Last week, foot traffic in the furniture industry was 48% higher on the West Coast compared to the east, and 33% higher than the industry average.
In this week’s newsletter, we’ll dive into the latest trends and insights from the furniture and mattress industry’s performance last week.
Discover how these trends will impact the industry in the coming months.
Today’s Rundown
Q1 2024 Benchmark report: Download the Q1 2024 Home Furnishing Benchmark Report and see how your store compares to the industry average.
- New frontier: Wayfair is opening its first-ever physical furniture store.
- Survey: Return policies sway customer behavior.
Last Week by the numbers
With the help of our newly released Performance Dashboard, we can now dive deep into how each industry performed in the last 7 days.
Last week the furniture industry as a whole averaged 30 opportunities a day. On the East coast, furniture retailers saw slightly less traffic with an average of 27 visits a day. Conversely, the West coast averaged 40 visitors a day, a 7.8% increase to the previous week.
The Mattress industry saw similar foot traffic across the board with an average of 4 visitors a day, an 11% decrease week-over-week. The industry as a whole had an average ticket of $2,322 over the last 7 days, an 8.3% decrease compared to the previous week. The east coast had an average ticket of $2,224 over the same period, while the west coast had a lower average ticket of $1813.
Update: Retail economic indicators
The US Bureau of Economic Activity released its third revision of real GDP for Q4 and full year 2023. The latest data shows that real GDP for Q4 surged by 3.4%, marking an upward revision fueled, in part, by a boost in consumer spending.
Two consumer confidence surveys were released for March. The Conference Board’s survey showed stable overall confidence compared to February, with the Present Situation index rising but the Expectations Index falling.
On the other hand, the University of Michigan’s survey indicated a rise in consumer sentiment across the board in March, with overall sentiment, current economic conditions, and future expectations all showing improvement from February.
Retail Trends
New frontier: Wayfair is opening its first-ever physical furniture store.
Store of the future: Foot Locker debuts ‘Store of the Future’ in New Jersey.
Tech help: Apple is launching new ‘Made for Business’ sessions at retail stores next month.
Random Irrelevance
Aprils finest: The full moon of April 2024 put on a show for photographers.
Consumer protection: Airlines must now pay automatic refunds for canceled flights.
Earth day 2024: Three places changing quickly to fight climate change.
The post Last Week’s Retail Performance Highlights appeared first on Trakwell.ai.
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