There are clear signs that the luxury sector of the home furnishings market is recovering from the recession. In the first half of 2009, affluent consumers spent more on luxury home furnishings and decor, according to the latest tracking study of affluent luxury consumer purchases conducted by Unity Marketing.
The survey among 1,017 affluent consumers who recently purchased any luxury (average income $207.8k; age 44.3 years) found that the average amount spent on home luxuries rose 17.6 percent from first quarter 2009 to second quarter. This followed a rise of 16.3 percent from fourth quarter 2008 to first quarter 2009.
Pam Danziger, president of Unity Marketing and lead researcher on the luxury tracking study, says, "Since the beginning of 2009, the affluent segment of the market has been spurred to spend more money on their homes. Home marketers must act now to tap this growth trend that can ultimately lead their businesses out of the current slump. The answer lies in understanding the consumer better than your competitor. Unity Marketing has a new report that will give marketers this advantage."
Danziger says, "Home furnishings marketers and retailers took a terrible hit in this recession. But the last two quarters of Unity's tracking study indicates the luxury home furnishings market is recovering. Now is the time for marketers to get aggressive and develop strategic plans that will help them take advantage of the new marketing opportunities.
"Unity's research shows that affluents shoppers are in the marketplace now making purchases to spruce up their living spaces. That research can help marketers find a path that will lead their businesses out of this recession," Danziger reports.
About Unity Marketing: To help home marketers tap the opportunities emerging from increased affluent consumer spending, Unity Marketing offers an exclusive research package that will give them new insights to better understand their affluent consumer. "We are offering home marketers an exclusive package that will give them the most recent market intelligence about affluent consumer buying habits and attitudes in order to compete in this still-challenging environment," Danziger concludes.
To support home marketers in planning for the post-recession marketplace, Unity Marketing offers an extensive library of research tools to help them assess the current market situation for luxury home furnishings, appliances and decor. This detail data will help them develop strategies to take advantage of the increasingly positive outlook in terms of affluent consumer purchases and spending. For more information visit www.unitymarketingonline.com