- Highest gains in nine years
- Bedding holds top spot
- Five-year outlook strong
By Alan Wolf, YSN
Despite the trials and tribulations of the supply chain, 2021 proved to be a bountiful year for the home furnishings business.
According to a new tally by Furniture Today and Easy Analytic Software (EASI), furniture and bedding sales reached an estimated $120.4 billion industrywide this year, up 4.5 percent over 2020, the highest increase since 2012.
Broken out by category, bedding won the top spot with $18.5 billion in sales, barely edging out stationary sofas, which took in $18.4 billion. Bedding also enjoyed the greatest year-over-year increase, with gains of 8.8 percent, compared to stationary sofas’ 5 percent sales growth.
Together the two categories accounted for 15 percent of total furniture and bedding spending this year, Furniture Today found. In contrast, outdoor furniture grew by 4.8 percent, to $5.2 billion in 2021 sales, placing it a distant third.
And while continuing supply chain challenges and rising inflation could impact consumer spending into 2022, the good news is that furniture and bedding sales are expected to grow nearly 21 percent over the next five years, to more than $145 billion by 2026, the publication projects. Categories that are expected to see significant growth include curios, swivel/glider rockers, home office and home entertainment furniture, casual dining sets, and the aforementioned stationary sofas, which could reclaim their lead over bedding.
Hat tip to Furniture Today.