by Monthly sales decline from February was slightly smaller at 1.2%
WASHINGTON — Year-over-year furniture store sales slumped again in March, although some of the decline could be attributed to deflationary activity in the sector as companies have been discounting goods to reflect lower freight rates and also to help reduce still-high inventories at retail.
According to the latest retail sales figures announced by the Department of Commerce, the sector saw sales decline 2.4% to $11.8 billion from $12.1 billion in March 2022. Sales also fell 1.2% from $12 billion in February.
Overall retail sales rose 2.9% in March, to $691.7 billion from $671.9 billion in March 2022, while they were down 1% from $698.6 billion in February.
Several other sectors also saw a year-over-year decline, including:
+ Gasoline stations, down 14.2% to $55.2 billion, from $64.3 billion in March 2022.
+ Electronics and appliance stores were down 10.3% to $6.9 billion, from $7.7 billion a year earlier.
+ Building materials and garden supplies dealers were down 3.5%, to $41.5 billion, from $43 billion in March 2022.
+ Clothing and clothing accessories stores were down 1.8% to $25.9 billion, from $26.4 billion in March 2022.
The sector with the largest year-over-year increase was restaurants and bars, which rose 13% to $93.1 billion, from $82.4 billion a year earlier. It was followed by non-store retailers, including e-commerce resources and catalogs. In those segments, sales rose 12.3% in March to $115.6 billion, from $102.9 billion in March 2022.
Other retail segments that saw an increase in March included the following:
+ Health and personal care stores rose 7.1% to $35 billion, from $32.7 billion in March 2022.
+ Food and beverage stores rose 5% to $81.3 billion, from $77.4 billion in March 2022.
+ Sporting goods, hobby, musical instruments and bookstores rose 3% to $9.4 billion, from $9.1 billion last year.
+ General merchandise stores, including department stores, rose 2.4% in March to $71.4 billion, from $69.7 billion.
+ Miscellaneous store retailers, which include medical device stores, pet supply stores, religious goods stores and artists supply stores rose 1.9% to $15.8 billion, from $15.5 billion.
+ Motor vehicle and parts dealers rose a meager .1% to $128.8 billion, from $128.7 billion in March 2022.
How much of the decrease in furniture is due to deflation as opposed to lackluster demand in general is unknown as different stores around the country are likely to have experienced different sales activity in March. Some, including larger players with a larger competitive advantage and larger marketing budgets may be more successful drawing foot traffic and offering competitive deals based on their own buying power, thus achieving less of a decrease or perhaps even a gain in some cases.
