More than a quarter of furniture retailers in the U.S. have reported that they are now in need of new or refurbished furniture, according to a report from the trade publication Furniture News.
That includes more than half of the major retailers, such as Macy’s, J. Crew and Home Depot, which reported that the number of inventory requests for furniture and accessories jumped this year.
The market has been particularly volatile in recent months, as many of the country’s top retailers have reported record profits and sales growth, leading to a sharp slowdown in sales, according the report.
That prompted several retailers to pull their full-year profit forecasts, leaving some companies scrambling to find ways to maintain sales despite the economic slowdown.
At the same time, the shortage of new furniture has caused a significant price drop for consumers, leading many to choose cheaper products on clearance or bargain websites.
A report from Consumer Reports in January said that nearly three-quarters of all new furniture bought in 2017 was on clearance sites, which typically charge an average of about $7 per square foot.