Retail sales forecast
Furniture and bedding retail sales totaled $82.5 billion in 2010, an increase of 2.9% from 2009 sales of $80.2 billion. This slow, but positive growth is much-welcomed, coming on the heels of an 8.1% decrease between 2008 and 2009 and a 6.2% decline between 2007 and 2008.
Retail sales will climb a projected 9.94% to $90.7 billion by 2015, according to statisticians at Easy Analytic Software Inc. (EASI), based in New York. Furniture and bedding sales last topped the $90-billion mark in 2007, prior to the economic recession.
Four states are projected to grow furniture and bedding sales at rates 1.5 times faster than the national growth average of 9.9% between 2010 and 2015. They include the Western states of Utah, with slated growth of 16.6%, Wyoming at 15.2% and Colorado at 15.1%; and the Southern state of Texas, with predicted furniture and bedding sales growth of 15.7%.
Hinesville-Fort Stewart, Ga., is expected to be the fastest growing major metropolitan market over the next five-year period. Home to the largest Army installation east of the Mississippi, this metro sold $17.2 million worth of furniture and bedding during 2010 and is expected to grow its sales by 30.1%, reaching $22.4 billion by 2015.
The major metro of Raleigh-Cary, N.C. is poised to increase its furniture and bedding sales by 22.7% to $389.1 million in 2015, the second fastest growth rate of the country's 363 large or major metro areas. Census defines a major metro area as having at least one urbanized area of 50,000 or more people.2011 Product Potential Reports
Product Potential Reports are now available through Furniture/Today's Research Store for 19 home furnishings product categories. These reports give estimated 2010 sales and projected 2015 sales by state and metro area for each specific product. Click here for more information.About the data
Furniture and bedding consumer spending figures are Furniture/Today market research estimates. They are based on figures from the U.S. Department of Commerce and adjusted to exclude contract furniture and certain other non-residential furniture product categories, such as car seats and party rentals.
Estimates begin with furniture product segment figures developed by Furniture/Today that are then coupled with data from EASI's extensive database of demographic and sales information. Projections for 2015 are determined using statistical modeling that account for predicted changes in population levels, age, ethnicity and household growth, as well as other factors. Changes in economic conditions are not part of the equations.