As of 2021, the average expenditure per consumer unit on furniture amounted to around 715.6 U.S. dollars in the United States. In comparison, this figure was significantly higher in affluent households where the average annual spend on furniture amounted to 1,490 U.S. dollars in 2021.
In general, the cost of furnishing a living room starts at around $10,000 and can go up to $25,000 or more.
One rule of thumb you can use to set a furniture budget is figuring your baseline monthly spending needs and multiplying that figure by three. For example, if your regular budget after buying the home will total $4,000 a month, you'd multiply by three to get $12,000.
American households spend an average of $196 per month on household furnishings and equipment, like appliances, furniture and rugs. We spend an additional $70 on housekeeping supplies each month.
Average cost of sofas
A small budget loveseat costs as little as $300, while a larger sectional sofa could run up to $2,000. Classic leather couches, customized to your liking, could cost $3,000, while luxurious pieces made with expensive fabrics, hardwood frames, and intricate details may cost up to $10,000.
Invest in a couch that you can use for years to come.
"Even though there are cheap options for lounging areas in your space, a couch is one piece of furniture that, if you want to keep it for a long time, you should definitely spend some bucks on," they told Insider.
Don't Be Afraid to Haggle
While you probably won't have much luck negotiating furniture prices at chains, independently owned shops are usually more open-minded. Haggling is an art form in its own right, but there are a few tricks anyone can successfully apply to their furniture-shopping experience.
Despite the debt, Millennials are buying furniture. They spend around $27 billion each year, compared to $32B and $34B for Gen X and Boomers, respectively. But Millennials do spend their money differently. They're more selective and streamlined with their purchase.
According to home experts, the average cost of a couch falls between $400–$1,500, but the price depends on a few factors. For instance, what kind of upholstery a sofa is made of. If it's a couch made of cotton, synthetic fabric, or microfiber, you can expect to pay on the lower end of the cost spectrum.
“You can spend $4,000 if you want a high-quality sofa, but in reality there are lots of companies where you can get a $2,000 sectional that will look good in five years' time,” she says. Here are a few things to look out for to be sure you're getting the most bang for your seating-area buck.
As of 2021, the average expenditure per consumer unit on furniture amounted to around 715.6 U.S. dollars in the United States. In comparison, this figure was significantly higher in affluent households where the average annual spend on furniture amounted to 1,490 U.S. dollars in 2021.
According to Home Advisor, the national average cost to furnish a house is about $16,000, but the actual range spans from $3,500 to just shy of $100,000.
Sofas last from seven to 20 years, though most cap out at roughly 15. The same goes for loveseats, sectionals and sleepers. Couches with solid wood frames (even better if it's kiln-dried) and reinforced joinery hold up the longest. Genuine leather upholstery has a longer lifespan than fabric.
As a moderate goal - 5 year time frame would probably be in the middle. 5 years is quite enough to get used to anything to the point you'll meet any change with great enjoyment. As for a long-term change timeframe we'd say 8-10 years is probably the very safest number of years you'd want a change in quite a certainty.
1. How often should you replace a sofa? The common consensus is that an average sofa will remain in prime condition for around seven years, after which a drop-off will begin. A top-quality sofa might even see you through 15 years of family life, but even that will succumb to sagging eventually.
While the average sofa should last between 7 and 15 years, signs of wear and tear are likely to appear before then – especially if it's a well-loved sofa. Luckily, there are ways you can make your sofa appear just as beautiful as the day you bought it.
Leather is a durable choice, as well as high-quality fabrics. Woven patterns will last longer than printed, and higher thread counts with tight weaves are worthy of consideration. If you have pets, microfiber fabrics are a great choice—they are stain resistant and will last a long time.
The median age range of the typical in-market furniture shopper remains consistent across all 10 of the major metros observed, showing key consumers to be between 50 to 54 years old, followed by shoppers aged 45 to 49 and then 55 to 59.
Results from a recent survey on baby boomer spending habits show that the top items this demographic acquires in physical stores are groceries. Nearly nine in 10 (88%) baby boomers (defined by the survey as those aged 57 to 75) say they buy groceries in-store, rather than online.
Meanwhile, GenXers (ages 42 to 57), though much smaller number, are still the most affluent workers and spend the most on furniture, surpassing the Millennials. In 2019, GenXers averaged $640 in annual furniture expenditures and grew that number to $909 in 2021, an increase of 42%.
How much is furniture marked up? The markup on furniture is the difference between the retail price of a product and its wholesale cost. Typically, the average markup of furniture ranges from 20% to 50% based on the furniture's wholesale cost.
In August 2022, Bloomberg revealed that the amount of unsold furniture in inventory is 2.06 months, up from 1.43 months in the fall of 2020, setting a record for the furniture industry. And yet prices have remained stubbornly high. Forecasters expected that since inventories are too big, prices should have declined.
Assuming that you've put your antiques aside, if your furniture is newer, in great condition and has a trendy brand name, you might ask as much as 70% of what you paid for it. However, if your furniture has aged 9-10 years, you should expect to fetch more like 25% to 33% of your original purchase price.