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Furniture, bedding retail sales fall in 2008
Dana French -- Furniture Today, January 13, 2009
HIGH POINT - A look back: 2008 was stymied by an economic crisis that included the Wall St. meltdown, the federal
government bailout, a global credit crisis, declining home prices, decreasing consumer confidence and rising
unemployment.
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The Midwest region of the country was hit the hardest, realizing an 11.4% decline in furniture and bedding sales between 2007 and 2008, while states in the Northeast experienced a 10.8% decrease.
Even the South and West were not immune to the tough economic conditions. The Western part of the U.S. saw its furniture and bedding retail sales decrease 8.9% in 2008, and the South saw a 7.2% decline.
Looking to 2013
A look ahead: According to the statisticians at Easy Analytic Software Inc., based in New York, furniture and bedding retail sales are projected to increase 12.5% in the next five years, garnering $86.77 billion by 2013. The five-year projected increase means 2013 spending levels will be just $2 billion more than actual spending levels
in 2007.
For the complete report see our special year-end print issue of the Retail Planning Guide. To order the electronic report, click here.
