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From Home Furnishing Business
Fast Fact: Consumer Spending on Furniture Up 7% in 2018
July 1,
2019 by Laurie Northington in Business Strategy, Industry 
Consumer spending on furniture increased 7 percent in 2018 outpacing the growth of all other broad home furnishings goods categories with $114.6 billion in sales. Despite promising growth, all home furnishings goods continue to lose consumer dollars to spending on services including healthcare, rents and mortgages, according to data from the Bureau of Labor Statistics.
Although services will continue to eat away at consumer dollars with rising housing rents and mortgages, spending on durable goods is on the rise and has increased by 44 percent since 2009.
A comprehensive historical revision to Consumer Spending statistics in the second half of last year by the Bureau of Economic Analysis confirmed that growth in furniture spending coming out of the Recession ending in 2009 was not as robust as first published. The BEA lowered estimates of furniture spending beginning in 2011 and which has cumulated to an 8 percent correction that has carried through 2018.
For a closer look at the numbers, click here.