Monthly Issue
From Home Furnishing Business
October 16,
2015 by in Business Strategy, Industry 
China’s devaluation of the yuan earlier this year was done in hopes of stabilizing the country’s shaky economy. The impact such a move could have on the U.S. furniture industry remains unclear and opinions vary from expert to expert.
Although economists differ on the depth of the impact, China hopes to prevent its economy from slowing further by making its exports less expensive. China currently dominates 60.8 percent of household furniture imports to the U.S. and cheaper imports could strengthen that hold.
The world totals of both U.S. imports and exports in the household furniture industry have been on the rise since the recession (Table A). In 2014 imports totaled $23.8 billion at wholesale or about 74 percent of U.S. furniture and bedding consumption. This compares to 62 percent in 2007, as reported in the April issue of Home Furnishings Business.
Imports to the U.S. experienced high growth of 53.6 percent from 2002 to 2007 before plummeting 24.3 percent by 2009. Since 2009, furniture imports increased to 53.1 percent in 2014—growing an additional 10.9 percent from the second quarter of 2014 to the second quarter of this year to date. While U.S. exports total just a fraction of imports, exports of furniture have been steadily increasing since the peak of the recession in 2009. Up 50.1 percent since dropping 5.9 percent in 2009, the furniture export industry has increased from $1.5 billion in 2002 to $3.5 billion in 2014—a jump of 141 percent.
Imports by Country
China’s exports to the U.S. have grown to more than 60 percent of total U.S. imports—up 20.6 points from 2002 to the second quarter of this year (Table B). Since the peak of the recession in 2009, the value of imports from China has grown 52.4 percent to $14 billion.
Canada’s decline alongside Vietnam’s rise is quite noticeable. Vietnam jumped from a half percent to more than 10 percent of U.S. imports in the past 13 years while Canada has dropped from 18.3 percent in 2002 down to 5.5 percent in the second quarter of thie year—a decline of 12.8 points. As the fourth largest importer, Mexico accounted for 4.8 percent of total imports in the second quarter of this year— 0.8 points shy of 2002.
Major Furniture Imports
Wood household furniture is the largest imported furniture product, but in 2014 the category had not yet reached pre-recession import levels. Conversely both upholstery and metal have been increasing at a high rate, and combined, now account for more than 50 percent of total furniture imports (Table C).
Purchases of upholstery and metal household furniture from around the world have increased more than 29 percent since 2007. The smallest imported product category is bedding. At $464 million in 2014, the category is a small fraction the total. However, bedding has increased by 140 percent from 2009 to 2014 and more than 20 percent in the first six months of 2015 compared to the same period last year.
Current 2015 second quarter year-to-date performance for all broad categories shows that Metal is the only category not experiencing double-digit growth this year (Table D).
Wood household furniture imports totaled $9.8 billion in 2014 and are up 10 percent in the second quarter of this year compared to 2014 (Table E). China still owns the wood category at $3.7 billion wholesale in 2014, but has lost significant share over the last 10 years to Vietnam.
Vietnam’s 2014 imports have increased to $2.2 billion, up from $60 million in 2002. Through the second quarter of this year, China’s wood imports have grown 7 percent compared to Vietnam’s 23.9 percent, closing the gap even further. Malaysia and Indonesia continue their steady wood niches but control less than 6 percent of wood imports each.
Unlike the wood category, China has virtually no competitors in upholstered goods in the U.S. marketplace (Table F).
In the early 2000s, China began to make its move with upholstery imports of only $543 million in 2002 and grew to $3.9 billion by 2014. Essentially, China has taken market share from U.S. producers as the secondary countries—Mexico and Canada—have struggled to maintain shipment levels. Through the second quarter of this year, China upholstery imports are up another 15.2 percent over the same period last year. Vietnam has slowly tried to enter the U.S. upholstery market, but only grew to $293 million in 2014.
Even more so than upholstery, China has a stronghold on metal furniture—accounting for 78 percent of all metal furniture imported into the U.S. in 2015 at mid-year (Table G).
China increased from $1.7 billion in 2002 to $4.7 billion in 2014—a jump of 172 percent in 12 years. While imports from Canada, Taiwan and Mexico have grown since the bottom of the recession in 2009, they continue to lose U.S. market share to China.
