Industry Growth by Quarter 20120Q3
The furniture industry limped through the second quarter following the devasting impact of retail store closures in April due to the COVID-19 pandemic. However, pent-up demand along with Federal stimulus dollars fueled a third quarter rebound. Sales in Q3 this year totaled $34.99 billion, an increase of 14.1% over the second quarter of last year and 19.2% over Q2 of this year. Third quarter year-to-date furniture and bedding sales totaled $93.56 billion, a 5.6% increase over the first three quarters of 2019.
Furniture sales, excluding bedding, reached $30.24 billion in the third quarter, up 14.3% compared to Q3 2019 and 15.8% versus the previous second quarter this year. Third quarter year-to-date, furniture sales are up 6.2% over the same period in 2019.
Bedding sales, already slumping in 2019, tumbled in the second quarter of 2020, but recovered in the third quarter increasing 12.5% over the third quarter of last year to $4.75 billion. Compared to the hard-hit second quarter during the pandemic, Bedding jumped over 40%. Third quarter year-to-date Bedding sales are up 1.8% to $12.38 billion.
Furniture and Bedding sales increased 14.1% in Q3 this year versus the third quarter of last year. Compared to Q2 of 2020 when the pandemic took its toll, the industry grew 19.2%. Third quarter sales totaled to $34.99 billion, and year-to-date were up 5.6%.
Year-to-date, the third quarter of this year is up 5.6% over the same nine months of 2019. Industry sales through Q3 totaled $93.56 billion.
Source: Impact Consulting Services, Inc. Furniturecore.com industry model
Note: Previous 2020 Q1 and Q2 estimates have been revised.