Originally printed in the September 2015 print issue of HFN
It's not often that home furnishings sales buck the trend and go up when residential real estate sales declined, but that's what happened in 2014.
Total home revenues—including housewares, tabletop, rugs, textiles, furniture and lighting—increased a modest 2.4 percent in 2014, despite a 3.1 percent decline in home sales compared to the prior year. For all of 2014, there were 4.93 million homes sold, down from 5.09 million in 2013, according to the National Association of Realtors.
In 2014, total home furnishing industry sales peaked at $178.7 billion, up $4.25 billion from $174.5 billion the prior year. Nearly half of total home sales were rung up in discount department stores—such as Walmart, Target, Kmart, T.J. Maxx/Marshalls, Ross Stores, Big Lots, Tuesday Morning, Shopko, Family Dollar and Dollar General—and furniture stores. Meanwhile, 14 percent of total home furnishing sales were sold through specialty stores, while pure-play online retailers such as Amazon, Overstock and Wayfair are acquiring more market share each year, accounting for 11 percent share of total home furnishing industry sales in 2014.
HFN's exclusive State of the Industry report provides estimated 2014 and 2013 retail sales and distribution channel data for home furnishings, including the categories of housewares, tabletop, floor coverings, lighting, textiles and furniture. All data is based on estimated U.S. retail sales figures.
Note that 2013 figures have been revised due to new information, and all figures have been rounded. All data are HFN market research estimates.
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