The retail landscape has evolved over the last ten years and continues to shift as more brick and mortar stores shutter their doors amid a growing e-commerce industry. Dramatic shifts in the furniture industry’s distribution channels occurred in both sales and in-store counts, according to data from the U.S. Bureau of Labor Statistics.
Mattress industry sales totaled $3.60 billion in the fourth quarter, a 2 percent jump over the same quarter in 2017, according to preliminary estimates from Impact Consulting Services’ proprietary industry model.
The National Retail Federation (NRF) has forecasted that retail sales during 2019 will increase between 3.8 percent and 4.4 percent to more than $3.8 trillion despite threats from an ongoing trade war, the volatile stock market and the effects of the government shutdown.
Housing inventory shortages and rising home prices are being felt across the country – in states with the highest ratio of homes for sale and big cities with already tight inventory, according to data from the U.S. Census Bureau and Zillow Inventory Data.
New orders in October 2018 rose 7% over October in 2017, according to Smith Leonard’s latest survey of residential furniture suppliers.
Numerous factors have converged to create a housing shortage in the U.S., one of which is the lack of construction labor.
Housing inventories across both rentals and homes for sale continue to decline well after the recession, according to data from the U.S. Census Bureau’s Current Population Survey/ Housing Vacancy Survey.