Consumer Spending Today | Consumer Spending for Furniture and Home Furnishings Products
2017 by Jane Chero in General
This is the final factoid in a series of four factoids detailing the growth of consumer spending since the recession. Although Healthcare spending still leads the way, Durable Goods, including Furniture and Home Furnishings products, have steadily increased their share of post-recession consumer dollars since 2009.
After a gradual post-recession recovery, consumer spending continues to grow an average of 3.8 percent a year since 2009. According to the Bureau of Labor Statistics’ Personal Expenditures Survey, Consumer Spending by U.S. Households totaled $12.76 trillion last year – increasing 3.9 percent from 2015.
In this first quarter of this year at a seasonally adjusted annual rate, Consumer Spending on furniture alone totaled $109.7 billion dollars. Major appliances is the second largest home furnishings spending category at $41.4 billion.
Although window coverings is the smallest of the home furnishings categories, it has experienced the largest post-recession surge in consumer spending increasing 42.1 percent. Carpets and other floor coverings have surged since 2015 with a total 32.2 percent growth since 2009. Both furniture and home furnishings accessories also experienced over 30 percent growth post-recession at 31.8 and 31.7 percent growth respectively.
Source: Personal Consumption Expenditures, Bureau of Labor Statistics
*Seasonally Adjusted at Annual Rates (SAAR)