Exports by Country
Although the U.S. exports a fraction of furniture compared to imported goods, exports have continued to rise since 2009 and surpass the peak highs of 2007 (Table H). More than half of the $3.4 billion in U.S. exports are to Canada.
Although exports have been growing, they are not approaching the growth in imports being fueled by China. While the furniture industry in China has been threatened over the last few years due to rising labor costs and labor shortages, U.S imports continue to increase from China alongside a growing Vietnam Wwood manufacturing presence. The recent devaluing of the yuan could go a long way to strengthen China’s hold on U.S.
Methodology: Household furniture imports and exports are compiled by the U.S. Census Bureau, Foreign Trade Division from more than 200 countries by product type and material.
July 28,
2015 by in Business Strategy, Industry
Although the housing industry has picked up some steam over the last two years in terms of existing home sales and housing starts, the lagging growth over the last five plus years can be partly blamed on the slow recovery from the recession and partly on the demographics of available homebuyers.
However, all of this is beginning to change on two polar fronts.
At the youngest end, the housing industry is starting to feel the bump from the millennials, the children of the Baby Boomers, as they age into the housing market. On the older front, the Baby Boomers’ changing housing needs are already creating a different kind of housing bump. Both should spur housing growth and subsequently the furniture industry for the next 10 to 20 years.
Millennials vs. Baby Boomers
This year, millennials are expected to surpass baby boomers in numbers and become the largest living generation. The millennials are generally defined as children of the baby boomers born between the early 1980s and the early 2000s. The oldest millennials are entering their 30s and the youngest are still pre-teens. Over the next 10 to 20 years, millennials will pour into the housing and apartment markets and many of the baby boomers (currently ages 51 to 69) will downsize to smaller homes, single-family retirement communities or group housing.
Table A shows how the population will grow and change over the next 10 years with the surge of millennials and the skyrocketing of baby boomers in the over 65 age group. Boomer growth over 65 will total 37.8 percent—increasing at a rate of 3.3 percent a year from 2015 to 2025.
Table B shows the current population of millennials and five age groups from 10 years to 34 years of age. In 2015 the highest population of millennials falls into age group 20 to 24 with 22.7 million people, while age group 24 to 29 is only slightly smaller at 22.5 million. Millennials are just starting to age into their home buying years with 21.7 million in age group 30 to 34.
Projecting out 10 years, Table C shows the age groups millennials will comprise in 2025. Over the next decade, the youngest of the millennials will be leaving college and entering the rental or housing markets and the oldest will be in their early 40s and often upgrading housing. Age group 30 to 34, primarily first time home buyers, is projected to increase 12.9 percent—from 21.6 million to 24.5 million, while the population of 25-to-29-year-olds, prime renting age, shows a slight growth of 2.8 percent. Ages 35 to 39 and 40 to 44 are expected to increase 15.9 percent and 10.5 percent as the older millennials age into a traditional period of housing upgrades.
In terms of net population growth, Table D shows the impact in the next five years of the changing demographics of both the millennials and baby boomers with the middle lower birth-rate population generation X stuck in between. By 2020 people in their late 30s are expected to grow 1.7 million, while age group 30 to 34 has a forecasted increase of 1.5 million—both adding to potential growth in the housing industry.
As the leading edge of the Baby Boomers begin to age into their 70s over the next five years, a need for senior and lifestyle housing will dramatically increase. Already 55-and-over, single-family communities are in rapid growth. An additional 3.4 million people are expected to flow into age group 70 to 74 by 2020 while almost 2 million are added to age group 75 to 79.
Table E further illustrates the dramatic increase in the population of seniors from 2000 to projected 2025. Over the span of 25 years, the number of people between the ages of 65 to 79 is projected to have increased 95 percent. Population projections show 10 years from now that age group 75 to 79 will grow 62 percent, while age group 70 to 74 climbs 47 percent and people in their mid to late 60s will increase by 26 percent.
Housing Costs Climb
As millennials age into the home buying years, the question will become, “Will they be able to afford a home?” Housing prices and apartment rental rates have been on spiraling upward in many parts of the country. If rates continue to grow faster than wages, buyers and renters will be facing housing’s ever-growing demand on their incomes which in turn impacts their ability to not only buy furniture, but all consumer goods and services.
