A lagging economy in 2008 is likely to have wide ramifications. As was the case this past year, economists once again predict one of the strongest head winds buffeting the economy will be problems in the housing market in 2008. Sales of new homes are expected to continue to fall as builders try to shed inventory.
The question is “How do we survive in an industry where the declining economy has drastic effects?” We must first think about our product. Consumers stop buying as many “toys” when the economy goes sour, like boats, motor homes, jewelry, etc. We as retailers must focus on marketing our product as a necessity not a nicety. Fortunately, Murphy Beds not only function as a “nice to have” but also as a “must have” for many small spaces and situations. With the housing market dropping our opportunities soar. Instead of consumers buying newer, bigger and better homes they are focusing on renovating and optimizing every inch of space in their existing homes. Business owners are moving their offices to their homes so as not to pay rent on two premises. Multi-purposing the office space with a hidden Murphy Bed furthers their ability to conduct business in a professional manner. Even as the economy drops, family sizes have not. Small rooms must accommodate multiple children or function in other capacities. Murphy Beds tucked away during the day allow for functioning floor space and increase the square footage of a room. Similarly, an increasing amount of young adults are staying at home while attending College and University to save overall costs on post secondary education. Their room now becomes a dorm room away from the dorm. They want a desk to accommodate studying, a TV, a sitting chair and a bed to catch a few hours of sleep. The Murphy Bed is a perfect solution and less expensive than living on campus.
Rather than focusing on the expense of a Murphy Bed, we must educate our consumers on the economic savings they receive by maximizing and utilizing their available space. In times of uncertainty, knowing your product and customers will keep your business viable and economically secure.
