From 2013 to 2023, US Furniture and Home Furnishings Stores Sales showcased a mixed trajectory, with notable growth periods and sharp declines. Following a consistent growth phase up to 2019, 2020 experienced a significant dip due to external factors, decreasing by 15.84% year-on-year. However, the sector rebounded quickly in 2021 with a 16.01% increase. From 2022 to 2023, sales continued to rise modestly, standing at 122.47 billion USD in 2023.
Over the last two years (2022-2023), there was a year-on-year increase of 6.64% and 1.27%, respectively. The five-year CAGR leading up to 2023 was 1.35%, reflecting moderate annual growth.
Future trends to watch for:
- Increasing adoption of online and omnichannel retail strategies.
- Rising consumer preference for eco-friendly and sustainable furniture.
- Potential market volatility due to economic conditions and inflation.
The forecasted CAGR from 2024 to 2028 is 1.01%, indicating steady albeit slower growth compared to previous periods.
