A well-known U.S. retailers' home furnishings and décor segment experienced a downturn in the first half of 2024, despite a rebound in its apparel business.
For the six months ending August 3, Target's home sales dropped nearly 5% to $7.4 billion, following a significant 12.4% decline during the same period in 2023. The home segment encompasses a wide range of products, including furniture, bedding, kitchenware, and home improvement items. This marked a continuation of challenges for Target's home sales, which have not seen first-half growth since 2021, when pandemic-related spending had boosted the category.
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Home furnishings and décor was one of only two segments to report a year-over-year sales decline in the first half of this year; the other segment, hardlines, declined by 4.3%. However, there was a positive note: home sales in the first half of 2024 were up 15% compared to the same period in 2019. In the second quarter alone, home sales decreased by just 1.2% to $3.9 billion, with kitchen items and affordable decor leading in popularity.
Source: www.furnituretoday.com