U.S. furniture and bedding sales will grow a little more slowly this year as economic growth tapers off and unemployment remains stubbornly high, according to Furniture Today's new consensus forecast.
Consumer spending on furniture and bedding, a broad measure of retail activity, is projected to increase 4.3% this year to $87.8 billion, after growing 5.1% in 2012.
While 2013 is expected to be the industry's fourth year of growth in a row, business hasn't quite recovered to the level of the peak years in 2006 and 2007, when spending hit $90.9 billion. The industry is likely to continue its slow recovery from the Great Recession.
One bright spot is expected to be housing, with housing starts projected to advance nearly 10% to 945,000 - not a record pace by any means, but a sign of health.
Furniture/Today's 2013 Economic Forecast was compiled by Furniture/Today's market research team, led by Dana French, Director of Research and Stephanie Nickell, Research Analyst.
For the complete report, see the 14 Jan. 2013, print issue of Furniture Today or click here for the exclusive electronic edition.
