Interest rates are a concern for some respondents to survey at High Point Market

HIGH POINT – Most retailers surveyed at April High Point Market by consumer financing services provider TD Bank are optimistic about business the second half of 2018.

TD asked 100 buyers at Market for their take on what to expect the rest of the year. Sixty percent said they believe furniture sales will increase in the second half, while another 38% expect sales to at least remain steady. Only one respondent indicated that sales will fall.

The recent interest rate increase was a concern for some respondents to the TD Bank survey. Forty-five percent expect the increase will negatively impact furniture sales, while another 43% expect no impact from higher interest rates. Eleven percent believed the increase will positively impact sales.

The survey indicated that most consumers seeking financing options when purchasing furniture fit a younger demographic. Fifty-seven percent said that shoppers 18- to 34-years-old are most likely to ask for financing, and 38% said shoppers 35- to 54-years-old are the largest group seeking financing.

Sixty-three percent of retailers queried said they believe financing programs help to encourage customer loyalty, repeat business and sales growth.

The most important factors for retailers considering a financing partner emerged from the survey as quality of customer service (24.6%), credibility of the financing partner (18.5%), customizable programs (14.8%) and credit limits for the end user (13.6%). The factors question was multi-select, so those numbers came from 162 total responses.