wondercraft logowondercraft logowondercraft logowondercraft logo
Made inwondercraft logo

Furniture Industry News

271 episodes

Listen at

Amazon music
Description

Welcome to "Furniture Industry News," the premier podcast dedicated to executives navigating the ever-evolving world of furniture. In a landscape where the latest trends, market shifts, and innovative technologies can redefine success overnight, our podcast stands as your authoritative source for everything you need to stay ahead. Tune in to stay informed, inspired, and in step with the future of furniture. "Furniture Industry News" – where leaders come to learn, share, and shape the future of the furniture world.

Episodes
Furniture Industry News

5 -Minute Update: The Big Stories in Furniture, Tempur Sealy, Kuka Home, IKEA & Las Vegas Market Insights

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for updates shaping the furniture world. Today is February 17, 2025, and we have a packed episode covering major shifts in the mattress market, exciting trends from Las Vegas, and the latest from key players in furniture manufacturing. Let’s jump in.. In a significant development within the bedding industry, Tempur Sealy International has successfully completed its acquisition of Mattress Firm, finalizing the deal on February 5, 2025. The transaction, initially valued at $4 billion, concluded at approximately $5 billion, incorporating cash payments and stock considerations. This merger brings together Tempur Sealy's manufacturing prowess with Mattress Firm's extensive retail footprint of over 2,300 stores across the United States. As part of this strategic move, Tempur Sealy announced it will rebrand as Somnigroup International, effective February 18, 2025. The combined entity aims to enhance product innovation and improve customer experiences by leveraging their integrated operations. Despite facing regulatory challenges, including a lawsuit from the Federal Trade Commission over competition concerns, the acquisition received court approval, allowing the merger to proceed. This consolidation is poised to reshape the bedding market, offering a more streamlined and competitive landscape for consumers.

Feb 17, 2025 · 4:03

Furniture Industry News

5 - Minute Update: Mattress Rebound, Big Lots Closures & Global Trade’s Impact on Furniture

Furniture Industry News

The furniture industry is seeing significant shifts as 2025 unfolds. Mattress vendors are reporting increased retail traffic, Big Lots is closing a large number of stores, and home sector spending is growing among both budget-conscious and premium buyers. Meanwhile, the 2025 Asia Winter Show Circuit is set to influence global sourcing, and Tempur Sealy has officially closed its $4 billion acquisition of Mattress Firm, reshaping the mattress industry. These developments could have major implications for furniture retailers and manufacturers, so let’s break them down.. After a slow period, mattress manufacturers are feeling optimistic as foot traffic in furniture and mattress stores has picked up. Retailers report that more shoppers are actively browsing, and while some are still hesitant to buy immediately, conversion rates are improving thanks to promotions, financing options, and an increased interest in higher-end bedding products. The focus on quality sleep products is playing a major role in this trend. Shoppers who are making purchases are often leaning toward premium and specialty mattresses rather than low-cost alternatives. This is a positive sign for the industry, as higher ticket items help balance out sales volume declines seen in previous months. While it’s too early to declare a full rebound, manufacturers and retailers alike are hoping that this momentum will carry forward throughout 2025.

Feb 5, 2025 · 4:57

Furniture Industry News

Key Impacts from Tariffs, Housing, and Economic Shifts

Furniture Industry News

Welcome to Furniture Industry News for December 27th, 2024. Your source for the latest updates in the furniture sector. In today's episode, we'll cover several key developments affecting our industry, including potential port strikes on the East Coast, the anticipated impact of new tariffs, shifting consumer confidence levels, retail outlooks for the year ahead, and the latest on job satisfaction within our industry. Let's dive into these important stories that are shaping our sector. Major developments are unfolding in ocean freight as Hapag-Lloyd, the world's fifth-largest carrier, announces significant surcharges in preparation for potential East and Gulf Coast port strikes this January. The German shipping giant plans to implement charges of $850 for 20 foot containers and one thousand seven hundred dollars for 40-foot containers, covering all equipment types.. These surcharges are set to take effect on January 20th and are designed to offset potential costs from labor disruptions, strikes, slowdowns, and related operational delays. The announcement comes as dockworkers and port operators face a January 15th deadline to resolve outstanding issues, particularly regarding automation. Container rates have already begun responding to the uncertainty, with rates to Los Angeles climbing 26% and New York seeing a 17% increase in recent weeks. While other major carriers haven't yet announced similar surcharges, many did implement them during previous labor disputes in October. This situation bears watching as it could significantly impact furniture shipping costs and delivery timelines across the industry.

