The furniture market is alive and well in 2015.
1) Consumers have increased their annual spending on furniture each year since the end of the recession in 2009.
2) The largest product segment in terms of sales is in the area of living room furniture. This segment included coffee tables, end tables, and sofas. This accounts for 51.5% of revenue.
3) Millennials are the #1 buyer of furniture. Millennials comprise 37% of all households buying furniture in 2014, spending $27 Billion dollars.
4) The demographic Generation X is sandwiched between Baby Boomers and the Millennials. This age group of 35-50 years of age have accounted for 30% of the households with purchases. It is important to note that this group is rising as their spending on furniture increased 43% between 2010 and 2014. This group spent $31.8 Billion on furniture.
5) Finally, Baby Boomers, those ages 51-69, represent the lower percentage of furniture buyers at around 25%. However, Boomers spent the most with sales topping $35 Billion.
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