Property sellers aren’t the only ones racking in the dough thanks to the feeding frenzy in the U.S. housing market — furniture retailers are also profiting off of Americans’ desire to move to bigger and better homes.
To produce the report, InMarket tracked anonymized location data from mobile devices and purchase data from a representative sample of consumers. Bob’s Discount Furniture, which operates in 22 states across the country, saw the highest increase in weekly visits relative to 2019 levels, with a 56% spike in late March.
On top of this trend, Americans have also spent much more time at home over the past year, and many chose to spend the money they saved from not eating out or going to movies on home improvements. “This combined with increased usage and wear as consumers spent a disproportionate time at home drove demand for new furniture purchases,” said Michael Della Penna, chief strategy officer at InMarket.
Labor is another factor, as the furniture manufacturing industry has faced a shortage of workers that existed even before the pandemic. “Across all categories, we’ve seen a shift to value-priced brands during the pandemic and in the face of an uncertain economy and job market,” Della Penna said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: NBCNews - 🏆 10. / 86 Read more »
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Source: etnow - 🏆 696. / 51 Read more »
Source: VogueRunway - 🏆 705. / 51 Read more »
I owe you an apology to ever doubt your sincerity and professionalism. It’s was just like a dream to me when I received my first payment. After my second payment it became a reality now after several payments it has become a way of life. Jonas_claw_
Source: USATODAY - 🏆 100. / 63 Read more »