Table F shows the rising cost of home prices from 2002 to 2014. At the peak of the housing bubble in 2007, the median price of a home was $244,950. With the subsequent housing market crash, the price fell 12 percent to $215,650 at the bottom of the recession in 2009. Since 2009, housing prices have climbed dramatically higher than pre-Great Recession days—up 32 percent in 2014 at $284,825. Median home prices have increased an average of 8.2 percent since 2011.
Millennials are flooding the apartment market. The rapid jump in home prices over the past few years is adding to a rising rental market as many potential home buyers are turning to apartments and other rental housing. As shown in Table G, rent rates have increased from $1,042 per month in 2010 to $1,239 per month in 2015 year to date— a jump of 19 percent. Over the last five years, rates on rentals have increased an average of 3.5 percent a year.
The next 10 years is demographically poised to be a high growth time for the housing and apartment markets. The challenge will be providing affordable housing for the first-time millennial homebuyers as well as senior and lifestyle living for baby boomers.
Methodology: Figures reflect data from the U.S. Census Bureau on Population Projections. Note the Census varies the level of net immigration (the difference between those coming and those leaving) to discern its impact on the U.S. population. The findings show that immigration makes for a much larger overall population, while having only a small effect on slowing the aging of American society. If immigration continues as the Census Bureau expects, the nation’s population will increase from 309 million in 2010 to 436 million in 2050 representing a 41 percent increase. The Census Bureau assumes net immigration (legal and illegal) by 2050 will total 68 million. These future immigrants plus their descendants will add 96 million residents to the U.S. population, accounting for three-fourths of future population growth.
May 19,
2015 by in Business Strategy, Industry
In 2002, furniture and home furnishings stores were by far the primary channels for furniture distribution—accounting for almost three-fourths of furniture purchases.
In the last 12 years, distribution channels have shifted and while furniture and home furnishings stores continue to lead the pack in furniture sales, electronic shopping—e-commerce—has gained momentum and many consumers are turning toward the Internet to meet their furniture needs.
General merchandise stores and warehouse clubs and supercenters like Sam’s and Costco have also increased their share of furniture distribution while other smaller furniture distributers, department stores, discount department stores, and building material stores, have decreased in furniture sales since 2002.
Note: Figures reflect data from the U.S. Census of Retail Trade issued every five years—2002, 2007 and 2012. Figures for 2014 have been estimated by Impact Consulting Services’ furniture industry model. These Census estimates capture only sales from retail establishments, exclusive of sales taxes, and do not include any additional sales hand-to-hand or furniture resales. Internet sales from online retailers are also included. These channels are summarized based on the NAICS code issued by the Department of Commerce. For example, furniture stores include all retailers “primarily engaged in retailing new furniture, such as household furniture and outdoor furniture …” Examples include traditional furniture stores, mattress stores, specialty stores like Pottery Barn, and other establishments where furniture is the primary source of sales. Business models range from manufacturing and retail verticals, national and regional chains, and mom-and-pop dealers. Sales of furniture within home furnishings stores are included in the broad distribution channel and represent 6 percent of the category.
As shown in Table A, furniture and home furnishings stores are at the heart of furniture distribution, accounting for more than two-thirds of the industry. This channel includes traditional furniture stores, specialty furniture retailers, mattress stores, and other retail outlets where furniture is the primary source of sales. Of course, many different business models drive this category, including manufacturing and retail verticals—national and regional—national chains and mom-and-pop dealers.
This broad channel reflects the ups and downs of the economy from 2002 to 2014 with performance varying among the store types. From 2002 to 2007, furniture and home furnishings stores rose 13.6 percent in sales before falling 10.6 percent—followed by an overall increase of 1.5 percent in 2014.
The most noteworthy changes occur in electronic shopping as the online distribution of furniture has made great strides despite the most recent recession. Over the course of 12 years, electronic shopping has jumped 627.2 percent—increasing 201.3 percent the first five years during the peak furniture industry sales years and 141.3 percent the latter seven years. Internet retail furniture sales grew from $1.8 billion in 2002 to $13.0 billion in 2014.
Both general merchandise stores and warehouse club and supercenters grew in importance from 2002 to 2014. General merchandise stores increased by 27.3 percent from 2002 to 2007 and 47.5 percent from 2007 to 2014—with a total growth of 87.8 percent. While warehouse club and supercenters had just a slight increase of 2.9 percent from 2007 to 2014, they posted an overall jump of 24.3 percent over 12 years.
