Everyone always worries about their two big life investments: their house and their car. It’s important not to forget about the third most expensive item a person will ever buy, their furniture. It makes sense that this is the third most expensive item you will ever buy, and if you’re smart about what you buy and take good care of your furniture, it will surely be worth it. So, theoretically, you should spend almost as much time in the furniture store as you do at a car dealership or with your real estate agent. The furniture you buy will stay with you for a very long time, if you don’t destroy it, that is. Sofas typically have a lifespan of seven to 15 years and recliners last about ten years, according to “Good Housekeeping,” but I’ve heard of furniture outliving three or four cars or in extreme cases, a house!
Finding a good furniture store is very important. Don’t just buy whatever mattress you see posted on Craigslist. Spend some time checking out all different kinds: discount furniture, bedroom furniture, living room furniture, and any furniture specials that are going on. You don’t want to be lazy about this because you’re going to be spending a lot of time with these couches, tables, mattresses, sofas, chairs and more!
The furniture industry is interesting in its own right. Since the early ’90s, furniture sales have been steadily increasing. In 1992, sales from furniture stores were about $52 billion, but by 2013, sales were over $100 billion! We never stop buying furniture, but we definitely do see changes in our furniture purchasing habits. In 2012, baby boomers accounted for 42% of all furniture purchasing and millennials only bought a mere 14%. Fast forward to 2014, and now millennials are the leading generation in the furniture department at 37% while boomers dropped down to 29%.
It’s hard to predict the spending habits of the furniture demographic, but it’s much easier to predict people’s need for comfortable furniture. That will never change. I’m sure people wanted the nicest rocks to sit on back in the day, and we will be fighting for the best space mattresses in the future, comfortable furniture will always be comfortable.