Markets Finally Recovering to Pre-Recession 2007 Sales Levels Retail Furniture & Bedding Sales 2007 to 2015
This is the first factoid in a series of four factoids detailing the Furniture Industry’s recovery from the Recession to finally meet and exceed pre-recession peak sales of 2007. The majority of the positive growth in 2015 occurred in large Metropolitan Statistical Areas (MSA’s), while many Micropolitan Statistical Areas (Micro SA’s) and Rural Areas are still struggling to make a full recovery.
The Furniture Market trudged through eight years of recession and slow growth to finally dig out and surpass the performance in 2007. The industry plummeted 17.4 percent in two years, but it took another six years to recover and grow 24.4 percent to sales of $92.2 Billion in 2015.
In both 2007 and 2015, MSA’s control 90.6 percent of industry sales with smaller Micropolitan Statistical Areas totaling 6.2 percent and the remaining 3.2 percent spread among the rural areas. All three market types are now above 2007 levels. MSA’s took a nosedive in 2009 – dropping 17.7 percent as Micro SA’s and Rural Areas decreased 14.4 and 13.6 percent. While the larger markets had the greatest declines, they have also made the biggest comeback – growing 24.8 percent in comparison to 20.4 percent and 20.9 percent in the smaller markets and rural areas.
Source: Impact Consulting Services Proprietary Model
Sales analysis is provided by Impact Consulting Services, Inc., Atlanta, Georgia and is part of a proprietary model that tracks retail furniture and bedding sales at the market level. Sales include bedding, upholstery, bedroom, dining room, occasional, outdoor, and other miscellaneous furniture items. Sales tax is excluded. Data for all years is calculated based on current market geographical boundaries.