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(1) Percentage of people who buy office furniture that research online before purchasing? (2) Percentage of millennials who buy office furniture that research online before purchasing? (3) Percentage of total office furniture market purchased online vs. offline and how this number has changed over time? i.e. what was this stat like 10 years ago, 5 years ago. If possible what companies vs Amazon receive these orders. (4) Percentage of millennial office furniture market purchased online vs. offline and how this number has changed over time? i.e. what was this stat like 10 years ago, 5 years ago
Hello! Thanks for your question about millenials buying furniture online. The most useful sources I found to answer your question were Forbes and PwC.
The short version is that we were unable to find statistical data about office furniture specifically due to the lack of public information available. However, we were able to find data on the overall online furniture industry that can adequately answer some your questions. More importantly, we have proved that furniture is still largely purchased off-line, even by millennials.
Below you will find a deep dive of my findings.
Methodology
Unfortunately, there was little public statistical data regarding office furniture. Instead, what we found was information that was focused on the overall furniture market--not office furniture specifically. Despite this, we believe that some of our data can be used to answer some of your questions.
We split up our findings into 4 parts. First we provided proof that shoppers are researching furniture items online before buying them in the store. Secondly, we emphasized millenials' buying habits with regard to furniture. Thirdly, we looked at the online furniture market and any other findings that could help you build your case.
Again, though our findings were not specific to office furniture, they may still aid you in proving your points.
Shoppers who research online first
In the furniture and housewares market, 45% of global shoppers prefer to research items online. This stat is relative to the number of people now doing research online before going to the store and buying physical products.
59% of global shoppers also prefer to make their purchases in-store, and 70% of Americans do the same. This shows the number of people who perform research online first, yet still buy their furniture at the store, which proves your thesis that people still buy their furniture offline.
Also in line with the claim that furniture is not bought online is the fact that furniture and home/decor accounts for only 30% of online shopping--making it one of the least popular categories of online shopping.
Product reviews and peer reviews tend to be of high importance to millennials. 78% of millennial internet users in the US attribute product reviews as the cause of their purchase decisions--this is more than any other generation. This also proves the millennial tendency to value the online shopping experience more than previous generations.
Millennials and furniture buying habits
Millennials now make 54% of their purchases online; an increase from 47% in 2014. However, with regard to furniture;
Millennials, though being more likely to visit a brick-and-mortar store than older generations, tend to "supplement their in-store experience with information gathered online."
At the same time, 50% of all millennials who hesitate await confirmation from their partners before making an in-store purchase decision. This implies that Millennials are indecisive shoppers and need extra information and affirmation when making purchase decisions.
The Online furniture market
Online furniture sales only account for 25% of the overall furniture market whilst "brick-and-mortar showrooms still dominate the market". Despite this however, Amazon and Wayfair are the two companies leading the way in sales of online furniture. Both companies have recorded growth over the past five years in their respective online furniture departments.
In the first quarter of 2016 compared with first quarter 2017, Amazon increased its online unit share in the online furniture market from 24.1 percent to 25.7 percent whilst Wayfair increased its share from 7.1 percent to 10.2 percent.
Other Findings
Millennials have become the largest consumer group in the US furniture and bedding market. Millennials represented 37% of the market in 2014, which was up from only 14% two years prior. Millennial spending on furniture and bedding also doubled during that two year period.
Whilst the market for furniture is growing annually at a rate of 2.9%, e-commerce sales of furniture are expected to double from 2012-2018.
With this in mind, in 2014, e-commerce sales of furniture accounted for 21% of the overall furniture market. This number is forecasted to grow by 30% come the year 2018. Evidently the market for online furniture is set to grow.
Lastly, 7 out of 10 Millennials shop in physical locations before making purchasing decisions. So despite Millennials' increased access to online information, many still prefer to make their purchases in-store.
Conclusion
To wrap it up, we were unable to find statistical data about office furniture specifically due to the lack of public information available. However, we were able to find data on the overall online furniture industry that can adequately answer some your questions. More importantly, we have proved that furniture is still largely purchased off-line, even by millennials.
Thanks for using Wonder! Please let us know if we can help with anything else!