A recent survey of over 1000 consumers found that when it comes to redecorating a home, the living room is the most popular room to get updated. The first thing consumers will do when updating their living room is to purchase a new sofa, in fact most other furniture purchases are based around the purchase of the sofa. After selecting a sofa, consumers will then purchase other furniture and accessories that compliment their new sofa.
Six out of ten consumers will purchase the sofa first when redecorating. After purchasing their sofa they will then typically purchase new entertainment furniture and an area rug. Occasional tables, lamps, and decorative accessories are also popular purchases for the living room. When it is all said and done, the average consumer will spend in total $2200 on furniture for their living room. Baby Boomers spend the most on living room furniture, on average about $3000. Generation Xers are next, spending $2500 on average, while Millennials only spend about $1500 on average.
Living rooms are the top choice of rooms in the house to redecorate for any generation, but this is especially true for Millennials and Baby Boomers. 42% of Millennials plan to update their living room first, which is twice as many as plan to redecorate their master bedroom, the next most popular room in the house to redecorate. 38% of Baby Boomers plan to redecorate their living room first, which is more than twice as many than those looking to redecorate their master bedroom. Living rooms are still the most popular for Generation Xers, but beat out master bedrooms by a narrow margin of 32% to 26%.
When it comes to redecorating other rooms, on average consumers will spend $1500 on furniture for their master bedroom. Kitchens are the next most popular room to redecorate, approximately 12% of consumers plan to redecorate their kitchen next and on average will spend $5000 on doing so. Other popular rooms to redecorate are home offices and additional bedrooms for Millennials, while the older generations plan to redecorate family rooms and bathrooms.
If you are a furniture manufacturer and are hoping to get more business from consumers looking to redecorate but don't have the working capital needed to do so, have you considered accounts receivable factoring? With accounts receivable factoring you don't assume any new debt, instead you get paid today for your invoices that aren't due for another 30 or 60 days. You can then use this improved cash flow to attend trade shows, develop new product lines, or do whatever else you need to grow your business. To learn more about accounts receivable factoring give DSA Factors a call today at 773-248-9000 and you can get funded for your receivables in as little as 24 hours.