All other distribution channels showed substantial declines through the 12-year span. With the exception of discount department stores showing growth of 8.8 percent from 2007 to 2014 after a drop in the first five years, the remaining channels decreased both time increments.
Electronic Shopping Grows Share
Online shopping has increased its share of furniture sales as furniture and home furnishings stores have decreased its share of the furniture sales pie.
Table B explores the changes of the percent of total distribution by each channel during the selected years of 2002, 2007 and 2014. A more detailed look at each channel follows.
Furniture and Home Furnishings Stores
As shown in Table C, furniture and home furnishings stores are still the primary source of furniture sales. This traditional distribution channel has decreased share of furniture and bedding sales by 8.1 percent from 2002 to 2014—down to 64.5 percent in 2014 from 72.6 percent in 2002.
Electronic Shopping
While furniture and home furnishing stores have decreased their hold on the furniture industry, electronic shopping—the Internet—(Table D) has steadily gained traction as a major distribution channel. Jumping from 2.8 percent in 2002 to 7.3 percent in 2007, online shopping finished out 2014 with 17.8 percent of the total distribution.
Warehouse Clubs and Supercenters
Table E shows how warehouse clubs and supercenters increased the share of total distribution slightly from 2002 to 2014—up from 3.6 percent to 3.8 percent in 2007 with an additional 0.2 percent gain in 2014.
General Merchandise Stores
After slightly increasing by 0.3 percent from 2002 to 2007, general merchandise stores (Table F) grew by 1.1 percent in 2014—accounting for 3.4 percent of total distribution.
Discount Department Stores
Discount Department Stores
Dropping the percent of total by 1.5 percent from 2002 to 2007, discount department stores (Table G) rebounded slightly with an increase of 0.2 percent in 2014—decreasing 3.8 percent to 2.5 percent over the 12-year span.
Home Centers and Building Materials
As shown in Table H, stores such as The Home Depot and Lowe’s as a group decreased share of total furniture and bedding sales from 3.1 percent in 2002 to 2.3 percent in 2007 with a minimal rise to 2.4 percent in 2014.
Department Stores
Decreasing share by 0.7 percent from 2002 to 2007 and dropping another 0.6 percent from 2007 to 2014, department stores, depicted in Table I, was 1.8 percent of distribution in 2014.
All other Furniture Retailers
In 2014, the remaining retailers (Table J) dropped to 3.7 percent of distribution, after a decline from 8.9 percent in 2002 to 7.9 percent in 2007.
Editor’s Note: Future articles will address the performance of the sub-channels within the furniture and home furnishings category as well as examine the channels associated with online purchases. Coming soon will also be a look at the major products’ shares of each distribution channel.
April 16,
2015 by in Economic News, Industry
As the leading edge of the Millennials, the second largest birth generation in U.S. history, starts to make its way into the prime furniture purchasing age groups and the Baby Bust generation ages, the furniture industry will be looking forward to new household formations, first time home purchasers, and new families.
These children of the Baby Boomers— Generation Y and Millennials—are entering their 30s and will slowly feed the furniture industry for the next 20 years. Not surprisingly, Baby Boomers turning 65 in the next 10 years will facilitate a dramatic increase in the 65 and over age group.
Combined consumer age groups 25-to-34 and 35-to-44 are projected by the U.S. Census Bureau to increase by 8.7 million people or 10 percent over the next decade.
Table A below shows the percent growth by age segment.
As shown in the table, Baby Boomers aging over the next decade will cause the 65 and over age segment to skyrocket 37.8 percent—increasing at a rate of 3.3 percent a year from 2015 to 2025.
Combined, the 25-to-44 year olds are projected to increase 10.4 percent over the next decade. Note that consumers aged 35-to-44 spend the most on home furnishings per household of any group.
Meanwhile, the tail end of the Baby Boomers has finally entered its 50s. The 45-to-54 year olds, who have been the highest populated group over the last 10 years, will now house much of Generation X, also referred to as the Baby Bust generation, and are estimated to drop an average of 1 percent a year in population—with a 5.7 percent decline by 2025. These high earning consumers have historically been key purchasers of upper and premium furniture.
While projections for Ages 55-to-64 show a growth of 5.2 percent by 2020, these final Baby Boom numbers are expected to drop 3 percent by 2025.
