Furniture and Living in the U.S. - Statistics & Facts
The U.S. economy has maintained a healthy growth rate and a continually improving labor market on the road to recovery from the financial crisis. This has led to a strong housing market, characterized by improving statistics for home sales and increasing home price levels. The housing market has, in turn, supported healthy sales of furniture and home furnishings. Furniture and home furnishing stores saw a decrease in sales after the recession, but have since regained ground and reported more sales than before the financial crash.
The price expansion in the housing market has become a challenge for many home buyers, as income growth is not keeping up with the pace of home price appreciation. Millennials, in particular, are feeling the effects of a tighter housing market and are taking longer to establish themselves as homeowners and heads of households. Despite the fact that Millennials are delaying the decision to start a household, they show great potential in terms of spending on furniture as they see furniture as an investment in the long term.
The landscape is becoming more dynamic and new startups are emerging with innovative products and solutions. Consumer behavior is changing, driven by the emergence of the Millennial generation as the largest consumer group in the market. The adoption of new technologies means that shoppers across the board are more empowered and more willing to make purchases on digital devices.
The price expansion in the housing market has become a challenge for many home buyers, as income growth is not keeping up with the pace of home price appreciation. Millennials, in particular, are feeling the effects of a tighter housing market and are taking longer to establish themselves as homeowners and heads of households. Despite the fact that Millennials are delaying the decision to start a household, they show great potential in terms of spending on furniture as they see furniture as an investment in the long term.
The landscape is becoming more dynamic and new startups are emerging with innovative products and solutions. Consumer behavior is changing, driven by the emergence of the Millennial generation as the largest consumer group in the market. The adoption of new technologies means that shoppers across the board are more empowered and more willing to make purchases on digital devices.
