With Labor Day just around the corner, its time we look at last years performance to see what we can expect for this year.
In this edition, we’ll explore how the furniture and mattress industries fared during last year’s holiday weekend. Join us as we break down the numbers and highlight key trends and insights from the week.
Furniture Industry (2023)
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Opportunities
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Daily Revenue
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Average Ticket
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Conversion Rate
Foot Traffic
Over Labor Day weekend in 2023, the furniture industry averaged 31 visitors per day, 36% less daily traffic compared to Labor Day weekend this year. Traffic started low with an average of over 24 people entering the store on Friday, and slowly increased throughout the week.
Average Ticket
The average ticket over Labor Day weekend was $2,394, a 3% decrease compared to Labor Day weekend 2022.
Daily Revenue
With an average ticket size of $2,394, the furniture industry saw an average daily revenue of $37,362. Compared to Friday, Labor Day itself has nearly twice the daily revenue.
Sales Conversion
On average, the furniture industry was able to convert 50% of opportunities into paying customers.
Similar to the mattress industry, salespeople were able to convert the most customers on Labor Day itself, with over 56% opportunities converted into customers.
Mattress Industry (2023)
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Opportunities
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Daily Revenue
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Average Ticket
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Conversion Rate
Foot Traffic
Unlike the Furniture industry, traffic started low and slowed increased throughout the week.
The mattress industry saw 6 visitors per day, with Labor Day seeing the most traffic with 7 visitors a day.
Average Ticket
Over Labor Day weekend, the average ticket was $3,752. The average ticket stayed very consistent throughout the weekend, with only $144 difference between the highest and lowest average ticket.
Daily Revenue
The mattress industry averaged $9,752 in daily revenue over Labor Day Weekend. This is a 15% decrease compared to Labor Day weekend in 2022.
Conversion Rate
Similar to the furniture industry, the actual day of Labor Day had slightly higher conversion rate than the other days of the week.
On average, salespeople were able to convert 72% of opportunities into paying customers. As mentioned, Monday had the highest conversion rate, while Friday had the lowest.
Key Takeaways
1.Conversion Rates:
•Both the furniture and mattress industries experienced higher conversion rates on Labor Day itself compared to the rest of the week. Salespeople in the mattress industry successfully converted 72% of opportunities into paying customers, with Monday being the standout day, while the furniture industry achieved a 50% conversion rate, with Labor Day yielding the highest success rate at 56%.
2.Revenue Insights:
•The mattress industry saw a decline in performance this year, with an average daily revenue of $9,752 over the weekend, a 15% drop from 2022. In contrast, the furniture industry averaged $37,362 in daily revenue, with Labor Day nearly doubling the revenue compared to Friday. Both industries experienced consistent ticket sizes, with the mattress industry’s average ticket at $3,752 and the furniture industry’s at $2,394, the latter marking a 3% decrease from the previous year.
3.Traffic Patterns:
•Traffic trends diverged between the two industries. The mattress industry saw a steady increase in traffic throughout the week, peaking on Labor Day with 7 visitors per day. Meanwhile, the furniture industry experienced a slower start with 24 visitors on Friday, eventually increasing to an average of 31 visitors per day over the weekend—a 36% decrease in daily traffic compared to 2022.
Predictions for Labor Day 2024
•Conversion Opportunities: Given the strong conversion rates on Labor Day itself, retailers should focus on maximizing staff availability and promotional efforts on this day to capitalize on the higher likelihood of converting visitors into customers.
•Revenue Outlook: With this year’s revenue showing a decline in the mattress industry and a slight decrease in average ticket sizes in the furniture industry, retailers may need to explore new strategies to boost sales, such as targeted promotions or bundling offers, to counteract these downward trends.
•Traffic Management: As both industries saw increased traffic as the weekend progressed, retailers should consider adjusting their staffing and marketing efforts to accommodate and attract the rising visitor numbers, especially in the latter part of the weekend.
Overall, while Labor Day 2023 showed some challenges, especially in the mattress industry, the consistent conversion rates and peak performances on Labor Day itself provide a strong foundation for planning and optimizing future sales strategies.
