Originally published in the January 12, 2015 issue of Furniture/Today
A healthier economy is expected to double the rate of growth in U.S. furniture and bedding retail sales this year to 4%, pushing the industry past the $100 billion mark.
Consumer spending on furniture and bedding, the broadest measure of the industry's performance at retail, is expected to rise from $96.4 billion last year to $100.25 billion in 2015, according to Furniture/Today's exclusive economic forecast. Last year's growth rate was estimated at 2%.
This report includes 2014 estimates and 2015 projections for Consumer spending on furniture and bedding; Housing starts; Existing home sales; Mortgage rates; Real gross domestic product; Consumer price index; Unemployment; Personal disposable income and Prime interest rates.
Data for the forecast came from Jerry Epperson; Mann, Armistead & Epperson; Association for Financial Professionals; Bank of America Merrill Lynch; Fannie Mae Economics and Mortgage Market Analysis; Federal Reserve Bank of Chicago; Federal Reserve Bank of Philadelphia, The Livingston Survey; Federal Reserve of Philadelphia, Survey of Professional Forecasters; Freddie Mac; International Monetary Fund; Mortgage Bankers Association; National Association of Home Builders; National Association of Realtors; Raymond James, Scott Brown, Chief Economist; RBC; TD Economics; The Conference Board; PNC Financial Services Group; University of Michigan, Research Seminar in Quantitative Economics (RSQE); Securities Industry & Financial Markets Association (SIFMA); U.S. Census Bureau; U.S. Department of Commerce; Bureau of Economic Analysis; Bureau of Labor Statistics; Wall Street Journal and Wells Fargo.
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