Furniture and home furnishings store sales finally broke its five-month slump in August, posting year-over-year and month-over-month increases of 3.8% and 2.1%, respectively.
In total, furniture and home furnishings store sales earned a projected $10.23 billion in the month of August. July’s adjusted $10.02 billion total is up from a previously reported $9.82 billion total for the month, according to the U.S. Department of Commerce report released today.
In furniture home furnishings, several factors could have kept the sector from increasing significantly in August, including a lack of major retail holidays that would have helped drive customers to stores. Additionally, ongoing COVID-19 safety concerns, issues with keeping product in stock at retailers and an increased focus on the upcoming election cycle all made selling more difficult, much like in July, which saw similarly flat numbers.
Advance estimates of U.S. retail and food services sales for August 2020 were comparable to July’s relatively flat results, too. Initial results say that overall sales hit $537.53 billion, an increase of 0.6% from the previous month and 2.6% year-over-year. Retail trade sales were up 0.1% percent from the previous month, and 5.1% above the same month last year for a total of $482.88 billion.