With temperatures finally dipping below the 80s, it feels like summer is loosening its hold and the fall is returning at last—and as always, with colder weather, the season of home and home furnishing sales has arrived again.
Events such as the Dallas and High Point Markets are on the horizon, aiming to capitalize on the swell of interest that comes with the final few months of the year. In a recent analysis from High Point Market Authority, it seems that all signs point to the housing market finishing strong in 2017. In the Phoenix area, new home sales rose over 20% this spring—and this boom in realty was seen in more places around the United States than the Valley alone. National Association of Realtor’s chief economist, Lawrence Yun, was quoted in an April report saying,“[H]ome sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year.”
High Point Market indicates that the coming-of-(homeowning)-age of many Millennials may have more than a little to do with the increase in business. “Many millennials are coming from the rental market, and want and need more and nicer furniture for their new homes,” says Ken Smith, Audit Partner with Smith Leonard Accountants and Consultants and publisher of Furniture Insights. These young adults are on the hunt for pieces with individual flair and character; they’re seeking to distinguish themselves and their tastes from the previous generation, as seen in the rise in demand for handmade goods. This—coupled with a financial consciousness born from living through a series of minor depressions and booms—leads them to tend toward thrifting or reclaiming furniture and other accents. Smaller retailers can capitalize on this trend by emphasizing their selection of pieces that cannot be acquired anywhere else and drumming up attention for those pieces in upcoming markets and showcases season.
In his report for High Point Market, Jerry Epperson, industry analyst, predicts a powerful finish in the last few months of the year: “Historically, 55 percent of home furnishings spending takes place in the second half of the year,” said Epperson. “In the last two years, it’s been closer to 57 percent. We’ve taught the American public to wait for big promotions and they’ve come to expect it. There are more holiday sales. Black Friday and Cyber Monday are now stealing from October.” In other words, there is no better time than now for home furnishers to advertise their matchless products and selections, and for consumers to take advantage of all the benefits of the busiest shopping season.
Full Report at High Point Market.