Major Home Furnishings Consumer Products Average Annual Furniture Expenditures (Households) Selected Years 2003 to 2013
In 2003, the average annual household expenditure on Major Appliances was less than 50% of Furniture expenditures -- $196 versus $401. During the recession (2009) Major Appliances grew to 57% of Furniture and have remained close to that expenditure in 2013 (56%). As new home building recovers, Major Appliances and Furniture should get further bumps in growth.
Meanwhile, the average household spent $100 annually on Televisions in 2003, only 25% of the amount spent on Furniture of $401. By 2009, that ratio had grown tremendously to 44% as innovations in TVs peaked consumer demand. In 2013, the amount spent on Televisions had fallen slightly to 40% of Furniture -- $151 versus $382.
Of the three major home furnishings consumer products, Furniture was hardest hit during the Great Recession, but has shown more growth in the recovery than its sister products Major Appliances and Televisions. Yet none of the home furnishings products has reached historic average household sales levels attained between 2006 and 2008.
Source: U.S. Department of Labor, Bureau of Labor Statistics, “Current Expenditure Survey”