Decline is smallest since the start of the year, signaling some slight improvement at retail
WASHINGTON — Furniture store sales fell 4% in June compared with June 2023, the lowest decline of the year, but still trailing all other major sectors tracked by the government.
On Tuesday, the U.S. Department of Commerce reported that sales at brick-and-mortar furniture stores totaled $11.1 billion, down from $11.6 billion in June 2023. Meanwhile, overall retail store sales totaled $704.3 billion, up 2.3% from $688.6 billion in June 2023.
For furniture stores, the 4% year-over-year decline was the smallest of 2024, compared with a 10.1% decline in February and a 6.1% decline in March. Sales were down just .6% from just over $11 billion in May.
Other sectors that saw year-over-year decreases in June included sporting goods, hobby, musical instrument and bookstores, down 3.4% to $8.3 billion, from $8.5 billion; motor vehicle and parts dealers, down 2.2% to $130.7 billion, from $133.7 billion; building material and garden equipment and supplies dealers, down .9% to $40.7 billion, from $41 billion; and gasoline stations, down .4% to $51.9 billion, from $52.1 billion.
Sectors that saw increases were non-store retailers including e-commerce and catalog businesses, up 8.9% to $122.7 billion, from $112.6 billion; restaurants and bars, up 4.4% to $94.8 billion, from $90.8 billion; and clothing and clothing accessories stores, up 4.3% to $26.4 billion from $25.3 billion.
Other categories with smaller increases were general merchandise stores, including department stores, up 3.3% to $75.6 billion; miscellaneous store retailers such as pet stores, religious supply stores and florists, up 2.8% to $15 billion, from $14.6 billion; electronics and appliance stores, up 2.7% to $7.9 billion, from $7.7 billion; food and beverage stores, up 1.9% to $82.7 billion, from $81.1 billion; and health and beauty stores, up .7% to $36.6 billion, from $36.3 billion.
In terms of overall sales volume, furniture stores also trailed most other areas, except electronics and appliance stores and sporting goods, musical instrument, hobby and bookstores. Its relatively smaller volume compared to most other segments also is a reflection of an ongoing slowdown in consumer spending for big-ticket items, particularly with existing home sales and to some degree new construction, both of which typically drive furniture sales.
However, furniture store sales still remained above pre-pandemic levels. The $11.1 billion reported for June compares with $10.1 billion in 2019, $9.9 billion in 2018, $9.6 billion in 2017, $9.4 billion in 2016, $8.9 billion in 2015 and $8.4 billion in 2014.