Home / Knowledge / News / Textiles / US home furnishings sales to rise in Q2
US home furnishings sales to rise in Q2
07
Apr '12
Sales of home furnishings in the U.S. are expected to shoot higher in the second quarter, with in-store sales increasing nearly 8 percent to $23.222 billion and online sales increasing 28.4 percent, according to an IBM analytics-based forecast. Combined in-store and online sales of home furnishings are expected to grow 16.6 percent in the second quarter.

IBM experts cite a number of important factors that could be driving purchases, including "Year of the Dragon" weddings and the trend toward accessorizing living spaces.

Online sales of home furnishings are expected to post a year-over-year increase of 30.7% in April, 25.9% in May and 29.1% in June, with sales for the quarter coming in at 28.4%. This forecast of online sales is based on real-time sales data from the web sites of more than 500 leading U.S. retailers.

IBM retail and analytics experts see a number of important trends bolstering home furnishing sales:

• The concept of "accessorizing" is moving from the apparel market to home furnishings as many homeowners during the past few years have decided to stay put rather than move
• Homes are getting smaller, compelling consumers to "resize" their furnishings to accommodate smaller spaces
• Disposable income is rising as more people go back to work
• Rental activity is increasing.

"Consumers are opting to give their home a new-look by remodeling and accessorizing. New towels, bedding or even a picture can really spruce up a room," said Jill Puleri, global retail leader for IBM Global Business Services. "Retailers can benefit from this behavioral shift by considering product mix, promotion and presentation and by marketing home accessories aggressively. For example, for those customer who recently remodeled their kitchen - now might be the right time to target them with new dishes, hand towels, rugs, etc. - all of which complete the look."

Puleri noted that the Chinese Year of the Dragon, which began on February 4, is shaping up to be especially popular year for weddings, which could also be boosting home furnishing sales.

The IBM forecast is produced using statistical and analytical software to evaluate both the long-term sales trend and seasonal peaks. IBM consultants use these predictive techniques to help clients improve performance by addressing complex issues of supply and demand. These techniques also aid clients in planning product mix and new store locations.

In producing the forecast of store sales, IBM uses economic data gathered by the U.S. Census Bureau. The data is derived from a survey of store establishments primarily engaged in retailing home furnishings. These store establishments are a representative sample and are not inclusive of all industry activity in this category.

The online forecast is based on data from IBM Benchmark, the only analytics-based, peer-level benchmarking solution that measures online marketing results,including real-time sales data from the web sites of more than 500 leading U.S. retailers. All of the data is aggregated and anonymous. IBM Benchmark is part of IBM Smarter Commerce, an initiative designed to help businesses adapt to digital trends such as online, mobile and social buying and meet the demands of today's empowered customer.

IBM Corporation

Must ReadView All

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: EFI Reggiani

Textiles | On 6th Dec 2016

EFI Reggiani shows inkjet textile solutions at India ITME

EFI Reggiani, a leading technology provider of a full range of...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search