Nashville, TN – Furniture prices jumped sharply at the dawn of the pandemic. According to the experts from The Linen Duck, a furniture store in Columbia, TN (just outside of Nashville), there were several reasons for this, including supply chain and logistics issues. However, as everyone continues to move further and further away from the global medical crisis that brought the world to a standstill, many people wonder: will furniture prices go down in 2023? The answer is that no one really knows, but there are ways to save.
Furniture is a necessity, but one with a price tag that jumped to exceedingly high levels in 2020. It’s now 2023, and prices don’t seem to have fallen back into place. But why?
According to many experts, there’s a multitude of reasons. One is that furniture manufacturers and retailers are simply taking the opportunity to raise prices after years of stagnation. Another reason why furniture prices have not yet fallen is simply that the market will bear higher prices and longer delivery times. Lumber and other material shortages (or the fear of) may also play a role in keeping prices high.
So what, then, can businesses do to create a positive buying experience for consumers despite high prices, which may be out of their control? Representatives from The Linen Duck shared this advice:
- Create a customer-centric environment. It’s crucial to understand what consumers need at any given moment and then act accordingly. By providing a high level of customer service, those investing in furniture may feel less awkward about spending more since they are getting a greater value in service.
- Use technology to cater to busy lifestyles. E-commerce has made its way into the furniture market. Retailers should make sure their technological capabilities match what their customers want. It is no longer enough to simply post a photo and a spec sheet; today’s online buyers want 3D images, reviews, and user-generated content.
- Help customers use their existing furniture in new ways. The principles of home staging can come in handy here, and home stagers often use people’s existing furniture and accessories to create an entirely new look and feel. The Linen Duck recommends interior design services for Nashville-area homeowners on a smaller budget. This may allow them to only buy one or two core pieces and reuse furniture that’s already owned.
- Make it an experience. Experiential shopping is huge in the furniture business, even given the boom of e-commerce. People in high-end areas, such as Franklin, Nashville, and Columbia, will spend more to have a more positive experience. Furniture store owners, including large showrooms in boutique spaces, should prioritize the shopping experience. An example here might be to have fewer pieces on the floor but more options for customization.
Sales agents from The Linen Duck note that buyers also have plenty of options when it comes to saving. A few tips here include:
- Buying quality pieces. Higher-quality pieces might be a larger initial investment. However, top-tier furniture may last much longer, thereby reducing the need to replace.
- Shop online. While many pieces, such as a sofa and dining room table, really need to be seen before purchase, smaller accents can easily be purchased online, often for less than available locally.
- Measure twice, shop once. Just about all furniture store representatives have encountered a buyer that just knew the piece was perfect, only to have them return later explaining that it doesn’t fit. The Linen Duck always recommends that people measure and lay out their spaces before spending money on something they may have to pay to return.
Furniture prices remain high, but that does not mean consumers can’t enjoy the buying experience. The Linen Duck says that retailers must learn how to cater to today’s clients. The company further explains that people shopping on a budget should invest in higher-quality pieces so that they get the most out of their money.
The Linen Duck is a boutique furniture store and interior design service located in Columbia, TN. With a vast portfolio and a fully furnished furniture showroom, The Linen Duck has the experience and pieces in stock to make any house a home.
The Linen Duck
109 E 6th Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Fortune Thinker journalist was involved in the writing and production of this article.