Minneapolis-based investment bank and financial services firm Piper Sandler’s December Mattress Retailer Survey revealed that November and December 2023 were the two best sales performances of the year.
That’s in contrast to the company’s latest report, which notes that January was “the worst month since April 2023, with sales down 12% on a mean/median basis.” Some factors to blame for January’s downturn were the poor weather across much of the United States and no holidays or events for retailers to tie into sales or promotions to help drive sales.
The PSC Mattress Retailer Survey for January also noted that the weaker performance was in line with similar results in October 2023, with “April and October typically being the most seasonally weak months of the year.” There is some good news, though, with Piper Sandler reporting that retailers are still forecasting Q1 2024 sales to be positive at +1.5%/4% on a mean/median basis.
Although it is early, the report suggests that there has already been an upward trend in February, according to a “limited base of industry conversations” the firm has had.
In just a few weeks, the company will release its February Mattress Survey, which will offer a snapshot of the trends from mattress retailers and sales from across the U.S. and possibly indicate what to expect in the months ahead.
