There’s a lot that goes into making furniture, and there’s no question that the price tag can seem high. But is it worth the investment? And if so, when is the best time to buy?
The answer to these questions depends on a number of factors, including current market conditions and pricing trends. In fact, NerdWallet reports that furniture prices tend to fluctuate based on the season and the type of piece being purchased. For example, a dresser or chest can be considerably cheaper during the summer when sales are happening. Conversely, it’s more likely to find a deal on a sofa or bed during the winter when retailers are trying to clear out their inventory before the spring and summer seasons begin.
It’s also important to keep in mind that furniture prices aren’t simply driven by the Covid-19 pandemic. Rather, much of it has to do with the global economy and functioning supply chains. The majority of modern furniture retailers source their products from all over the world, meaning that functional and efficient international shipping systems are an integral part of their operations. That means that when COVID-19 first began spreading in 2020 and shipping containers started to clog up at ports, businesses who were reliant on those global networks saw their prices increase.
Inflation has been a significant issue for consumers over the past year, which has caused many shoppers to delay large purchases. While the economy may be slowly recovering, many retailers are still struggling to sell off their excess inventory and are still dealing with higher than normal shipping rates. As a result, furniture prices have continued to rise even as customers are increasingly hesitant to make major purchases.
For those who are looking to purchase new furniture, NerdWallet recommends waiting until 2023 or later when most of the uncertainty from this year has settled down. This will help to avoid any future price increases. It’s also worth noting that most furniture retailers, both online and in-person, use holiday-driven promotional cycles to move their inventory. McLoughlin suggests checking back in on the websites of brands like Amazon and Wayfair during Presidents Day, Labor Day, and Black Friday, as these are typically good times to find big savings.
The bottom line is that it’s likely that the lingering effects of this year’s Covid-19 pandemic will continue to push up furniture prices for years to come. As the world economy continues to recover, supply chain shortages are likely to drive up the cost of raw materials and transportation. As a result, manufacturers are unable to absorb these increased costs and will need to pass them on to consumers.