by Decrease is the lowest yearly drop in the past 16 months, as sales also rose .5% from June
WASHINGTON — Furniture store sales fell 2.4% in July compared with July 2023, the lowest percentage year-over-year drop recorded by the U.S. Department of Commerce in the past 16 months.
By comparison, overall retail sales tracked by the U.S. government were up 2.7% during the same year over year, totaling $709.7 billion, compared with $691.2 billion July a year ago. They also were up 1% from $702.9 billion in June.
Furniture store sales totaled $11.1 billion, compared with $11.4 billion in July 2023, and were up .5% from $11.05 billion in June. The year-over-year decrease was the smallest since March 2023, when sales fell 1.8% compared with March 2022. The next lowest drop was in December 2023, when sales fell 2.65% from December 2022. The peak decrease during the 16-month period was in January 2024, when furniture store sales fell 13.5% compared with January 2023, according to figures compiled by the Department of Commerce.
The only other sector with a decrease in year-over-year sales tracked by the government was sporting goods, hobby, musical instrument and bookstores, where sales fell 6.8% to $8.2 billion from $8.8 billion in July 2023.
All other sectors had an increase in July sales, including non-store retailers, including e-commerce retailers and catalog businesses. It had the largest increase at 6.7%, rising to $122.7 billion, from $115 billion.
It was followed by health and personal care stores, up 3.4% to $37.1 billion, from $35.9 billion; restaurants and bars, also up 3.4% to $94.7 billion, from $91.5 billion; miscellaneous store retailers such as florists and pet supply stores, up 3.2% to $14.8 billion, from $14.4 billion; food and beverage stores including grocery stores, up 2.9% to $83.7 billion, from $81.4 billion; general merchandise stores including department stores, up 2.7% to $75.8 billion, from $73.8 billion; and clothing and clothing accessories stores, up 2.5% to $26.2 billion, from $25.6 billion.
Other sectors that saw an increase, albeit on a smaller scale, included motor vehicle and parts dealers, up .8% to $133.6 billion, from $132.5 billion; gasoline stations, up .5% to $52.6 billion, from $52.3 billion; and building material and garden equipment and supplies dealers, up .4% to $41.2 billion, from $41 billion, in July 2023.
The relatively low single-digit decreases in these segments show that consumers are perhaps gravitating back toward buying furniture, where a 2.4% drop in July compares with year-over-year decreases ranging from 3.6% in May to a drop as high as 13.5% in January so far this year.
Again, comparing previous periods, the level of sales at $11.05 billion in July is still higher than pre-pandemic levels of $10.1 billion in July 2019, $10 billion in July 2018, $9.5 billion in July 2017, $9.3 billion in July 2016, $9.1 billion in July 2015 and $8.4 billion in July 2014.
