The 2005 value of the furniture market in the United States amounted to an estimated $78.5 billion measured at retail prices. Of this, 38.0% is wooden case-goods (mainly bedroom furniture), 33.9% is upholstered furniture (mainly chesterfields and matching chairs), 17.1% is mattresses and foundations, and the remaining 11.0% is metal furniture (mainly outdoor furniture).
Measured at manufacturers’
Over the last two decades household furniture purchases increased significantly from $29.3 billion in 1985 to $78.5 billion in 2005, or 168%. In other words, sales increased at an average annual pace of approximately 5.5% over this period. However, growth has been much slower recently, and in 2005 growth of household furniture sales was only 3.9% (nominal terms).
Some of the growth during the past 20 years was due to rising prices. If expressed in constant 2000-dollar terms, the increase between 1985 and 2005 was 146%, that is from $ 34.0 billion to $ 83.9 billion.
The number of households in the United States will grow by about 12.5% over the next decade (that is about 1.2% per year). This pace is a bit faster than the 8.0% pace for the total population. We expect real disposable income per household will also increase by about 42.6% (or slightly more than 3.5% per year) over that period. Thus total real disposable income will grow by about 55.1% between 2005 and 2015.
Based on these assumptions, We expect furniture spending growth to continue throughout the projection horizon, accelerating from an annual real rate of 4.1% this year to 5.5% next year, Thereafter, it will gradually slow down to a rate of about 4.0% in 2015. Thus, real household furniture spending - in constant 2005 dollars - will grow by 55.1% from $78.5 billion in 2005 to $121.7 billion in 2015.
Table of Contents :
REPORT OUTLINE 1
1.0 AVERAGE HOUSEHOLD EXPENDITURES 3
1.1 AVERAGE HOUSEHOLD EXPENDITURES BY MAJOR CONSUMPTION CATEGORY 4
1.2 AVERAGE HOUSEHOLD EXPENDITURES BY FURNITURE CATEGORY 11
1.3 AVERAGE CONSUMER EXPENDITURES BY HOUSEHOLD CATEGORY 13
1.3.1 AVERAGE CONSUMER EXPENDITURES BY INCOME 13
1.3.2 AVERAGE CONSUMER EXPENDITURES BY AGE OF MAINTAINER 15
1.3.3 AVERAGE CONSUMER EXPENDITURES BY TYPE OF TENURE 18
2.0 MARKET SIZE 21
2.1 OVERALL MARKET SIZE 22
2.2 MARKET SIZE OVER TIME 25
2.3 MARKET SIZE BY STATE 32
2.4 MARKET SIZE BY METROPOLITAN AREA 34
3.0 FORECAST 37
3.1 FORECAST OF THE OVERALL MARKET 38
3.2 FORECAST OF THE MARKET BY STATE 41
3.3 FORECAST OF THE MARKET BY METROPOLITAN AREA 43
INDEX 47
Table of Exhibits :
1 The percentage share of after-tax average household incomes allocated to saving and spending on major goods and services categories, 1985 to 2005.
2 The percentage share of after-tax average household incomes allocated to furniture spending, 1985 to 2005.
3 The percentage share of after-tax average household incomes allocated to furniture spending in constant dollars, 1985 to 2005.
4 Estimated average household furniture expenditures (including taxes) by individual item in 2005, in dollars per household.
5 Average consumer spending on household furniture by income group, 2005.
6 Number of households, average income, average spending on household furniture and other demographic characteristics by age of household maintainer in 2005.
7 Number of households and average spending per household on household furniture by type of tenure in 2005.
8 Estimated total United States market for household furniture at retail prices including taxes by product category in 2005.
9 United States market for household furniture at retail prices by component in 2005.
10 After-tax income in Billions of constant dollars, 1985 to 2005.
11 United States market for household furniture in Millions of current dollars from 1985 to 2005 and its percentage change from year to year.
12 United States market for household furniture in Millions of constant dollars from 1985 to 2005 and its percentage change from year to year.
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