Guangdong Planet Cabinetry Co., Ltd.

Guangdong Planet Cabinetry Co., Ltd.

Room for Growth: Home Furnishings Industry Showing Areas of Opportunity

2024 06/21

While the supply chain recovered, inflation and rising interest rates contributed to slowing demand throughout 2022 and 2023 as the industry contracted 5.2%. As shipments were delivered, retailers found themselves with excessive inventory. The surplus led to significant gross margin contractions as retailers discounted heavily to move products throughout 2022 and 2023. The chart below highlights the volatility the industry has experienced as reflected by the Monthly Sales for Retail and Food Services Report, published by U.S. Census Bureau over the last three years.