Industry Growth by Quarter 20120Q2
In the second quarter, the furniture and bedding industry felt the full impact of COVID-19 economic restrictions with sales falling to $29.06 billion. Coming off strong industry sales in January and February, virtually all brick and mortar furniture stores shut down the last part of March and the entire month of April before reopening in June. Preliminary estimates show online sales took up some of the slack, but not a significant amount, and many brick and mortar retailers reported strong sales upon reopening.
Second quarter 2020 furniture and bedding industry sales were 2.8% below the same quarter last year. Compared to the preceding quarter Q1 2020, Q2 sales were down 0.5%.
Furniture sales, excluding bedding, totaled $25.63 billion down 2.3% Q2 2020 compared to Q2 2019 but up 3.0% over Q1.
Bedding sales in the second quarter declined 6.5% compared to the same quarter last year falling to $3.43 billion. The second quarter of each year is typically seasonally much lower in sales compared to the preceding quarter. This held true even in the pandemic with Q2 2020 bedding sales 21% lower than Q1 2020.
The devastating impact of COVID-19 forced second quarter 2020 industry sales down 2.8% below the same quarter last year, which is the first yearly quarter over quarter decline in furniture and bedding sales since 2013 Q1 when sales were down 0.4% over 2012 Q1.
COVID-19’s impact on industry sales in March and April of this year overshadowed the 8%+ growth in January and February plus May and June store reopening sales. Year-to-date the second quarter of 2020 total $58.27 billion in furniture and bedding sales which is down 1.3% from the sale period last year.
Source: Impact Consulting Services, Inc. Furniturecore.com industry model
Note: Previous 2020 Q1 estimates have been revised.