From Home Furnishing Business
FastFact: Furniture Spending Varies Little Among Low, High-Income Households
The percentage of income spent on furniture and appliances varies little between low- and high-income households, according to the latest Consumer Expenditure Survey from the Bureau of Labor Statistics.
The data showed that the lowest income households – those making less than $20,000 annually -- spend 0.6% on furniture. But those making more than $105,600 annually – the top 20% of U.S. households – spend 0.9% of their income on furniture.
The difference was even less for major appliances, with households making less than $20,000 spending 0.5% on those products, while those above $105,600 spending 0.4%.
For a detailed look at the numbers, click here.