Sales and optimism are running high for our industry right now, and the latest HFA/Piper Sandler Furniture Retailer Survey bears this out.
When 2021 started, most retailers expected this year to end up right around 8%. After the first quarter of this year, those estimates now sit between 10 and 12%. The rise is thanks to a stronger than expected uptrend in sales.
To give you some highlights before you dig into the numbers, and there are plenty of interesting pieces of data in this quarterly report:
- Q2 is expected to see a 25% uptick for the retailers we surveyed. This comes on top of a 30% hike in Q1. The reason? The stimulus checks in March and April certainly have been a catalyst. The continued focus on the home is undeniable as well, even as our country slowly opens back up more fully.
- Sales trends in all categories have accelerated. Upholstered products are up between 37% and 44%), Case Goods up 36%, while home décor has seen a 32% bump.
- Online sales are not as high as they have been in the last two quarters of 2020; however, they now make up between 7 and 8 % of total sales, a significant piece that keeps getting larger.
- Another interesting tidbit is that there is slower growth in financed sales, in all likelihood, because consumers have more money in their bank accounts and are buying with cash.
These are all positive indicators even though the supply chain is lagging and not expected to loosen up substantially until early in 2022. These are exciting times, and this report gives you some data to consider as you work to navigate the marketplace.
Download the full Furniture Retailer Survey report here.