In recent years, growing wages, higher employment, a boost in consumer confidence and a healthy housing market have propelled import growth. The U.S. Census Bureau gives a breakdown of the major furniture imports by material type.
Historically, wood products are the largest material category among furniture imports, but the share of upholstery and metal furniture imports is increasing yearly, according to data from the U.S. Census Bureau.
Despite profits declining 2.3%, retailer Williams-Sonoma (NYSE: WSM) said revenues jumped 6.1% to $1.28 billion in the second fiscal quarter. Overall, strong results from the first half of 2018 has caused the company to raise its full-year guidance.
Out of over 200 countries exporting furniture into the U.S., over 90 percent of U.S. imports is from just 9 of those countries. China tops the list with an import value of $18 billion in 2017, followed by Vietnam at $4 billion.
Target Corp. (NYSE: TGT) has hired John Bauer as senior vp of global inventory management to lead the teams responsible for ordering, inventory positioning, global trade and domestic transportation.
The National Retail Federation has upgraded its retail sales forecast for 2018 and said sales are now expected to grow more than previously predicted.
The Great Recession, 2007 to 2009, created a major collapse in international trade, affecting both imports and exports of household furniture. While a healthy economy has propelled import growth since then, exports are still struggling.