Dec 27, 2024 · 8:40

Furniture Industry News

Supply Chain Woes, Housing Growth, and Market Updates

Furniture Industry News

Welcome to Furniture Industry News for December 20th, 2024. Today we're diving into the latest developments in housing, retail trends, and corporate updates that are shaping the furniture industry landscape. The housing market is showing encouraging signs as we close out the year. November saw housing completions rise 9.2% compared to last year, with single-family homes making up about two-thirds of these completions. This increase in finished homes is adding much-needed inventory to the market. In another positive development, existing home sales jumped 6.1% from last November, the biggest year-over-year increase we've seen since mid-2021. The National Association of Realtors reports that sales rose in all four regions of the country, with the West showing particularly strong growth at nearly 15%.. Lawrence Yun, NAR's Chief Economist, points to increased job creation and growing housing inventory as key factors driving this momentum. Perhaps most importantly, consumers appear to be adjusting to mortgage rates between 6% and 7%, which seems to be the new normal for the market. This stabilization in the housing market could signal positive trends for furniture retailers as more completed homes typically lead to increased furniture purchases. Now turning to supply chain developments, we're seeing significant changes in container shipping rates that could impact furniture costs. Spot rates have surged dramatically, with the Shanghai to Los Angeles route experiencing a striking 26% increase, pushing costs to four thousand, four hundred ninety nine dollars per 40-foot container.

Dec 20, 2024 · 6:27

Furniture Industry News

Holiday Sales, 2025 Manufacturing Outlook, & RH's Firehouse

Furniture Industry News

Welcome to Furniture Industry News for December 18, 2024. Today we're bringing you the latest updates from the furniture industry, covering significant developments in retail sales, manufacturing outlook, and business trends that are shaping our industry. The Department of Commerce has reported encouraging news for the furniture retail sector, with November sales reaching 11 point 32 billion dollars , marking a notable increase from last year's figures. This represents the third consecutive month of year-over-year growth for furniture stores, signaling sustained momentum in the segment. This growth aligns with broader retail trends, as overall retail sales showed a healthy 3.8% increase. Furniture stores joined several other retail categories showing positive momentum, including e-commerce, automotive, and building materials. It's particularly noteworthy that furniture store sales have not only recovered but are significantly exceeding pre-pandemic levels, showing remarkable resilience and growth in our industry.. Monthly sales also showed a modest increase of 0.3% compared to October, suggesting stable consumer demand for furniture products despite ongoing economic uncertainties. Holiday shopping is ramping up significantly this season, with the National Retail Federation reporting that 157.2 million consumers are expected to shop on Super Saturday - the last Saturday before Christmas. This number marks a substantial increase from last year's 141.9 million shoppers. Consumer shopping patterns are showing interesting shifts this year. About 69.5 million people plan to mix their shopping between stores and online platforms, representing a notable increase from last year. While in-store-only shopping has seen a slight decline, online shopping continues to gain traction with 38.2 million people planning to shop exclusively through digital channels.

