Future Trends for Competing in the Furniture Industry

Posted by Fuld + Company on Dec 5, 2016 1:51:32 PM

intro blog image-01.png

The $96 billion U.S. furniture industry is in a tumultuous state, driven by changing consumer preferences and buying behavior, digital disruption, pricing pressures, multi-channel retail options, new online players, and the role of social media.

The result is a challenging competitive landscape for manufacturers, distributors, and retailers alike.

In a recent survey of over 1,000 U.S. consumers, The Fuld Institute of Competitive Strategy investigated the impact of the macroeconomic factors noted above, finding that price is the dominant decision criteria among consumers who had purchased furniture within the last two years.This consumer purchase criteria was found to be more significant than style (a close second), quality, convenience, domestic manufacturing, and brand name.

So: Brand loyalty is low. Pricing pressure is high. How can furniture manufacturers, distributers, and retailers competitively position themselves with these consumer behaviors in mind?

Consumer interest in multiuse furniture suggests a sensitivity around price and flexible use of the furniture that they purchase.

Digital innovations such as mobile apps and virtual reality were much lower on consumers’ list of considerations, indicating a focus on the core function of furniture and the central benefits that consumers derive from their purchase.

Growing interest in curation follows trends across multiple industries: from algorithm-derived playlists in music and video streaming to tailored subscription services in apparel, make-up, and snacks. Today’s consumer expects a customized experience, underscoring the need for companies to enhance their offerings by taking full advantage of customer data at their disposal.

To find out the full implications of future trends, download the full report

View White Paper

Topics: Competitive Intelligence, Consumer Goods, Brand Insights, Competitive Strategy

Fuld + Company Blog

The material on this page draws on the research and experience of Fuld + Company thought leaders, consultants and others. Learn more about our expertise here.

Recent Posts

Request for Information

If you'd like someone at Fuld to contact you regarding your strategic competitive challenges, fill out the form below.