When asked how much was spent on their most recent rug purchase, 19.23% of consumers reported a purchase of $800-$1,499. A surprising 7.7% of consumers reported spending $1,500+ on their purchase. The same survey polled consumers and the length of time they expected their rug to stay in their home. The results showed that 46.15% of consumers expect to keep their rug for 5 years or longer. With these statistics coupled together, you can bet that consumers are hyper aware of the quality and durability built into their purchases. Read on to find some of the best-selling and performing rugs in the industry. They’ll be sure to satisfy your customers.