• Jennifer Marks

Pent-Up Demand?

Jennifer Marks Editor-In-ChiefJennifer Marks Editor-In-Chief
Here's an interesting statistic: More than half of American households haven't updated their home décor in five years or more.
     According to a new info graphic from InStyle Modern, it's been five years since 47% of U.S. households refurbished their surroundings and more than 10 years for another 9%.
     So it sounds like 56% of the country is due for a makeover - especially since only 20% of consumers said they're happy with the current state of their furnishings.
     When will they make the move? Keep your eye on what's happening in the furniture industry. Six out of 10 consumers said they will redecorate when they replace worn-out furniture.
     Among those who have plans to buy furniture in the foreseeable future - 77% of households earning $75K-$95K and 84% of households earning $100K or more - their actions could certainly spur related home textiles sales.
     By area of the house, here's where consumers are aiming to gussie up their furniture:
     • Living room, 55%. That's good news for rugs, dec pillows and throws;
     • Master bedroom, 29%;
     • Family room, which includes great rooms and/or dining areas, 34%;
     • Guest bedroom, 17%;
     • Child's bedroom, 14%.
     So what are things looking like over in furniture-land? The year got off to a strong start, with January orders for U.S. furniture manufacturers up 7% and shipments up 10% year over year, according to Smith Leonard, the accounting and consulting firm conducts a monthly survey of residential furniture manufacturers and distributors.
     The pace cooled off thereafter, dipping 3% in February and 1% in March, the latest month for which figures are currently available. But Smith Leonard managing director Ken Smith said in the firm's late May newsletter that business seemed to be improving in April and May.
     Most manufacturers came out of the High Point furniture market in April feeling more optimistic, he added.
     Hopefully, that rising tide will lift all boats in the back half of the year.

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