NEW YORK — On the heels of Memorial Day weekend sales that were as strong as anyone in the industry could have hoped for in the wake of temporary pandemic-related shutdowns, retailers now are wondering if the momentum will continue once consumers’ pent-up demand is satisfied.
While consumers seemed to making up for a lapse of two months, perhaps it wasn’t so much a lapse of shopping during that period, but rather a time of consumers changing their habits and routines in a way that may continue to impact their shopping for a long time to come, according a recent survey by Provoke Insights.
The full-service market research company — specializing in advertising, branding and content marketing research — decided to launch a research initiative to understand the effects the first half of 2020 has had on the consumer. The study was focused on the mindset of consumers and the changes they have made in the shopping and purchasing behavior.
Looking at the balance between in-store and online purchasing, the researchers concluded that brick-and-mortar retail will not return to the pre-COVID-19 “normal” once restrictions are lifted.
The study found that more than two-fifths of consumers plan to shop less in-store than they did before March 2020. And 78% of the respondents indicated that the Internet has taken the hassle out of shopping.
Online furniture shopping is expected to be on the rise, and those with children and those planning to move in the next year are significantly more likely to shop for furniture on the Internet.
Nearly one-fifth (19%) of consumers are planning a move in the next year and even more of those living within urban areas (25%). Those respondents said they are more likely to purchase furniture online in the next six months, at 25%.
However, the study also showed that shopping for furniture is done mostly in-person and in-store. In fact, 67% of those surveyed have never bought furniture online, with the Midwest demographic even higher at 74%.
Certainly a key part of the balance between online and in-store shopping is the level of Americans’ concerns about the coronavirus and their optimism about the future.
The Provoke Insights study showed that about 72% of Americans are very or moderately optimistic about the future, with those in the South most optimistic at 79%, followed by Midwest at 70%, Northeast at 67% and West at 66%.
Concerns regarding the impact of COVID-19 centered on the economy, social events, restaurants and jobs, in that order, ranging from a high of 84% of Northeast respondents concerned about the economy to a low of 30% of Southern respondents concerned about jobs.
The Provoke Insights’ 10-minute survey among 600 U.S. consumers ages 21 to 65 was fielded June 5-15. Sampling was matched to reflect 2019 U.S. Census data. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography and children in the household). Statistical differences between subgroups were tested at a 95% confidence level.
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June 26, 2020 at 09:00PM
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Survey: What's the future of shopping for furniture? - Furniture Today
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