US furniture retailers are seeing a slowdown in sales as Americans who are already struggling to afford homes in today’s market aren’t shelling out for a new dining table or couch.
Last week, high-end furniture retailer RH reported $800 million in revenue in the three months ended July 29 — a 19% drop from last year’s period, when revenues hit $992 million.
The company attributed the dip to the stalling housing market, where mortgage rates are sitting at the highest level since 2001, forcing many homeowners in major US cities to sell at a loss.
“We continue to expect the luxury housing market and broader economy to remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs,” the company said in its earnings report.
Williams-Sonoma, the San Francisco-based firm behind pricey interior stores Pottery Barn and West Elm, posted its second-quarter earnings late last month, which showed year-over-year decreases across the board.
Aside from net revenues falling 13% from last year, to $1.86 billion, Williams-Sonoma’s profits also fell to $757.56 million — down from $928.81 million in 2022 — while operating income, comparable brand revenue and merchandise inventories also decreased.
In addition, Williams-Sonoma reported a 20% revenue decline for West Elm, and a 10% dip in sales for Pottery Barn.
Virginia-based luxury furniture retailer Hooker Furnishings also reported losses for the quarter, when revenue slid to $97.8 million — down 36% from $152.91 million a year ago.
Net incomes at the manufacturer — which sells its home goods at Wayfair and Macy’s — also took a massive hit year over year, from $5.54 million to a dismal $785,000.
Hooker’s chief executive Jeremy Hoff also attributed the company’s losses to mortgage rates, which have “slowed down housing activity.”
“The continued rise in interest rates has suppressed customer — consumer confidence,” Hoff added during an earnings call with investors following the company’s earnings report.
Perhaps also because of sky-high benchmark 30-year home loans — which climbed to 7.23% from 7.09% last month, per mortgage buyer Freddie Mac — investors also appear insecure about the future of the furniture industry, as shares of RH fell nearly 18%, to $313.23, in the past five days — since the company reported its second-quarter earnings.
A year ago, the average 30-year home loan rate was 5.55%.
Hooker Furnishing’s share price, meanwhile, fell nearly 9%, to $19.16, while Williams-Sonoma’s stock slipped less than 1%, to $142.52, in the same five-day period
Representatives for RH, Williams-Sonoma and Hooker Furnishings did not immediately respond to The Post’s request for comment.
The shift in consumer spending on furniture makes sense, as home buyers face an ongoing affordability crisis and consumer spending is expected to shrink in early 2024 the first quarterly decline since the start of the pandemic, according to Bloomberg’s latest Markets Live Plussurvey.
More than half of 526 respondents, or 56%, believe that personal consumption in the US will turn negative in the new year, while another 21% said the reversal will happen even sooner, in the final quarter of 2023, Bloomberg found.
The outlet blamed the pessimism on high borrowing costs affecting household budgets and COVID-era savings drying out.
Thus, the “nepo baby” discussion has found its way from social media into the real estate market, where recent findings from the brokerage Redfin reveal that a significant portion of young homebuyers used family money to afford a down payment for a home.
According to Redfins survey of more than 500 buyers under 30 years old, 38% had financial assistance from relatives for their down payment.
The situation is significantly a result of the current crisis of housing unaffordability, especially as inflation keeps its grip tight on the American economy.
After years of development and months of teasers, Nissan has officially launched a reimagined version of the LEAF as a 2026 model year crossover, set to hit dealerships later this year. We will always love the original LEAF, but this new model is sharp and includes some well overdue upgrades, including a NACS port and Plug & Charge capabilities.
It’s been over fifteen years since the original Nissan LEAF debuted as one of the world’s first viable, mass-market EVs. For nearly a decade, the LEAF was the best-selling plug-in EV in the world, before Tesla took over.
While the original hatchback LEAF will go down in history as one of the earliest successful BEV models, its market status in recent years has been repetitive, laughably archaic (CHAdeMO), albeit nostalgic. The last five or six model years of the Nissan LEAF have essentially been the same car, and the public has been petitioning for something new.
