TD Bank Releases High Point Market Survey Results

April 23, 2019  by Laurie Northington in Business Strategy, High Point, Industry, Market   

The survey took the pulse of furniture retailers on their outlook for the remainder of 2019, and how financing influences their customers’ decisions.

The survey showed that 48% of respondents believe furniture sales will increase in the second half of 2019, while 46% believe furniture sales will remain steady.

Additional highlights include:

• 59% of respondents feel that financing programs help to encourage customer loyalty, repeat business and grow sales.
• According to 56% of respondents, most of the customers that seek financing options when purchasing furniture are 18 to 34 years old.
• Tariffs on materials (32%) ranked the highest on having the biggest impact on furniture sales, followed by changing consumer preferences (27%).
• 27% shared that 20 to 40% of their customers order online exclusively.
• 72% of respondents believe millennial shoppers are buying less furniture or less expensive furniture than previous generations.

“We’re happy to see retailers’ confidence persist in the furniture market year-over-year, showcasing optimism amongst the whispers of a potential economic downturn on the horizon,” said Mike Rittler, general manager of retail card services, Unsecured Lending and Business Development at TD Bank. “Moving into the next 12 months, it will be critical for furniture retailers to take stock of their business and ensure they’re evolving to meet changing consumer needs – whether that be through smart partnerships or new product launches.”