Originally published as part of the Retail Planning Guide in the December 30, 2013 issue of Furniture Today
Style, affordability and functionality are the main reasons consumers give for shopping lifestyle furniture stores, such as Ikea, Williams-Sonoma, Crate & Barrel and Restoration Hardware.
And do consumers ever like to shop lifestyle stores. An incredible 100% of both Millennials and Generation X shop there, according to a Furniture/Today and New York-based Apartment Therapy’s Consumer Views Survey. The channel comes in at number one for Baby Boomers, too, with nearly seven out of 10 frequently visiting lifestyle stores.
Not by coincidence, the lifestyle channel grew the fastest in terms of retail sales in 2012, garnering an estimated $6.2 billion in furniture and bedding sales. That represents an increase of 12.3% over 2011 sales and a one percentage point market share gain, to 7% of all furniture and mattresses sold. The channel is the only one to gain in share last year.
About the numbers Furniture/Today's exclusive 2013 Furniture and Bedding Distribution Report reveals 2012 and 2011 furniture and bedding market share through 12 distribution channels. Figures are based on retail sales of all residential furniture and bedding product categories. Figures are based on retail sales of all residential furniture and bedding product categories and have been rounded. The U.S. Department of Commerce revised total consumption figures earlier this year. Furniture/Today’s estimated figures have been revised to reflect the new information.
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