by Based on adjusted figures, this is the 2nd straight month of yearly increases in the sector
WASHINGTON — October year-over-year furniture store sales rose for the second month in a row, according to retail sales figures released Friday by the U.S. Department of Commerce.
Sales for the month totaled $11.2 billion, up 1.5% from $11.01 billion in October 2023. Revised numbers from September also showed a year-over-year increase in consumer spending on furniture to $11.3 billion, from $11.2 billion in September 2023.
Monthly sales slipped slightly in October, from September, however, down 1.3% from $11.3 billion.
Overall retail sales totaled $718.9 billion, up 2.8% from $698.9 billion in September 2023. However, they barely budged from $716 billion in September this year, a .4% increase.
With its 1.5% increase, the furniture sector continued an upward trajectory from last year, outpacing a few other sectors. For example, gasoline station sales fell 7.1% to $51.7 billion from $55.7 billion in October 2023, while sales at sporting goods, hobby, musical instrument and bookstores fell 3.4% to $8.1 billion from $8.4 billion. Sales at electronics and appliance stores fell 2.3% to $7.6 billion from $7.8 billion a year ago.
Non-store retailers such as e-commerce businesses and catalogs had the largest reported sales increase, rising to $124.5 billion, from $116.3 billion, a 7% increase.
The segment was followed by sales at restaurants and bars, which rose 4.3% to $97.3 billion, from $93.3 billion; miscellaneous store retailers, including pet supply stores, religious supply stores and florists, which rose 4%, to $15.3 billion, from $14.7 billion; motor vehicle and parts dealers, which rose 3.4% to $136.3 billion, from $131.9 billion; and general merchandise stores, including department stores, which rose 3.1% to $76.2 billion from $73.9 billion.
Other sectors that had an increase included clothing and clothing accessories stores, which rose 2.9% to $26.2 billion from $25.5 billion; building material and garden equipment and supplies dealers, up 2.8% to $41.9 billion from $40.8 billion; grocery stores, up 2.7% to $84.2 billion, from $82 billion and health and beauty stores, up 1.6% to $38.2 billion, from $37.6 billion.
While furniture stores had the lowest increase compared to those other segments, it signals that consumers are spending more on furniture, bedding and other home furnishings. The degree to which that continues will largely depend on whether pricing pressure/inflation rises in furniture and other competing segments.
The $11.2 billion in sales for the month of October also remains above pre-pandemic spending at furniture stores. For example, furniture retail sales totaled $10.1 billion in October 2019; $9.9 billion in 2018; $9.8 billion in 2017; $9.4 billion in 2016; $9.2 billion in 2015; and $8.5 billion in 2014.