Dec 18, 2024 · 6:50

Furniture Industry News

Black Friday Boom, Tariff Talks, and Furniture Retail Resilience

Furniture Industry News

Welcome to Furniture Industry News for December 11th, 2024. Today we have a packed episode covering several important developments across the furniture industry. We'll dive into November's retail performance numbers and analyze how the shifting holiday calendar impacted sales this year. We'll also explore the surprisingly strong holiday shopping season, with retailers reporting some of their best Black Friday numbers ever. Then, we'll examine growing concerns about potential new tariffs and how industry executives are preparing for possible changes. Finally, we'll look at the latest earnings reports from major players including Macy's and Hooker Furnishings, giving you insights into how these industry leaders are performing and adapting their strategies.. November retail sales showed resilience despite this year's unique calendar setup, where both Thanksgiving Sunday and Cyber Monday fell into December. According to the CNBC/NRF Retail Monitor, total retail sales, excluding automobiles and gas, grew by 2.35% compared to last year, though this was a more modest increase than October's strong performance. Online retailers led the charge with an impressive 21.48% year-over-year increase, demonstrating the continuing shift toward digital shopping. However, the furniture sector faced some challenges, with furniture and home furnishings stores experiencing a slight decline of 1.15% compared to last year and a 0.8% drop from the previous month. The National Retail Federation remains optimistic about the holiday season, maintaining their forecast of 2.5% to 3.5% growth for November and December combined. This confidence is particularly noteworthy given that retail prices in many categories are actually lower this year, suggesting consumers are purchasing more items even as prices decrease. Five out of nine retail categories showed positive growth, with grocery stores and clothing accessories joining online sales as top performers.

Dec 11, 2024 · 10:08

Furniture Industry News

Supply Chain Warnings, Sales Trends, and a Sneak Peek at 2025 Designs

Furniture Industry News

Welcome to Furniture Industry News for December 9th, 2025. In this episode, we'll cover the latest developments in port strikes, retail performance, manufacturing changes, and major corporate moves shaping the furniture industry. A critical situation is developing at East Coast ports as we approach a potential strike deadline of January 15th. The International Longshoreman's Association and port employers remain at odds over automation issues, particularly the expansion of semi-automated rail-mounted gantry cranes. This dispute follows a three-day strike in October that already caused significant supply chain disruptions. The National Retail Federation has urged both parties to return to negotiations, expressing concern about the uncertainty this creates for retailers and supply chains. While dockworkers maintain they're not against progress or innovation, they're worried about job security and workforce impacts. Port employers, on the other hand, argue they're simply trying to implement technology that's already allowed under current contracts.. The October strike's effects are still being felt across the industry, with many companies already implementing contingency plans for another potential shutdown. With no further talks currently scheduled, the furniture industry needs to prepare for possible disruptions in their supply chains if an agreement isn't reached by mid-January.

Dec 9, 2024 · 5:37

Furniture Industry News

Tariff Threats, Consumer Confidence, Housing Rebound, and Sleep Number's Power Struggle

Furniture Industry News

Welcome to Furniture Industry News for November 27th, 2024. Today we're bringing you the latest updates from across the furniture industry. We'll be diving into some interesting developments, including new consumer confidence numbers that show some promising trends, a significant shift in the housing market, major potential changes to trade policies that could affect our industry, and some notable corporate developments at Sleep Number. Let's get straight into today's stories. Consumer confidence showed strong improvement this November, with the Consumer Confidence Index reaching 111.7, up 2.1 points from October. This increase was primarily driven by more positive views of current business conditions and the labor market situation. Notably, consumers' expectations about job availability reached their highest level in almost three years. The Present Situation Index, which measures current market conditions, climbed nearly 5 points to 140.9, reflecting growing optimism about the current economic landscape.. While inflation remains a concern, there's some encouraging news on that front. Consumer concerns about inflation have dropped to their lowest level since March 2020, with average 12-month inflation expectations declining from 5.3% to 4.9%. However, it's worth noting that when asked about their top concerns and hopes for 2025, consumers across all income and age groups consistently identified high prices as their primary worry, with lower prices being their main wish for the coming year. The housing market showed encouraging signs in October, with existing home sales increasing by 2.9% compared to the same time last year. This marks the first year-over-year increase we've seen since July 2021, suggesting a potential turning point in the market. Sales reached 3.96 million homes, up from 3.85 million in October 2023, with improvements seen across most regions of the country. The National Association of Realtors reports that the median existing home price has now risen to $407,200, representing a 4% increase from last year. This is particularly significant as it marks the sixteenth consecutive month of year-over-year price increases. The inventory situation has also improved slightly, with available homes for sale increasing to 1.37 million, providing about 4.2 months of supply at the current sales pace. Single-family homes led the way with a 4.1% increase in sales compared to last year, while the median time homes spent on the market extended to 29 days, up from 23 days in October 2023. First-time homebuyers made up about 27% of all purchases, and there's some positive news on the mortgage front, with rates showing signs of stabilization after recent highs.

