Industry Sales by Quarter (2008 Q1 – 2013 Q3)
Industry sales continued to creep up slowly to $19.2 Billion, the highest level since the industry’s one-quarter historical peak in 2007 Q3 at $19.9 billion. Combined Furniture and Bedding grew 1.9% over the same 3rd quarter of last year and 6.1% over the previous quarter 2. Furniture (excluding Bedding) increased 1.9% over 2012Q3 and 5.2% over Q2 of this year. Bedding showed better improvement at 6.3% quarter to quarter (2012 Q3 to 2013 Q3) and 11.5% growth compared to the 2013 Q2. Year-to-date, Furniture sales are flat and Bedding up 2.48%.
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Industry Sales by Quarter (2007 Q3 – 2013 Q2)
The Industry experienced its typical 2nd quarter dip with overall Furniture and Bedding sales totaling $17.84 billion, down a half of a percent (-0.5%) over the 2nd quarter of last year. Furniture (excluding Bedding) had a disappointing first half of the year with 1st quarter sales down 2.8% followed by another 1.4% decline in quarter 2. For the Bedding Industry, after declining 1st quarter sales of -3.2% (Q1 to Q1), quarter 2 sales increased 4.8% over the same quarter of last year.
Industry Sales by Quarter (2007 Q3 – 2013 Q1)
Retail sales in general were weaker in Q1 and February especially was a poor month for retail furniture store sales. Overall, both bedding and furniture were flat compared to the 4th quarter (down less than two tenths of one percent, but both down close to 2% over the 1st quarter of last year (furniture & bedding down 2.06% and bedding only 1.89%).
Fourth quarter industry sales increased 3.5% over the same quarter last year; however, the rate of growth slowed from earlier quarters, but was down 2.4 % over the previous quarter of 2012.
Retail Furniture and bedding sales totaled $18.3 billion in Quarter 4.
In the 2nd quarter, industry sales followed what has become its typical 2nd quarter seasonal dip. The 3rd quarter rebounded strongly growing 7.3% over the same quarter of 2011 and 6.2% over the previous 2nd quarter of this year (2012 Q2 to 2012 Q3).
Retail Furniture and Bedding sales totaled $18.3 billion in quarter 3.
In the third quarter of this year, the Furniture Industry rallied to its highest level in three years up 5.6% over the last quarter (2011Q2 to 2011Q3) and up 1.9% over the same quarter of last year (2010Q3 vs. 2011Q3).
Retail Furniture and Bedding sales totaled $16.9 Billion for the quarter.
Political turmoil, natural disasters and depressing economic news have contributed to the ongoing decline of consumer confidence and industry sales in the second quarter of 2011. While industry sales are gradually declining since the third quarter of 2010, consumer confidence has decreased more dramatically and is the lowest it has been in a decade. Those not yet feeling the burdens are benefiting from the continuing industry consolidation.
From a national perspective, the Furniture Industry declined in the 2nd quarter with sales down 1.8% over the 1st quarter of this year and was flat compared to the 2nd quarter of last year (up only 0.4%). Measured and calculated decisions will be the deciding factors for those who survive these unnerving economic times.