President’s Day Sales Flattish, According to Piper Sandler

President’s Day Sales Flattish. President's Day

Last week, Piper Sandler released the results of its January Retail Survey. Now, the New York City-based investment bank and financial services firm is reporting on Presidents Day weekend. According to the report, the holiday weekend performance was a “slight disappointment – particularly since neither weather nor the y/y compare were meaningful factors.” Piper Sandler also notes that Labor Day and Black Friday weekends (also two historically large sales events) were “flattish” and suggests “The industry is continuing to ‘bounce along the bottom.’” Based on the Mattress Retailer Survey, the average year-over-year performance was down 1% from 2023.  

Although Piper Sandler acknowledged that feedback from retailers was inconsistent regarding price points, the company stated it generally heard that high-end mattresses continued to outperform. Lower-end price points were inconsistent, with some various retailers citing it as a strong or weak area. On average, mattress units were down while the average selling price was up, boosted by attachment sales and the continued strength in the high-end category. In March and April, the report notes that retailers will likely be focused on resetting selling floors with new products. Piper Sandler issues a word of caution as it looks ahead, stating,  

“However, if the mattress and furniture industry is going to be flattish (or even positive) for 2024, the industry needs to show growth during major selling events.”