In US, 2015 ended with a 4% increase in new furniture orders over 2014, according to the Smith Leonhard industry survey of residential furniture manufacturers and distributors. Just over half of the companies surveyed reported higher orders in 2015 compared to the previous year. Growth in furniture orders slowed from 2014 when orders were up 7% from 2013.
US shipments were up 6% in 2015 from 2014. Almost two thirds of companies reported higher shipments in 2015.
Inventory levels at distributors and manufacturers were slightly up in December compared to the previous month, but 7% higher than in December 2014. It appears inventory built earlier in the year remained higher because orders declined towards the end of 2015.
Retail sales at furniture stores in the US increased 4% in December from the previous month, according to US Census Bureau estimates. Furniture sales were 6% higher than in December 2014.
Advance estimates for retail sales at furniture and home furnishing stores for January 2016 indicate sales were only slightly up (+1.6%) from January last year.
2015 was overall a good year for furniture manufacturers and retailers, despite a slowdown in growth at the end of the year. Wooden furniture imports grew 11% in 2015 from the previous year.
2016 will likely not be a year of strong growth according to Smith Leonhard. Consumer confidence declined February. The housing market continues to recover, but rising home prices may slow sales.
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