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US -Top 30 - Furniture & Home Goods Statistics - Sep 2022

Source: Yipit 3Q22 report for home goods, BLS CPI data

Context

Yipit, a market leader in data research had published the statistics on the Top 30 furniture and home goods companies for the third quarter of 2022.  The summary of that research can be found here.

As a top up analysis, we collected the CPI (Consumer Price Index) data for the corresponding period from the office bls.gov website and generated a YoY graph to sync with Yipit graph.

The CPI YoY is shown as a red color line in the graph.

Inferences

In addition to the analysis presented by Yipit in their report, we can see that, predictably, the drop in overall GMV, as evidenced by the YoY line in the graph, is consistent with the increase in inflation as shown by the red color line graph of YoY changes in the CPI.

Sales of furniture and home goods would continue to be under pressure as disposable income is reduced at higher CPI.

Conclusions

  • Higher CPI would continue to affect sales and margins.
  • The stability in the % of online purchases indicates companies need to continue to invest in ecommerce.
  • Omni channel modes of research & buying will continue to grow
  • Margins would continue to remain under pressure with sustained discounting to clear inventory
  • Marketing intiatives would be more focused and more metrics driven to generate better RoI

Recommendations

  1. Furniture and home goods companies must continue to invest in their ecommerce (direct or indirect) initiatives.
  2. With decreasing demand due  to higher inflation, companies must invest in omni channel data intelligence and analytics more than ever to convert better and maximize RoI on their marketing dollars.
  3.  Sourcing, merchandizing and cataloging strategy would also be increasingly data-driven to be in sync with macro-economic indicators, changing consumer preferences and competitor actions.
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