Industry Sales2013 YE to 2020 Q1 Furniture & Bedding
The furniture industry began 2020 building on the previous two quarters of 2019 with 8%+ growth in January and February. Then in early March, COVID-19 brought much of the brick and mortar furniture industry to a standstill where it remained throughout April. Preliminary estimates show online sales took up some of the slack, but not a significant amount.
High industry sales in the first 60+ days of the quarter were enough to keep growth 2.6% over the first quarter of last year. However, compared to the fourth quarter of 2019, sales fell 5.4%. Preliminary estimates put first quarter 2020 furniture and bedding sales at $28.53 billion.
Note: Statistically reliable data in not available to segment bedding industry sales.
Despite threats of a possible late year recession in 2019, the furniture and bedding industry continued to improve quarter over quarter and into the first two months of 2020. But the devastating impact of COVID-19 on the last few weeks of the quarter resulted in industry sales up only 2.6%.
COVID-19’s impact on industry sales in March of this year overshadowed the 8%+ growth in January and February. The first quarter of 2020 finished at an estimated $28.53 billion, 2.6% over 2019 Q1.