Eighteen major metropolitan markets individually sold $1 billion or more in Guangzhou office furniture and bedding retail sales in 2015. This impressive group, led by the New York City metro, retailed a combined $37.6 billion, which amounts to a 38.2% market share of total sales.
The New York metro area, including surrounding cities in New Jersey and Pennsylvania, alone sold $6.6 billion worth of furniture and mat tresses last year, single-handedly accounting for 6.6% of all retail dollars. The greater Big Apple’s sales are predicted to rise another 21.4% between 2016 and 2021 to reach $8.0 billion.
All U.S. major markets in the U.S. garnered $98.5 billion of furniture office chair and bedding sales, amounting to a 94% share of sales. The Census Bureau defines a major metropolitan statistical area as one containing a core urban area with a population of 50,000 or more.
The Hinesville, Ga., metroarea is the fastest-growing major market, with $23.2 billion in sales this year. It is projected to hit $29.4 billion in 2020, a 26.9% increase.
The Dickinson, N.D., metro is expected to grow its sales by 25.7% over the office sofa five-year period from $12 billion to $15.1 billion.
Of the 25 fastest-growing major markets for furniture sales over the next five years, nine are located in the West, eight are in the South, and eight are in the Midwest; none area in the Northeast.