Demand for furniture and home goods in the U.S. is rising, up 16% in five years

According to Giving Assistant's analysis of U.S. consumer spending data, U.S. household spending on utilities, furniture and other household items has increased by 16% over the past five years. On average, each household now spends about $3,000 per year.

Data shows that from 2015 to 2020, U.S. household spending on household furniture and equipment rose by 29%, ranking first in growth. Spending on household supplies such as laundry detergent, cleaning supplies, and stationery rose by 27.8%, ranking second in growth.

For home furnishing retailers, such as Amazon and Wayfair, revenue has risen significantly in the past few years. In the US online market, furniture, building materials and electronics have become the fastest growing e-commerce categories, increasing by more than 200% since 2019.

It is learned that in the past five years, about 2.6 million American households have purchased homes. Among them, the homeownership rate in the United States saw its largest annual increase in history in 2020. The growth in the number of homeowners has further promoted the spending on furniture and decoration supplies in the United States.

It is worth noting that due to the continued high inflation rate and the significant increase in household spending due to rising fuel, water, electricity and rent costs, consumer spending on daily necessities continued to rise in the first quarter of 2022. Giving Assistant predicts that given the impact of supply chain issues and other factors, future consumer spending is still full of uncertainties.

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