The next time you need to shop for furniture, don't be afraid to haggle down the price. MarketWatch explains that furniture is one of the most marked-up products you could buy.
Photo by maduko.
Most retailers mark prices up by about 80 per cent, the article notes, and when there's a sale, they simply mark the price back down -- while still making a gross profit between 38 and 46 per cent.
That's why consumers should try to negotiate even beyond the discounted price, says [independent retail consultant Jeff] Green. But don't expect a salesperson to agree to a lower price right away -- the biggest discounts can take hours to negotiate. Often, consumers who pay with cash have more bargaining room, and the biggest discounts that follow from haggling usually occur at independent mum-and-pop shops where the person on the sales floor is usually an owner who doesn't have to ask for permission to discount.
If negotiations fail -- a possibility since not all retailers allow for negotiating, says DeHaan -- hold onto the barcode number or product name. In some cases, you might be able to search online for other retailers who sell the same piece at a lower price.
Since furniture tends to cost quite a bit, it's worth a try at least.