Family offices with at least $1 billion in assets reported spending $6.6 million in annual operating costs on average, according to J.P. Morgan Private Bank.
As retailers await a decision from the Supreme Court on the future of tariffs, small furniture businesses will see little relief as upholstery duties remain.
Wayfair's growth comes during a challenging time for the furniture industry as tariffs, high interest rates and sluggish home sales are weighing on demand.