Major Consumer Home Furnishings Products: Distribution of Personal Consumption Expenditures 2000 Versus 2014 Q2 (annual rate)
This is the first in a series of three Factoids detailing the Furniture industry’s growth in share of the three major home furnishings product categories – Furniture, Major Household Appliances, and Televisions. Furniture has lost share over the last 14 years, slightly to Major Appliances, but sharply to the rapid innovation in Televisions.
Furniture and Bedding continues to claim the largest share of the three home furnishings product categories at 55.4% but has lost 6.8 market share points, primarily to televisions. Since 2000, total personal consumption of furniture products has grown 28% (2014 Q2 annual rate) to $97.1 billion, the lowest growth rate of the three home furnishings categories.
Appliances have also lost market share slightly to Televisions, falling from 24.8% to 22.8% between 2000 and 2014 Q2. However the Major Appliance category has gained slightly on Furniture and Bedding. In terms of growth, the $39.5 billion Major Appliance industry has grown 32% compared to Furniture’s 28%.
The innovation in Televisions has been the major home furnishings consumer expenditure story early on, growing from 13.1% of the home furnishings category to 21.8% over the 14-year period. However, next week’s Factoid will show that Television growth peaked in 2008 and has remained stagnant, while Furniture and Appliances have continued to grow.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, “Personal Consumption Expenditures”