Home furnishing retail has been one of the big sector winners for retail, but today's housing market inactivity "reverberates to select retail segments and higher mortgage rates, still-elevated home prices and a lack of incentive to relocate will stall single-family housing mobility in 2023," according to a report by Marcus & Millichap. As a result, "the demand for home furnishings could be diminished."
Now, as interest rates continue to rise, consumers will continue to clamp down on their discretionary spending, which will affect other sectors of retail.
Retail recovered admirably from the pandemic but it now must brace for a consumer retrenchment in spending.
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