Prime Furniture Purchasing Income Groups Average Annual Furniture Expenditures (Households) by Income Groups in Selected Years 2003 to 2012
All of the income segments were affected by the recession that peaked in 2009. As the data shows, spending levels for the higher income groups declined the most, but are now bouncing back at a higher rate.
Households making $150,000 and over spent 44% less from 2007 to 2009 but increased 26% from 2009 to 2013Q2 with an average annual expenditure of $1,311. After spending 35% less from 2007 to 2009, those making $100,000 to $149,999 upped their annual spending by 25% in 2013Q2.
Median household income has dropped from $56,080 in 1999 to $51,017 in 2013. Average annual spending for the income group closest to the national average ($50,000 to $69,999) has shown the same trend -decreasing since 2003 (with a flat growth of 2% from 2009 to 2013Q2).
Spending for those making $20,000 to $49,999 stayed relatively static from 2003 to 2013Q2 (down slightly by 3%). While households making $20,000 and under dropped by (-18% ) over the same period –averaging just $103.
Source: U.S. Department of Labor, “Consumer Expenditure Survey” and Impact Consulting model.