From Home Furnishing Business
Fast Fact: Furniture Industry, E-commerce Retailer Sales Skyrocket 486% in 11 Years
2018 by Laurie Northington in Economic News, Industry
E-commerce retailers continue to rise in the furniture industry as many brick and mortar stores are searching for strategies to compete with giant online retailers.
Sales of combined furniture and home furnishings through e-commerce retailers have increased 486 percent from $7.9 billion in 2006 to an estimated $46.3 billion in 11 years (2006 to 2017), according to data from the U.S. Census Bureau and the proprietary market model from Impact Consulting, parent company of Home Furnishings Business.
Growing at an average annual rate (CAGR) of 17.4 percent a year, e-commerce furniture and home furnishings retailers show no signs of slowing down. The two giants in the industry, Amazon and Wayfair, are both looking at ways to incorporate brick and mortar stores into their portfolios.
In addition to furniture and home furnishings, other consumer merchandise lines dramatically increased sales through e-commerce retailers. At $59.1 billion in sales, clothing/footwear leads e-commerce retailer sales in 2016 up from $12.9 billion in 2006 – skyrocketing 358 percent.
For a closer look at the numbers, click here.