Buying a new house used to be the fastest way to boost our social status, but now mortgages are harder to come by, people are now using furniture to up their social standing. Working with furniture everyday means that we pick up on trends in people’s furniture spending habits and the importance they place on buying furniture. The economic circumstances us Britons have faced over the last few years means that many of us cannot afford to buy property at the moment. This has led us to invest more in our current dwellings instead. Also because we feel more inclined to save money, we are spending more time indoors and so want to ensure we have a perfect home retreat.
After the financial crisis hit around 2008 the UK furniture industry saw a massive drop in value from nearly Nine billion pounds down to just under five billion. Since then it has slowly began to rise but at a slow rate of about 1.5% per year as people start to invest in their homes.
The room that has seen the biggest rise in new furniture is the living room. The living room is where we spend most of our time whether we are either just relaxing or entertaining as well, so making it just right is of paramount importance. This is why people are spending more on living room furniture in relation to the rest of the house.
The dining room is next; again because we are spending less money on going out, we want our dining rooms looking good when we entertain for our guests, and an extra emphasis has been placed on creating the perfect eating and entertaining space.
In the bedroom there seems to be a trend for bigger more luxurious beds, perhaps this is a comfort thing and people are just trying to ensure they have a good night’s sleep in the face of the uncertain economic situation around us. Statement pieces have also become more common place.
One of the more interesting trends has been the increase in home offices and we seem to be assembling more and more of them all the time. Lots more people are now working from home. We have seen people made redundant and having a place to organise paper work and restore a sense of formality becomes important. Many people have also started up new businesses and cannot yet afford offices, so working from home is the only option. It could even be argued that bosses are considering more ways to save on costs. Office space is one of the biggest costs to a business so perhaps they are more open to the idea of people working from home in the future.
Overall though things are on the up and people are buying more furniture but are now looking for extra bit of value and seeing their furniture as a long term investment and because buying a new house or moving has become harder, we are now putting that little bit extra into making our furniture reflect our aspirations.