If you’re considering opening a furniture store or expanding an existing store by adding a furniture line, it’s important to know who your target market is. After all, you want to make sure you’re stocking the right items or the right ideal customer and marketing them in the right way!
When we think of the target market furniture stores, we often think of someone who has recently moved into a new home. While this is usually the time most people buy new furniture, it isn’t always the case. People buy furniture for a variety of other reasons which we will cover in this article.
Another point to bear in mind is that the target market for furniture stores is not restricted to private individuals. Businesses also need to buy furniture for their offices.
And finally, there is the question of the type of furniture. There are as many types and designs of furniture as there are many materials from which furniture is made. Furniture stores need to decide what type of furniture to carry so that it appeals to the target market.
In this article, we will study the target market for furniture stores by looking at who buys furniture and what are the main reasons why they buy it.
Market Segmentation for a Furniture Business: Who Buys furniture?
One way to segment the target market for furniture stores is by classifying customers based on where they are in their life journey. We can also segment based on their needs. And finally, we can segment based on whether they are individual consumers or businesses.
And so the people who buy furniture can be broadly classified into the following market segments:
- University Students
- Single adults on their first job
- Young couples
- Families with small children
- Families with teenage children
- Couples with an empty nest
- Retirees
- People who frequently move homes
- People with specific interests or needs
- Small businesses with small offices
- Medium to large businesses with large offices
1. University Students
University Students who choose not to stay in furnished dorms often need to purchase furniture for their apartments. Affordability is usually the primary driver as students are usually on a small budget.
Also, students do not need furniture for long durations and so a furniture store could consider leasing furniture to students for the duration of their stay at the university.
2. Single adults on their first job
When someone gets their first job and moves into their own place, they need to buy furniture. This target market is usually looking for affordability and good quality.
They may also be interested in buying eco-friendly or sustainably manufactured furniture as they are starting their lives and want to make responsible choices. But often such customers are attracted to stores like IKEA that offer a wide range of furniture at low prices.
3. Young couples
This target market generally includes people who have been dating for a while and are ready to move in together. They usually look for something that expresses their personality but is still affordable.
Couples in this stage of life are often still working on establishing their careers, so they may not have a lot of money to spend on furniture. However, they might be willing to spend more on certain items, like a comfortable couch, that they know will last them for many years. Young couples also tend to have smaller homes and so instead of a couch, they may opt for a futon that can be converted into a bed for guests.
4. Families with small children
This target market usually has young children who are still learning to walk and climb. They need furniture that is safe for their children, but also affordable and practical.
Functionality is key for this target market as they often do not have a lot of space and need to make the most of what they have. They might also appreciate furniture that is easy to clean, like leather sofas that can be wiped down easily.
5. Families with teenage children
This target market usually has older children who are in their teenage years. They are starting to develop their own interests and need furniture that reflects their growing needs. This would be a full desk to work on, put their computer and do homework. Teenage children need full-sized wardrobes and chests of drawers.
6. Couples with an empty nest
Once the kids are out of the house, parents may consider redoing the furniture in their house. They may want to purchase more expensive items that they couldn’t afford when the kids were younger or couldn’t risk damaging. Couples at this stage in life also tend to have more disposable income and so by using price segmentation you can target them with your most premium furniture products.
They might also downsize and get rid of larger pieces of furniture, like the kids’ beds, and opt for smaller pieces that take up less space. This target market is usually looking for quality over quantity as they don’t need as much furniture as they once did.
7. Retirees
As people get older, they often have more time on their hands and want to spend it relaxing in their homes. They may choose to purchase new furniture to make their home feel more like a haven.
Also as health conditions deteriorate, older people may need furniture that is easier to get in and out of, like a recliner or lift chair. Finally, many retirees choose to move into smaller homes as they can no longer manage a large one. In this case, they need furniture that is compact and serves multiple purposes.
Retirees may also move to a warmer place. In that case, they would need to purchase furniture that can withstand the heat and humidity, like that made from wicker. They may also want furniture that is light and easy to move around.
8. People who frequently move homes
This target market includes people who are in the military, people who work for companies that frequently transfer them, and people who like to travel. They need furniture that is easy to transport and can be quickly set up in a new home.
Furnishings that can be easily disassembled and packed away are ideal for this target market. They may also need to purchase furniture more often as it gets damaged during the move.
