How close was the '05 forecast?
By Furniture Today Staff -- Furniture Today, January 8, 2006
High Point — Last year's Furniture/Today forecast was too optimistic on some counts, but not by much.
The analysts predicted consumer spending on furniture and bedding would rise by 4.1% in 2005, but the latest estimate is that it climbed 2.9%. The forecast called for furniture store sales to rise by 2%, almost in line with the actual estimated 2.1% increase.
U.S. furniture factory shipments fared worse than the predicted 3.7% gain, declining by an estimated 1% last year. The forecast also missed the mark on furniture prices, foreseeing a 1.3% rise at the consumer level. Prices actually declined an average of 1.2%.
Housing held up better than expected. The forecast predicted U.S. housing starts at 1.9 million in 2005, but the final number was 2.1 million. Single-family home resales were expected to slip to 6.4 million, but they actually held strong at 7.1 million.
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