At a fraction of the population size of Baby Boomers and Millennials, Generation X is the top contributor in household spending – most importantly furniture spending.
Retailer Williams-Sonoma (NYSE: WSM) said revenues jumped 6.2% to $1.68 billion in the fiscal fourth quarter, but net income tumbled due to a pair of one-time tax charges stemming from recently-enacted changes in corporate tax law.
Our examination of consumer spending by generation continues this week with a comparison of the housing tenure, race and education of each group.
Despite a slight decline in same-store sales in the fourth quarter, discount retailer Big Lots (NYSE: BIG) reported a double-digit increase in earnings for the quarter and the fiscal year that ended Feb. 3.
Generation X had an average household income of $95,168 in 2016, easily outdistancing Baby Boomers and Millennials, according to the annual Consumer Expenditure Survey from the Bureau of Labor Statistics.
Sales at Mattress Firm fell 16% to $638 million in the quarter ended Dec. 31, parent company Steinhoff International reported this week, saying the mattress retailer’s business was disrupted by a raft of operational changes and competition from online mattress players.
Last year ended on a disappointing note for many furniture manufacturers, as December factory orders fell 9% from December 2016, according to the monthly Furniture Insights survey from the Smith Leonard accounting and consulting firm.