Exciting news – our Q1 Home Furnishing Benchmark Report is now available!
In this week’s newsletter, we’ll dive into the latest trends and insights from the furniture and mattress industry’s performance at the beginning of the year.
Join us as we uncover what these trends signify for the months ahead and how they might shape the industry landscape in the near future.
Today’s Rundown
BNPL: Burned from overspending, some ‘buy now, pay later’ users warn others away.
- Paradigm shift: How discount stores are carrying the retail sector.
- Survey: Return policies sway customer behavior.
Furniture industry Q1 insights and analysis
In the Furniture industry, over three times as many sales took place on Saturdays in Q1 2024 compared to Sundays, accounting for 27% of total sales.
Although Sundays represented 16.9% of potential sales opportunities, they only contributed 8.4% to the overall sales figures.
In addition to Saturday seeing the most opportunities walk through the door in Q1, more than 26% of returning prospects who made a purchase came back on Saturdays. Friday had the second most returning prospects turned buyers with 16% of prospects purchasing, and Sunday followed with 14%.
Download the full benchmark report for more insights.
IoT botnets Continue to torment retailers
In Q1 2024, the mattress industry demonstrated a mixed performance compared to previous quarters.
Despite maintaining a relatively high conversion rate of 66%, there was a slight decline of 3% compared to Q1 2023. However, this figure represents a significant improvement from the previous quarter, indicating a recovery trend.
Similarly, the average ticket price remained steady at $2,102, showcasing consistency but reflecting a 3% decrease from Q1 2023. Yet, when contrasted with Q4 2023, there was a notable 5% increase, suggesting a positive shift in consumer spending habits.
Daily revenue stood at $2,552, indicating a decline of 8% from Q1 2023, but a notable increase of 20% from Q4 2023, signaling a rebound in sales.
Overall, while Q1 2024 presented both strengths and areas for improvement, the industry exhibited resilience and adaptability in navigating market dynamics.
For more insights, download the full Q1 Home Furnishing Benchmark report.
Retail Trends
survey: Return policies sway customer behavior.
BNPL: Burned from overspending, some ‘buy now, pay later’ users warn others away.
Dynamic shoppers: Secondhand clothing on track to take 10% of global fashion sales.
Random Irrelevance
Nature’s finest: Invaders from underground are coming in cicada-geddon. It’s the biggest bug emergence in centuries
Never before seen: An Oregon man narrowly escapes being gored by a runaway saw blade.
Eclipse promo: From Krispy Kreme to SunChips, more and more companies roll out total solar eclipse promotions.
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