How could an automaker so ahead of the BEV curve in 2009 fall so far behind over the course of a decade? Nissan asked itself that same question and has since bounced back with the ARIYA, which has been in production since 2022, but what about a new LEAF?
Since January 2025, we have been following several camouflaged images of the reimagined LEAF in the wild before Nissan gave us a first official look in March. Earlier this month, Nissan shared even more details, including a timeline for the new BEV’s global debut.
Today, the third-generation Nissan LEAF has officially launched as a 2026 model, and it’s about as nice of an upgrade as we could have asked for.
Nissan’s new LEAF is set to hit dealers this fall
This morning, Nissan shared all the specifications for the four planned trims of the new 2026 LEAF (except pricing, sorry). There’s much to unpack here, so let’s dig right in.
For starters, the first thing you’ll notice, which we’ve already noted in the past, is that the 2026 LEAF has evolved from a compact hatchback to a (slightly) larger, family-friendly crossover SUV.
The new LEAF is marginally shorter in length than the second-generation model (173.4 inches vs. 176.4 inches), but it is about an inch wider and a similar height to its predecessor. So, arriving as a radically looking version of the LEAF without the hatchback, it will fill a similar footprint to the older models.
While the 2026 Nissan LEAF may be similar in size, most of the rest of the BEV has been significantly overhauled in the best ways. For example, the battery packs and electric motors have been bolstered to provide significantly better horsepower, charge rates, and range.
Here’s a quick breakdown of the standard configurations of the four initial LEAF trims in the new generation:
Nissan LEAF Trim
Motor
Battery
Power
Onboard Charger
S
130 kW
52 kWh
174 hp, 254 lb-ft torque
7.2 kW
S+ SV, PLATINUM+
160 kW
75 kWh
214 hp, 261 lb-ft torque
7.2 kW
Nissan also shared initial range estimates for the new LEAF trims, except for the base-level S version. Note that the two versions of the 2025 LEAF offered ranges of 149 and 212 miles, respectively:
2026 Nissan LEAF Trim
Est. Range
S
TBD
S+
303 miles
SV+
288 miles
PLATINUM+
259 miles
Even at its lowest range, the 2026 LEAF can go significantly farther than the previous generation. Better yet, it will be A LOT easier when future owners need to recharge. Yes, Nissan has finally abandoned the long-defunct CHAdeMO port and has replaced it with not one, but two more modern options.
A J1772 port is present on the driver’s side fender for Level 1 and 2 charging, while a North American Charging Standard (NACS) is on the passenger’s side fender, giving drivers access to Tesla’s massive Supercharger network. Per Nissan, the new LEAF models can recharge from 10 to 80% in 35 minutes on a DCFC. 240V charge times remain “TBD.”
The new models also have “Plug & Charge” capabilities.
Moving inward, the 2026 LEAF looks like an entirely new vehicle designed for the modern driver. The two higher-end trims come with dual 14.3-inch dash displays with Google built-in. The two lower trims have dual 12.3 inch displays and all support Apple CarPlay and Android Auto.
Nissan also shared that the cabin has an upgradable dimming panoramic roof—a first for its segment, according to the automaker. The crossover’s cargo area is 55.5 cubic feet behind the second-row seats when they’re folded (20 cubic feet when they’re upright).
Additionally, the new LEAF’s PLATINUM+ trim has 64-color ambient lighting that can be customized to set any mood in the cabin.
One key element we are missing from Nissan is the pricing of these new LEAF models. Those details should come sometime toward the end of summer, as the automaker has said the 2026 LEAF models should hit Nissan dealerships this fall.
While we await more details, be sure to check out Nissan’s b-roll footage of the new 2026 LEAF inside and out below:
Source: Nissan
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The two new features, announced Monday in a post during the Cannes Lions festival, will help brands better leverage discussions on the platform. The company said the tools are powered by an engine called Reddit Community Intelligence that turns “posts and comments into structured intelligence.”
Reddit announced a “listening tool” called Reddit Insights, which shares real-time insights with marketers to help them identify trends and launch campaigns. The other tool, called Conversation Summary Add-ons, allows brands to show “positive” user content under their ads.
