Vegas Survey Said: Retail Business Met or Exceeded Plan in First Half
Three-quarters of the furniture retailers surveyed at the recent Las Vegas Market said their business met or exceeded expectations in the first half of the year, and about one-third are expecting an increase in the second half.
The survey, conducted by retail finance provider TD Bank, reported that only 19.23% of respondents said first-half business missed their expectations.
In addition to the 33.65% of respondents who said furniture purchasing will increase in the second half, some 38.46% said purchasing would remain steady. Only 9.62% said it would decrease, and another 15.38% said they weren’t sure.
When asked what poses the greatest threats to furniture retailing overall, 38% said it was inventory restraints. That was followed by decreased consumer demand at 33% and technology disruption at 30%. (Multiple answers were permitted.)
Other threats included rising interest rates, mentioned by 23%; rising employee wage requirements, mentioned by 21%; regulation, mentioned by 20%; and cybercrime, mentioned by 6% of respondents.
Regarding financing, survey participants also were asked which age group is most likely to seek financing options when purchasing furniture. Some 43.43% of respondents said it was ages 35-54, while 29.29% said it was ages 18-34.
Only 9.9% said it was ages 55 and up, and another 18.18% said their store does not offer financing options.
TD Bank conducted the survey on July 31, the second day of Summer Market. The company said 104 mostly small and mid-sized retailers participated.