The youngest segment, ages 15-to-24, is due to remain flat over the next five years and decline 1.2 percent by 2020.
The Next 10 Years
Table B, below, depicts the projected population in five-year increments—growth by 2020 and 2025. Ages 25-to-44 and 65 and over, will have steady increases each five-year period, while the remaining age segments are projected to experience both upturns and downturns during the same time span.
Each of these age segments is discussed in more detail.
Ages 15 to 24
Many of the Millennials will be aging out of the youngest of the future furniture purchasers, the 15-to-24 year old group, over the next five years. The group is expected to decline 1.7 percent by 2020 and remain relatively flat with 0.4 percent growth from 2020 to 2025.
Ages 25 to 35
As the Millennials begin to age into the young adult group ages 25-to-34, a projected rise of 6.3 percent in population by 2020 should cause the furniture industry to take notice. A poor job market has previously forced many back home to parents and delayed marriage for others. But a more robust economy should help with new household formations resulting in increased industry sales for this age group.
Ages 35 to 44
The largest spenders on home furnishings, the 35-to-44 year olds, are expected to have the highest growth among the key home furnishings purchasers—increasing 5.2 percent by 2020 with an additional jump of 7.7 percent by 2025. Combined 25-to-44 year olds are set to increase in number from 84.7 million to 93.4 million over the next decade—a gain of 10.4 percent. These younger adults will become the heart of the furniture industry.
Ages 45 to 54
Prime earners ages 45-to-54 are projected to decrease 5.3 percent in the next five years and will ultimately drop from 43.1 million in 2015 to 40.7 million in 2025. The decline of these peak income consumers will have the most negative impact on the furniture industry as they are often key purchasers of premium furniture.
Ages 55 to 64
While expected to jump 5.3 percent by 2020, Baby Boomers will age out of this group over the next five years—resulting in a slight overall 10-year growth of 1.6 percent.
Ages 65 and Over
Leading-edge Baby Boomers are aging into the 65 and over segment, which is expected to skyrocket 18 percent by 2020 and have a total increase of 37.8 percent for the entire decade. The furniture industry may think it will be sad to see the largest generation in history move into retirement; however, their influence will still be significant over the next 10 years.
Trend Impact on Sales
All of this demographic data is great information for reading how the shifting population will impact sales in the furniture industry.
The growth of the 25-to-44 year olds coupled with the decline of ages 45-to-54 should still result in moderate growth as the Millennials start to spend. This is based solely on demographic trends—projected population growth from the U.S. Department of Commerce and the U.S. Census Bureau, current headship rates, and most recent average consumer expenditures by age group from the Consumer Expenditure Survey.
Table I below shows the estimated industry sales by each age group.
Demographic trends alone should grow the industry by $7.7 billion dollars over the next 10 years to $97 billion. Because of their sheer numbers, in 10 years the over-65 Baby Boomers will still spend $17.8 billion and have the highest volume increase $3.1 billion. The 35-to-44 year olds, although smaller in number, will spend $21.7 billion with the highest average per household and grow by more than $2.5 billion in industry sales.
Table J, above, shows the expected percent increases in industry sales as a result of demographically driven trends.
Couple these demographically driven increases with the U.S. Department of Labor’s projected increases in consumer spending over the next 10 years and the outlook significantly improves. In addition, increased housing demand by the Millennials will also fuel the furniture industry.
March 12,
2015 by in Industry
Youth and infant furniture makers and retailers have reason to rejoice. A slow-and-steady resurgence in U.S. births hold promise to benefit the category.
Over the next five to 10 years, children of Baby Boomers will be moving into prime childbearing age. The recession slowed birth rates, but those sluggish rates have bounced back somewhat. Projections now call for a 3.2 percent increase over the next five years and a continuing ascent over the upcoming 30 years.
While the under 5 age group continues to catch up, the 5-to-9-year-old segment will experience shrinking numbers through 2020, and the 10-and-over group will remain stagnant.
Birth Projections
Births peaked in the United States in 1957 with the birth of 4.3 million babies. The number of births in the United States did not reach that level again until 50 years later in 2007 when 4.32 million babies were born.
After that, the recession hit, and the number of births started its descent.
While birth rates are now on a slow increase, it will be another 30 years before births in the United States exceed the annual 4.3 million level.
