So you may be asking yourself, what do this country’s presidents have to do with furniture sales? Well, it’s all in the timing.
Retailers know that three-day long weekends are a prime time to get consumers’ attention, especially on larger ticket items. And with the winter weather that this year has hit parts of the country with heavy snow, ice and sub-zero temperatures, many are staying indoors tuned into popular fixer upper shows on HGTV, getting ideas and fueling the urge to refresh.
Also, in the furniture world, new styles were introduced at the recent Las Vegas Winter Market, so there is inventory to move and ideas to share with those in-market for furniture. As a result, Presidents Day Weekend is an ideal time for furniture retailers to build greater sales with deals to entice consumers who have been binge watching home shows while also gearing up for the upcoming season of redecorating and renovating.
Sales around three-day holiday weekends often provide shoppers with an opportunity to take advantage of various promotions – grills for Labor Day, groceries for the 4th of July and things around the home like furniture and appliances for Presidents Day. According to Valassis’ Dynamic Shopper research, 70 percent of consumers shopping for furniture or mattresses plot out their purchase plans while at home, making these long weekends convenient to research higher consideration items.
To maintain relevance and grow share, retailers must continue to deliver on three core facets of value: convenience, experience and savings. This translates to offering deals both in-store and online, as well as enhancing the shopping experience to activate consumers in market for a big-ticket item. The sheer number of sales being held at this time makes Presidents Day a competitive event for retailers and brands. For consumers, it’s a good time to shop the deals.
While consumers are predisposed to make furniture purchases as they look to refresh their home during this long weekend in particular, furniture retailers should keep the following tips in mind going forward as well:
- Align deals with furniture markets: Presidents Day is an opportunity to offer discounts on existing inventory to make room for new products introduced at the Vegas market and the upcoming High Point Market. Retailers get a glimpse into upcoming trends from the major furniture markets and can align deals and offerings to both introduce new inventory and give consumers another reason to come back.
- Take an omnichannel approach: Offering deals for both online and in-store shoppers is essential, as 38 percent of consumers take a blended approach to furniture shopping (a 50/50 mix of online and in-store), according to the aforementioned study. Also, 30 percent of consumers shop for furniture and mattresses only or mostly online, while 33 percent only or mostly do so in-store. Making sure consumers can apply deals to both shopping channels will widen the net for potential purchases.
- Lean into influential media channels: Across three important and desired furniture-buying generations – baby boomers, Gen X and millennials – print and digital combined provides two-thirds of the media influence on their purchases, according to a Prosper Insights and Analytics Media Survey conducted in January 2018.
So as Presidents Day approaches on Feb. 18, it’s time to celebrate our country’s leaders… and kick off the furniture season of sales.