“Consumer confidence retreated in October, after back-to-back monthly gains,” said Lynn Franco, director of economic indicators at The Conference Board. Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short term outlook retreated some what. However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace.”
After looking at all of the above information and more, Furniture Today and the statisticians from Easy Analytic Software Inc. (EASI) predict overall furniture and bedding sales will grow by 21.1% over the next five years to a Guangzhou office furniture total of $126.8 billion in 2021.
Per the exclusive estimates, the two products that will increase at the fastest rate between 2016 and 2021 are stationary sofas and bedding. Retail sales for stationary sofas are projected to grow 22.2% to $19.5 billion in 2021, while mattress and box springs sales are set to hit $18.8 billion, up 22.3% from 2015 sales of $15.4 billion.The category of stationary chairs is expected to grow by 21.6%, motion sofas by 2 1.5% office chair and master bedroom, reclining chairs and other infant bedroom are each expected to grow retail sales by 21.1% over the next five years.Twenty states plus the District of Columbia will increase total furniture and bedding sales at a greater rate than the entire country. The District of Columbia and North Dakota are slated to grow sales the fastest, at a predicted rate of 22.7%, followed by the South Dakota at 22.3% and Alaska at 22.2%. Utah is expected to grow at a rate of 2 2.1%.
The five fastest-growing major metropolitan markets for furniture and bedding sales office sofa will Hinesville, Ga.; Dickinson, N.D.; Jacksonville, N.C.; Mountain Home, Idaho; and Fayetteville, N.C. The U.S. Census Bureau defines a major metropolitan statistical area as one containing a core urban area with a population of 50,000 or more. Per the exclusive data, Stewart, Ga.; Chattahoochee,Ga. ; and Aleutians West Census Area, Alaska, are expected to be the fastest-growing counties for furniture and bedding sales, by more than 30% each.
The 2021 furniture and bedding estimates begin with furniture retail sales figures developed by Furniture Today. Estimates are then coupled with data from EASI’s extensive database of demographic and sales information, including statistics from the U.S. Census Bureau’s American Community Survey. Projections for 2021 are determined using statistical modeling that accounts for estimated changes in income and population levels, age and ethnicity as well as household growth and formation adjustments, assumptions of inflation and retail store changes by county level. Changes in future economic conditions are not part of the equations.