La-Z-Boy grows GMV across all consumer age groups
La-Z-Boy has had record setting sales with gross merchandise volume (GMV) in 4Q22 reaching almost $950 million and GMV growth at 47% Y/Y. Moreover, La-Z-Boy has seen positive sales growth for eight consecutive quarters, as opposed to the GMV performance of the overall home goods market, which declined 5% in 4Q22 Y/Y.
Monthly GMV & YoY Growth, La-Z-Boy
United States | Online + Offline Sales | Jan - Dec 2022
Impressively, La-Z-Boy experienced GMV growth across all consumer age groups, with older consumers contributing the most to that growth. In 2022, 56% of the company's GMV came from customers aged 65 years old and above. This was followed by customers aged 55-64 years old, with 24% GMV share. Overall, consumers aged 55 and older generated about 80% of La-Z-Boy's GMV in 2022.
Spending Growth by Age Group, La-Z-Boy
United States | Online + Offline Sales | 2021-2022
Further, La-Z-Boy's average order value (AOV) has been consistently increasing over the past two years. In Q4 2022, La-Z-Boy's AOV increased 18% YoY to $1,610. Throughout 2022, La-Z-Boy's AOV growth outpaced AOV growth for the overall market. Since 4Q21, La-Z-Boy's AOV growth has remained above +15%, while the home goods market's AOV growth rate remained between 4% to 7%.
AOV Growth, La-Z-Boy vs Home Goods Market
United States | Online + Offline Sales | Jan - Dec 2022
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Sources: Transaction Data
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