Table A showcases the up-and-down progression of births from 1950 and the projections into 2045. The statistics and the projections are derived from the United States’ Vital Statistics System from the Centers for Disease Control.
After the 8.6 percent downward spiral in the three-year period from 2007 to 2010—the recession—births are projected to grow an average of 1.4 percent every five years until reaching a total of 4.34 million in 2045.
10-Year Outlook
The under-5 age group is expected to have the highest population gains by 2025 with an increase of 5.2 percent. That forecasted growth rate will leave the three older youth age segments behind as each of them are projected to experience multiple dips and minimal growth when compared to the under-5 set.
Shown in Table B as the blue line on its upward trajectory, the under-5 group will be soaring for the next 10 years.
The group encompassing ages 5 to 9 are reeling from the lower birth rates during the Great Recession, and the group is expected to decrease 1.4 percent in the next three years from 2015 to 2018. Children under 5 will continue to age into this group creating an estimated 4 percent increase from 2018 until 2025.
In the next 10 years, the tween and teenage groups are projected to diminish or remain flat. Neither group will gain steam again until more than 10 years out when grandchildren of the Baby Boomers migrate into these segments.
Under 5 Set
Now that the recession has ended, the birth rate in the United States has picked back up giving the new players—those under 5—the power to boost the growing youth population.
As shown in Table C, the under-5 age segment has the highest population bump in the forecast. By 2020, youth under 5 will grow by 3 percent from 2015 and 5.2 percent by 2025 over the 10-year span–increasing from about 20.6 million to 21 million.
Ages 5 to 9
Children between the ages of 5 and 9, as shown in Table D, are expected increase in number by 2.1 percent in the 10-year span from 2015 to 2025. After a projected drop of 0.9 percent in five years, the under 5 set will provide this group a 3 percent boost, resulting in an estimated population of 20.9 million in 2025.
Ages 10 to 13
Table F illustrates that with an overall flat growth of 0.1 percent from 2015 to 2025, age group 10 to 13 shows signs of an initial slight increase of 0.8 percent by 2020. However, this segment is expected to fall 0.7 percent in the five-year span between 2020 and 2025.
Ages 14 to 17
The oldest age group in our youth report, ages 14 to 17, continues to decline and is projected to decrease 0.4 percent in 2020 and post another dip of 0.3 percent in 2025.
This dwindling population outlook for the two older youth segments can be attributed to a combined slowing of birth rates over the last five years trough the recession and the glut of the Baby Boomers’ grandchildren who have not yet reached their teenage years.
Forecasting beyond the next 10 years into the next decade—2025 to 2035—ages 10 to 13 and the age group of 14 to 17 are each expected to grow more than 4 percent.
Women of Childbearing Age
A key factor in determining the future of the youth furniture category is the projected population of women of childbearing age.
Key considerations are whether they are increasing in numbers whether they are having enough children to support healthy youth furniture sales.
Table H shows the projected population of women of childbearing age through the next 10 years in five-year increments. While the crude birth rate—number of births per 1,000 women—continues to decline and is expected to drop 3.2 percent from 2015 to 2025, the population of women of childbearing age—18 to 44—is expected to increase 6.5 percent during the next decade. That would account for an increase in projected births.
The number of women ages 18 to 24 will show no growth over the next 10 years, dropping 1.2 percent, as the children of Baby Boomers begin to leave that age group.
Meanwhile, women ages 25 to 34 in their prime childbearing years, are expected to increase in population with 7 percent growth over the next 10 years.
The highest growth will be women ages 35 to 44. This group is expected to increase by 12 percent in the next 10 years as the children of the Baby Boomers filter through their prime furniture purchasing years.
According to the National Center of Health Statistics, the number of first births to women 35 and over is nine times higher than in 1970. These women are delaying childbirth or having additional births well into their mid- and late-30s.
While adult children of Baby Boomers are jump starting the increase in births, they are still projected to have fewer children on average than their parents. In the short term these births will fuel the demand for furniture targeted toward infants and children under 5. However, it will be more than five years before there is an increase in the number of 5-to-9 year olds, and 10 years before we see growth in the 10-to-13 year old segment.
Editor’s Note: For additional in-depth information on the topic contact Lexi Benson at lexib@furniturecore.com or via phone at (404) 390-1525. Statistically Speaking is proprietary information from Impact Consulting/FurnitureCore research and any reuse is by permission only.