Industry Growth by Quarter 20120Q4
Brick and mortar furniture and home furnishings stores in the second quarter of 2020 could do little during April mandatory closures but watch e-commerce and mass merchant retailers move in to fill the void. Pent-up demand, along with Federal stimulus dollars, fueled a third quarter rebound among all furniture retailers that lasted through the rest of 2020. Sales in Q4 2020 totaled $34.63 billion, an increase of 13.9% over the same Q4 of 2019, and down slightly 2.4% from the historic growth of Q3 of 2020. Year end furniture and bedding sales totaled $128.68 billion, an 8.1% increase over 2019.
Furniture sales, excluding bedding, $30.43 billion in the fourth quarter, up 14.5% compared to Q4 2019, but were down 0.8% compared to Q3 2020. For the year, furniture (excluding bedding) sales increased 8.8% over 2019.
Meanwhile bedding sales fell significantly 11.9% during the second quarter of 2020, but recovered in the third quarter and fourth quarters increasing 13.7% and 9.2% respectively. Bedding sales for Q4 year totaled $4.2 billion and finished the year at an estimated $16.63 billion.
The growth in furniture sales during 2020 was significant, from $24.81 billion in Q1 to $30.43 at Q4 year end. Meanwhile bedding experienced a higher percentage drop in the second quarter to $3.23 billion and but made gains in the third and fourth quarters to $4.8 billion and $4.2 billion respectively.
After a drop in the second quarter, the stay-at-home consumer went on a buying spree that lasted through the final two quarters of 2020. Furniture and bedding sales increased 13.9% in Q4 last year versus the fourth quarter of 2019. Compared to Q3 of 2020, the fourth quarter fell 2.4% to $34.63 billion. Year end 2020 sales grew 8.1% over 2019.
Despite struggling briefly during the second quarter of the 2020 pandemic, industry sales ended the year 8.1% higher than 2019.
Source: Impact Consulting Services, Inc. Furniturecore.com industry model
Note: Previous 2020 Q3 estimates have been revised.