Home Furnishings report 2011 (Keynote summary)

Home Furnishings Report 2011- keynote (Summary)

Buying behaviour:

·         

      According to the Family Expenditure Survey 2009, average weekly household expenditure on household goods and services amounted to £30.18 in 2008, or which £1.50 was spend on household textiles

Average weekly household expenditure on household textiles by age (£) 2008

Under 30	£1.00
30-49	£1.80
50-64	£1.80
65-74	£1.70
75+	£0.50

Expenditure:

•       Of those who purchased curtains in the last 12 months, respondents in all age groups were likely to have spent £100 or less on curtains.
•          The 55-64 age bracket was the group most likely to spend £500 or more on curtains
•          There were no respondents in the 15-19 bracket who spent £500 on curtains

Swot:

Strengths

·          Population increases and increase in the number of households raises the demand for home furnishings

·         Few people have the time, inclination or skill to make their own curtains like they used to.

Weaknesses:

·         In times or hardship, consumers can often defer the purchase of home furnishings, choosing to focus on necessities like food and energy payments.

·         The textiles industry has a bad reputation for being labour intensive and poorly paid.

·         Good quality home furnishings are long lasting, making new purchases less frequent.

Opportunities:

·         The housing market slumped with global recession and consumers are more likely to invest in home improvement.

Threats

·         Low consumer confidence, job insecurity and less disposable income lessons the demand for discretionary products.

·         Grocery multiple retailers like Tesco are seizing market share with competitively priced home furnishings available conveniently in store.