From Home Furnishing Business
FastFact: Furniture Spending Rebounds Since 2009
The recession, at its peak in 2009, had a negative impact on furniture buying, according to figures from the U.S. Department of Labor and Impact Consulting Services.
Consumers in the under-$20,000-income bracket are the only ones who haven't yet bounced back from the 2009 recession in regard to furniture spending.
Since the economy's recovery, consumers have increased furniture buying, but they still haven't returned to pre-recession levels. In 2003 and 2007, the industry recorded larger furniture expenditures than in the second quarter of 2013.
Between 2007 and 2009, households with earnings of $150,000 and more spent 44 percent less, but their expenditures increased by 26 percent from 2009 to the second quarter of 2013 with an average annual expenditure of $1,311.
The $100,000-$149,999 income group increased annual spending by 25 percent in the second quarter of 2013, with average annual expenditure totaling $681 up from $543, the average amount the group spent on home furnishings in 2009.
In 2013, the median household income was $51,017, a 9 percent decline from $56,080, the median income in 1999. Furniture spending has mimicked this trend, decreasing since 2003 with a flat growth rate of 2 percent between 2009 and the second quarter of 2013.
Expenditures for the $20,000-$49,999 income group remained static from 2003 through the second quarter of 2013. The group's furniture spending dropped a slight 3 percent.
Lastly, the income group with the lowest annual earnings experienced an 18 percent decline in furniture spending during the same time frame.
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