“These are tools for a new era of community marketing, one where brands can tap into Reddit’s authenticity and connect meaningfully with high-intent communities around the world,” the company wrote.
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The company said Publicis served as the exclusive alpha tester for Reddit Insights, while Lucid and Jackbox Games were among the early testers for Conversation Summary Add-Ons.
Companies across industries are betting on new ways to harness AI to improve advertising campaigns and better engage with users. These new tools are transforming the industry while also putting pressure on some advertising stalwarts.
The industry is also currently navigating a bumpy environment spurred by the trade war with China.
During the recent earnings season, many companies warned of sluggish advertising sales in certain regions due to a rocky macroeconomic environment. Recent developments, however, have suggested a cooling of tensions between the U.S. and China.
Last month, Reddit posted strong sales and upbeat guidance. The company has benefited from recent changes to Google search and internal site improvements, which include convincing logged-out users to open accounts. Logged-in accounts are more beneficial to advertisers.
Suzuki revealed prices for its first EV, a twin to the upcoming Toyota Urban Cruiser. The e Vitarra will go on sale next month in an increasingly crowded market. Can it keep up with the Kia EV3 and other popular electric SUVs?
Suzuki announces prices for its first EV, built with Toyota
Ahead of sales, which are set to begin next month, Suzuki announced e Vitara prices this week, its first EV that will also serve as a twin to Toyota’s upcoming electric SUV.
The e Vitara will start at £29,999 ($40,500) with prices ranging up to £37,799 ($51,000) for the flagship “Ultra ALLGRIP-e 4WD” trim.
Sukuki’s first EV is available with two battery options: 49 kWh or 61 kWh, providing WLTP range of 346 km (215 miles) and 428 km (266 miles), respectively.
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Buyers can choose from “Motion” or “Ultra” grades, with single (2WD) and dual-motor (4WD) options. Suzuki developed the new four-wheel drive (4WD) ALLGRIP-e system specifically for the e Vitarra and is one of the few auto brands to offer an electric SUV with 4×4.
Suzuki’s first EV, the e Vitara electric SUV (Source: Suzuki)
The e Vitara sits on a new dedicated “HEARTECT-e” EV platform, which houses the eAxle and lithium iron phosphate (LFP) batteries.
As part of a deepening alliance, Toyota will use Suzuki’s EV powertrain for its upcoming electric SUV, the Urban Cruiser (shown below in white). Toyota will launch the Urban Cruiser in the next few months, which will essentially be a rebadged e-Vitara.
The e Vitara measures 4,275 mm in length, 1,800 mm in width, and 1,635 mm in height, with a wheelbase of 2,700 mm. That’s about the size of Kia’s new EV3 at 4,300 mm in length, 1,850 mm in width, and 1,560 mm in height, with a wheelbase of 2,680 mm.
In the first quarter, the Kia EV3 was the best-selling retail EV and the fourth best-selling electric vehicle (including commercial EVs) in the UK.
The interior of Suzuki’s first EV, the e Vitara (Source: Suzuki)
The EV3 starts at £33,005 ($42,500) in the UK. IT’s also available with two battery options: 58.3 kWh or 81.48 kWh. The former is good for a WLTP range of 430 km (270 miles), while the latter provides a range of 599 km (375 miles), respectively
Suzuki e Vitara trim
OTR Pricing
49kWh Motion 2WD
£29,999
61kWh Motion 2WD
£32,999
61kWh Ultra 2WD
£35,799
61kWh Motion ALLGRIP-e 4WD
£34,999
61kWh Ultra ALLGRIP-e 4WD
£37,799
Suzuki announces prices for its first EV, the e Vitara
Suzuki is offering a few discounts for early buyers, including 0% PCP for two years with a 20% deposit. With a deposit of £8,436 ($11,500), monthly payments for the 61 kWh Motion 2WD model would be £379 ($513).
If you order before September 30, Suzuki will give you a free Ohme home charger, plus 10,000 miles in home charging credit.
Can Suzuki’s new e Vitara keep pace with the Kia EV3 and other popular electric SUVs like the Hyundai Inster? Let us know your thoughts in the comments below.
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