People in this target market usually don’t have a lot of sentimental attachment to their furniture and so are more likely to buy cheaper items. They might also rent furniture instead of buying it.
9. People with specific interests or needs
This target market includes people who have specific interests or needs that require particular types of furniture. For example, a photographer may need shelves to store their equipment.
Some people with special needs require furniture that is designed specifically for them. For example, someone who has a disability may need a wheelchair-accessible bed or bathroom vanity.
10. Small businesses with small offices
Businesses like homes also need furniture. Small businesses that employ fewer people and have smaller offices would need desks, chairs, a meeting table and storage furniture.
A doctor’s or a lawyer’s office will also have a waiting area and so will need chairs and a small table.
Businesses are usually looking for furniture that is stylish but also affordable and practical. They may also want furniture that can be easily reconfigured as their business grows or downsizes.
Some small businesses will pay great attention to decor because they want to make a good impression on potential clients. In this case, they may choose more expensive and luxurious furniture.
11. Medium to large businesses with larger offices
Large businesses need the same furniture that small businesses need but they need them in larger quantities. If your furniture store plans to sell to businesses, your marketing strategy will need to be different when targeting larger businesses compared to smaller ones. Larger businesses will have procurement departments and so you can expect them to be more aggressive on price compared to smaller businesses.
The Target Market for Furniture Stores: Why do people buy furniture?
Now that we’ve seen who buys furniture, let’s see the main reasons why people buy furniture.
- To furnish a new home
- To replace old furniture
- To change the look of their home
- To buy a gift for someone else
- To celebrate a special occasion
- To have a place to store their belongings
- To furnish an office, a home office or a commercial space
1. To furnish a new home
This is probably the most common reason people buy furniture. When people move into a new home, they need to start from scratch and buy new furniture. But this depends on the market segment in question. Students or young adults may buy second-hand furniture either from a second-hand furniture store or from someone else. Families with children, however, when they move from a starter home to a larger home, may also wish to upgrade their furniture.
2. To replace old furniture
Over time, furniture gets old and worn out. It may also get damaged beyond repair. In these cases, people need to replace their existing furniture with new furniture.
Sometimes old furniture isn’t large enough. For instance, a growing family may need a larger dining table or a bigger bed. They’ll then get rid of their old furniture and buy newer, bigger pieces.
3. To change the look of their home
Some people want to give their home a new look and feel, so they buy new furniture. This is especially common when someone’s style changes over time or when they get tired of the current look of their home.
Some people want to change the look of their home without necessarily replacing all their furniture. In this case, they’ll add new pieces to complement the existing ones. For example, they may buy a new sofa to change the look of their living room or a new bedframe to change the look of their bedroom.
4. To celebrate a special occasion
People also buy furniture as a way of celebrating a special occasion. This could be anything from buying a new dining table for Thanksgiving to getting a new bed for a baby’s nursery. Often when people get married, they will add pieces of furniture to their wedding list.
5. To have a place to store their belongings
As people buy new belongings they need extra space to store these. And that means furniture for storage like dressers for clothes, shelves for books and DVDs, and cabinets for dishes and other household items.
6. To buy a gift for someone else
Sometimes a close relative like a parent or a parent-in-law will buy some furniture as a gift for a child. For example, parents of newlyweds may gift them a dining set or garden furniture. The motivations behind buying for someone are different than when buying for one’s self and furniture stores need to market differently to such people.
7. To furnish an office, a home office, or a commercial space
Businesses like homes also need furniture. This includes desks, chairs, sofas, filing cabinets, TV stands, coat hangers, etc.
When furnishing an office, a home office, or a commercial space, people usually have different needs than when furnishing their home for personal use. Businesses are more likely to buy cheaper but functional furniture that isn’t as luxurious as what individuals would buy for their homes. For instance, an office may not invest in fancy carpets but may invest in an ergonomic computer desk and comfortable chairs.
Summary
The target market for furniture stores is broad and includes practically everyone with a home. But the market can be segmented based on the types of people buying furniture and the reasons why they buy it.
There are a variety of reasons why people buy furniture, including to furnish a new home, replace old furniture, change the look of their home, celebrate a special occasion, have a place to store belongings or furnish an office space.
Furniture stores need to target their marketing efforts accordingly to appeal to these different segments of the population and carry products that their target market is likely to buy.
