On May 16, the U.S. Department of Commerce released its latest monthly retail forecast report. The overall retail situation in April maintained a recent normal level, but the retail sales of furniture and household items continued to decline.
Retail sales at U.S. furniture and home improvement stores fell 6.4% in April from a year earlier, putting the furniture sector roughly at the bottom of the U.S. government’s tally of retail and food service sales. Total sales of furniture and home furnishings were $11.4 billion, down 6.4% from $12.2 billion in April 2022 and down 0.7% sequentially.
Overall retail sales for the month totaled $686.1 billion, up 1.6 percent from the $675.3 billion reported in April 2022 and up 0.4 percent from March's $683.2 billion.
Cumulative sales of furniture and home furnishings were $44.570 billion in the first four months of this year, a 1.6% decline compared to the first four months of 2022.
The decline in furniture sales occurred as consumers increased spending on other things, such as travel, concerts and other forms of entertainment. Judging by the latest figures, people are also eating out more. Thus limiting their spending power on furniture, although many furniture stores have been selling products at lower prices to clear excess inventory.