Furniture Industry Continues Decline

Posted by MCC on March 9th, 2009 at 07:08am

The furniture industry has been hit really hard with the slumping economy. Many consumers are finding it harder to purchase the things they need and are putting off replacing furniture items that are still usable. Many furniture store’s and manufacturers have already lost the battle.

The latest residential furniture survey from Smith Leonard PLLC revealed that residential furniture purchases were 21 percent lower in December 2008 than in December 2007. And, orders were down 14 percent for the entire year.

The office furniture industry realized their largest decline since the recession in 2001. According to the Business and Institutional Furniture Manufacturers Association, they saw a drop of 25 percent in January. They have also readjusted their prior forecast for this year from an 11.6 percent drop up to a 26.5 percent decline!

Under Furniture News