Originally printed in the April 13th issue of Furniture Today
Furniture Today’s Spring Economic Roundup focuses on key issues for the home furnishings industry. They include economic growth, home sales, household income, furniture store sales and household expenditures.
There are a number of signs that should bode well for the furniture industry in the coming year. Among them, near-record consumer confidence, an unemployment rate approaching economists’ definition of full employment and solid growth in GDP and jobs. Clouding the outlook, however, are housing numbers that are less than robust, including declines in construction and existing home sales, rising housing prices and decreasing supply. This is particularly true in the price segments sought by Millennials, the largest potential base of new home-buyers.