Furniture Sales Dipped in 2023 as Spending Pull Backed

Discretionary spending on furniture took a big hit in 2023, down 7.9 per cent year-over-year, as the category struggled throughout the year.

This is according to J.C. Williams Group’s (JCWG) most recent report, which says the poor performance is likely still related to the Covid-era highs the category experienced when people were spending more time at home.

The report also reveals overall Canadian retail sales ended 2023 in a lacklustre way, growing only 0.9 per cent year-over-year for all stores in December. Discretionary spending decreased by one per cent for all stores less automotive, food and pharmacies. High inflation and end of year layoffs attributed to unfavourable economic conditions.

Regardless of deep Boxing Day sales, consumers stuck to their budgets, says JCWG. Record sales on Black Friday and Cyber Monday in November, with increases of 7.5 and 9.6 per cent year-over-year, respectively, likely resulted in the majority of consumers completing their planned shopping before the holidays, and the needs and wants within their budget had already been acquired.

JCWG reports 2024 has started similarly to how 2023 ended; however, there’s optimism strong sales are on the horizon.