Industry Growth by Quarter 20120Q4
2021 by Laurie Northington in General
Brick and mortar furniture and home furnishings stores in the second quarter of 2020 could do little during April mandatory closures but watch e-commerce and mass merchant retailers move in to fill the void. Pent-up demand, along with Federal stimulus dollars, fueled a third quarter rebound among all furniture retailers that lasted through the rest of 2020. Sales in Q4 2020 totaled $34.63 billion, an increase of 13.9% over the same Q4 of 2019, and down slightly 2.4% from the historic growth of Q3 of 2020. Year end furniture and bedding sales totaled $128.68 billion, an 8.1% increase over 2019.
Furniture sales, excluding bedding, $30.43 billion in the fourth quarter, up 14.5% compared to Q4 2019, but were down 0.8% compared to Q3 2020. For the year, furniture (excluding bedding) sales increased 8.8% over 2019.
Meanwhile bedding sales fell significantly 11.9% during the second quarter of 2020, but recovered in the third quarter and fourth quarters increasing 13.7% and 9.2% respectively. Bedding sales for Q4 year totaled $4.2 billion and finished the year at an estimated $16.63 billion.
The growth in furniture sales during 2020 was significant, from $24.81 billion in Q1 to $30.43 at Q4 year end. Meanwhile bedding experienced a higher percentage drop in the second quarter to $3.23 billion and but made gains in the third and fourth quarters to $4.8 billion and $4.2 billion respectively.
After a drop in the second quarter, the stay-at-home consumer went on a buying spree that lasted through the final two quarters of 2020. Furniture and bedding sales increased 13.9% in Q4 last year versus the fourth quarter of 2019. Compared to Q3 of 2020, the fourth quarter fell 2.4% to $34.63 billion. Year end 2020 sales grew 8.1% over 2019.
Despite struggling briefly during the second quarter of the 2020 pandemic, industry sales ended the year 8.1% higher than 2019.
Source: Impact Consulting Services, Inc. Furniturecore.com industry model
Note: Previous 2020 Q3 estimates have been revised.