WREN Report: Consumer Spending Slips, Home Supply Increases

October 12, 2008  by in UnCategorized   

By Home Furnishings Business in on October 2008 • Consumer spending on all home furnishings, including furniture and bedding, slipped in August. Home furnishings spending in August was $416.3 billion, down 0.7 percent from July spending. Measured against August 2007 spending, total home furnishings spending decreased 0.2 percent.

Spending on furniture and bedding fell again in August, down 3.1 percent from this time last year to $82.1 billion. Compared with July spending, consumers spent 0.2 percent more on furniture and bedding in August.

The U.S. Department of Commerce tracks consumer spending. Included in home furnishings is virtually everything in consumer homes, including home textiles, consumer electronics, home accents and major appliances. Antiques and valuable art are not included.

• Reflecting the opposite of August’s decrease in new house sales results, down 11.5 percent, the supply of new houses available for sale, measured in the median number of months on the market, increased 7.1 percent to 9.1 months in August, compared with July. Measured against year-earlier numbers, the supply of new homes on the market was up nearly 60 percent. New home sales are tracked by the U.S. Dept. of Housing and Urban Development and the U.S. Census Bureau.

Weekly Review of Economic News (WREN) reports are summaries of recently-released economic statistical data that affect the home furnishings industry. WREN reports are compiled by HFB Research Editor Janice Chamberlain.