We hope everyone had a fantastic Labor Day Weekend!
In this edition, we’ll analyze the performance of the furniture and mattress industries during this holiday week compared to last year.
Analyzing the data from Labor Day weekends in 2023 and 2024 provides valuable insights into how these sectors performed over the holiday, highlighting significant changes and trends. This year, both industries experienced notable shifts in foot traffic, average ticket size, daily revenue, and conversion rates, offering a glimpse into the evolving retail landscape and consumer behavior during this key sales period.
Furniture Industry
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Foot Traffic
Over Labor Day weekend this year, the furniture industry averaged 51 visitors a day, a whopping 81% increase compared to last year.
Labor Day itself had the most traffic with an average of 68 customers. Labor Day 2024 saw 78% more traffic than Labor Day 2023. Both this year and last year followed a similar trend with traffic increasing throughout the weekend, except for slight drops on Sunday of each year.
Average Ticket
Unlike foot traffic which had a very different result than the previous year, average ticket was very similar this year compared to last year.
Overall, average ticket during this week followed a very similar trend to last year with only a 12% increase from 2023. As you can see on the chart, average ticket stayed very consistent both years, with only a $200 difference between the highest and lowest average ticket.
Daily Revenue
With an average ticket size of $2,394, the furniture industry saw an average daily revenue of $37,362, reflecting a 10% increase from the same time last year.
The substantial improvement in 2024’s revenue indicates that either consumers were more willing to spend or retailers were more effective in driving sales through discounts, marketing, or both.
Based on the data, Saturday and Monday are the highest revenue days. Retailers could focus future marketing and sales strategies on maximizing promotions during these key days to drive even higher performance.
Sales Conversion
Similar to average ticket and daily revenue, sales conversion followed almost an identical trend this year compared to last year.
On average, sales conversion was 12% lower in 2024 than it was the same time last year. Although sales conversion peaked on Monday last year, this year we saw slightly more sales converted on Friday than Monday, with 1% more being converted.
Mattress Industry
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Foot Traffic
This Labor Day weekend the mattress industry saw 9 visitors per day, a whopping 55% increase compared to last year.
Foot traffic for the mattress industry during Labor Day weekend in 2024 experienced significant growth compared to 2023, with the most pronounced gains on Saturday and Monday. This suggests a more successful year for retailers in terms of attracting potential customers, which likely translated into higher sales.
Average Ticket
The mattress industry experienced a notable increase in consumer spending per transaction during Labor Day weekend in 2024 compared to 2023. The average ticket grew by over 33%, with the highest increases occurring on Saturday and Sunday. Combined with increased foot traffic, this indicates a successful holiday weekend for the industry, likely driven by effective promotions and increased consumer confidence or demand.
Daily Revenue
Comparing Labor Day weekend 2024 to 2023, Friday’s revenue saw a slight increase of 0.6%. However, Saturday and Sunday both experienced declines, with Saturday dropping by 17% and Sunday by 4.7%. Monday also saw a decline, with revenue falling by 9.8%.
Conversion Rate
Compared to last Labor Day weekend, sales conversion decreased by 9% decrease. Conversion rate stayed consistently over 60% every day of the holiday weekend over the last 2 years.
Conclusion
In summary, Labor Day weekend 2024 brought notable improvements for the furniture industry, with substantial increases in foot traffic and daily revenue compared to the previous year, despite a slight dip in sales conversion rates.
For the mattress industry, increased foot traffic and higher average ticket values suggest improved consumer engagement and spending, although revenue saw mixed results with declines on key days. Both industries demonstrate the impact of effective marketing and sales strategies, underscoring the importance of optimizing key retail days to drive performance and meet consumer demands.
As we look ahead, these trends offer valuable lessons for future holiday sales planning and strategic adjustments.
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