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By Joanne Friedrick, Research Editor
With homeownership numbers on the rise, even amidst a pandemic, it’s likely consumers will be considering additions or upgrades to their home furnishings throughout the year.
According to the U.S. Census Bureau and Pew Research Center, there were nearly 83 million owner-occupied homes in the United States at the end of 2020, which was an increase of 2.1 million, or about 2.6%. Correspondingly, the homeownership rate has also risen to 65.8%, Pew Research reported, part of ongoing increase that began about five years ago.
One interesting statistic to add to the mix is the group of individuals that falls between owners and renters: adults who moved back home to live with parents or grandparents during the pandemic. Pew Research put that number at 32 million in April, most likely coming from the renter universe.
In the pursuit of shoppers, whether they are homeowners or renters, it’s important to know that they approach their quest for home furnishings from slightly different perspectives.
A Furniture Today Strategic Insights survey found that renters are more price-conscious, with nearly 85% saying that saving money was a priority when furniture shopping vs. about 74% of homeowners; renters were also more inclined to buy only during furniture sales (60.4% vs. 52.5%).
While renters have a stronger preference for shopping at stores such as Target and Walmart (42.3% vs. 33.1%), homeowners expressed more loyalty to specific furniture retailers (32.1% vs. 25.3%).
As to which furniture items were on the shopping lists for homeowners and renters this year, both groups were about equal in their plans to consider a new master bedroom suite.
Overall, homeowners expressed a greater interest in adding furniture in all remaining categories except dining furniture, where renters (28%) were more likely to consider a purchase than their home-owning counterparts (22.4%). Sofas and sectionals were the top category for both buying segments, followed by mattresses and home office furniture.
About the data
Furniture Today Strategic Insights fielded an online survey in January 2021 to a nationally representative sample of 515 consumers to assess their shopping preferences when it comes to buying home furnishings. For additional information about the survey, please contact Joanne Friedrick, research editor, at jfriedrick@pbmbrands.com.
