A barometer of consumer sentiment hit an 11-year high this month buoyed by lower gasoline prices and a stronger labor market, according to the University of Michigan’s Consumer Sentiment Index.
Consumers these days are spending more on services and less on durable goods.
U.S. retail sales slipped 0.9 percent in December as demand for goods fell nearly across the board. The bright spot for the home furnishings industry — receipts at furniture stores climbed 0.8 percent.
Versatile Credit posted an 18 percent increase in approved consumer credit during the 2014 holiday shopping period.
Looking at the three major home furnishings products —televisions, furniture and appliances — furniture suffered the worst side effects from the recession.
Since the recession, sales within the furniture industry have outperformed sales of major appliances and televisions, according to data from the U.S. Department of Commerce.
Consumer confidence improved for December and currently stands at 92.6, up from 91.0 in November, according to The Conference Board.