Nov 27, 2024 · 6:41

Furniture Industry News

Tempur Sealy's $4B Battle, Big Lots' Next Chapter, and Macy's Mixed Results

Furniture Industry News

Welcome to Furniture Industry News for November 25th, 2024. Today we're bringing you the latest developments that matter to furniture industry professionals. We'll be covering major updates on the Tempur Sealy and Mattress Firm merger case, significant retail changes at BoConcept and Big Lots, and the latest financial performance from Macy's. Stay tuned for these important industry updates that will keep you informed about what's happening in our sector. The long-running saga of Tempur Sealy's proposed $4 billion acquisition of Mattress Firm is approaching a pivotal moment, with closing arguments scheduled for December 16th in the U.S. Court for the Southern District of Texas. This case has been closely watched by the industry since its announcement in May of last year.. The Federal Trade Commission has been particularly active in scrutinizing this deal, voting unanimously to block it this past July. In response, both Tempur Sealy and Mattress Firm have made several strategic moves to address regulatory concerns. Most notably, Tempur Sealy has arranged to sell 176 Sleep Outfitters and Mattress Firm locations to Mattress Warehouse as part of their divestiture plan. The companies haven't been sitting idle in the face of the FTC's challenge. They've recently taken an aggressive stance by filing their own lawsuit against the FTC, arguing that the agency's administrative court process violates their constitutional rights. The outcome of this case could significantly reshape the mattress retail landscape, and we're expecting to see major developments following the upcoming closing arguments.

Nov 25, 2024 · 6:25

Furniture Industry News

Furniture Export Growth, Mattress Market Insights, and Retail Expansion

Furniture Industry News

Welcome to Furniture Industry News for November 18, 2024. Today we're bringing you three important stories from across the furniture industry that you need to know about. We'll dive into the latest import and export numbers showing some promising trends for the first half of 2024, explore what mattress manufacturers are saying about the industry's recovery timeline, and cover a major retail expansion as Royal Furniture moves into new markets. The furniture import and export landscape is showing encouraging signs of recovery in the first half of 2024. Imports have reached $12.6 billion, marking a 5% increase compared to the same period last year. While this is positive news, it's worth noting that we're still about 26% below the import levels we saw in the first half of 2022, when imports totaled $17.1 billion.. Vietnam continues to maintain its position as the leading furniture source for the U.S. market, shipping $4.4 billion worth of furniture in the first half of 2024, up 19% from last year. This represents about 35% of total imports. China holds the second position with $3.2 billion in imports, making up roughly 26% of the market share, with a modest 2% growth. On the export side, U.S. furniture manufacturers have seen their international sales grow by 10%, reaching more than $1.2 billion. Canada remains our largest trading partner, with exports up 12% to $782 million. Mexico follows as our second-largest export market at $92 million. Several countries have significantly increased their purchases of U.S. furniture, with the Netherlands showing an impressive 88% increase, and Saudi Arabia up by 48%.

Nov 18, 2024 · 5:57

Furniture Industry News

Furniture Retail Growth, Supply Chain Challenges, and U.S. Manufacturing Edge

Furniture Industry News

Welcome to Furniture Industry News for November 15th, 2024. Today we're bringing you important updates from across the industry, including some positive news about retail gains in the furniture category, the latest on East Coast port labor negotiations, developments in domestic manufacturing, and significant updates from major industry players. The furniture and home furnishings sector has finally broken its downward trend, posting its first year-over-year sales increase in nearly two years. According to the U.S. Department of Commerce's latest estimates, October sales reached 11 point 18 billion, marking a 1.5% increase compared to the same month last year. This is particularly noteworthy as it represents the first positive growth the industry has seen since February of 2023.. While October's figures show improvement over last year, they were slightly down by 1.3% compared to September's sales of $11.33 billion. Looking at the bigger picture, year-to-date sales have accumulated to 110 point 18 billion, which is still 3.9% lower than the same period last year. However, the sector has been steadily narrowing this gap in recent months, suggesting a potential turning point for the industry. These improvements in furniture sales align with broader retail trends, as total retail sales across all categories showed a 2.8% increase compared to last year. This positive movement in furniture sales could indicate a strengthening consumer confidence in home-related purchases.

