Furniture Industry Predicts Quick Rebound In 2002

Jan. 13, 2005
Compiled By Jill Jusko Pent-up consumer demand and changing consumer behavior will help the furniture industry rebound rapidly from a dismal 2001, says the American Furniture Manufacturers Assn. (AFMA). In its newly revised forecast, the AFMA forecasts ...
Compiled ByJill Jusko Pent-up consumer demand and changing consumer behavior will help the furniture industry rebound rapidly from a dismal 2001, says the American Furniture Manufacturers Assn. (AFMA). In its newly revised forecast, the AFMA forecasts a 7.2% gain in wholesale furniture shipments for 2002, following an expected drop in shipments of 12.8% this year. In 2002 shipments are expected to reach $23.904 billion, compared with a projected $22.29 billion total in 2001. Consumers' pent-up demand for furniture will be a major contributor to the rebound, the AFMA says. "The housing market was extremely strong until Sept. 11, yet furniture sales did not keep pace," notes Joseph P. Logan, AFMA vice president of financial services. "That means there are many new houses that have not yet been furnished." Additionally, the events of Sept. 11 have more people traveling less and focusing increased attention on their homes. "Many [consumers] will want to purchase new home furnishings to make their homes even more inviting, comfortable and functional for spending time with family and friends," predicts Jackie Hirschhaut, an AFMA vice president. "It's a trend we are calling 'comfort-zoning.'" Based in High Point, N.C., the AFMA represents manufacturers of more than 75% of U.S. furniture shipments.

Popular Sponsored Recommendations

Process Mining For Dummies

Nov. 19, 2023
Here it is. Everything you need to know about process mining in a single book, written in the easy-to-understand, hard-to-forget style that ‘For Dummies’ manages so effortlessly...

Food and Beverage 2024 Trends and Outlook for North America

Oct. 29, 2023
Ready to hear what 200 of your peers said are the top challenges and opportunities in 2024? Don’t fall behind. Uncover actionable insights to better prepare for 2024 in this whitepaper...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Lean Manufacturing in the Age of the Industrial Internet

Oct. 24, 2023
Read how advanced MES capabilities can help you improve your labor utilization, reduce WIP, and optimize your production. Download the white paper today.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!