Nov 15, 2024 · 6:37

Furniture Industry News

The Biggest Mergers, Market Shifts, and Challenges Facing Furniture Retailers

Furniture Industry News

Welcome to Furniture Industry News for November 11th, 2024. Today we'll be diving into the latest developments shaping the furniture and mattress industry, from significant mergers and acquisitions to emerging market trends and important retail updates that are impacting our sector. Retailers across the furniture industry are currently grappling with two major challenges that could significantly impact their supply chains. A potential strike at East and Gulf Coast ports is looming, as negotiations continue between the International Longshoremen's Association and the U.S. Maritime Alliance. The current contract extension is set to expire in mid-January, prompting many businesses to accelerate their shipping schedules. Adding to these concerns are proposed tariff increases that could drive up consumer prices significantly. In response, numerous merchants are moving their shipments ahead of schedule to avoid both the potential port disruptions and increased costs. According to industry experts, these combined challenges could result in higher import volumes at major container ports than previously expected for the remainder of the year.. The National Retail Federation warns that these developments could create substantial challenges for retailers, their customers, and the broader economy. Many furniture retailers are already shifting some shipments to West Coast ports as a precautionary measure, though this alternative route comes with its own logistical complications and additional costs.

Nov 11, 2024 · 6:11

Furniture Industry News

Furniture Sales on the Rise: How Consumer Trends and Design Demand Are Shaping 2024

Furniture Industry News

Welcome to Furniture Industry News for November 8th, 2024. Today we're diving into the latest developments that matter to furniture industry professionals, including retail sales forecasts, financial reports from major players, and important market trends that are shaping our industry. Despite some mixed economic signals in October, the National Retail Federation is projecting positive momentum for the upcoming holiday season. They forecast holiday sales will increase between 2.5% and 3.5% compared to last year, potentially reaching up to $989 billion for the November-December period. The outlook remains encouraging as household balance sheets are getting a boost from both a strong stock market and rising home values. Wage growth continues to outpace inflation, giving consumers more purchasing power. While October showed some contradictory economic indicators, including slower job growth, these were largely attributed to temporary factors like weather events and labor strikes.. The economy is actually growing faster than many expected, with GDP showing solid increases over the past 10 quarters despite inflation and high interest rates. Consumer spending continues to provide significant momentum, and inflation has cooled to near the Federal Reserve's target rate of 2%. This combination of factors suggests retailers can expect steady growth through the holiday season. Several major furniture retailers have reported their third quarter results, painting a mixed picture of the industry's current state. Mattress Firm experienced a notable decline, with sales dropping 10.3% to $1.06 billion compared to the same period last year. Their net income also fell significantly, down to $12.7 million from $41.1 million in the previous year.

Nov 8, 2024 · 4:45

Furniture Industry News

Navigating Rising Rates, Tariffs, and Trends: Key Updates for Furniture Retailers

Furniture Industry News

Welcome to Furniture Industry News for November 6th, 2024. Today we're bringing you the latest developments shaping the furniture industry landscape. We'll dive into some significant changes in ocean shipping rates, explore fascinating consumer trends from a new McKinsey report, and examine important financial updates from major industry players. We'll also look at how proposed tariffs could impact our industry and discuss some notable changes in the retail landscape. Stay tuned as we break down what these developments mean for furniture professionals like you. The shipping landscape continues to evolve with ocean container rates showing their first uptick since July, rising 4% to reach $3,213 per 40-foot container. While this increase is noteworthy, rates from Shanghai to key U.S. ports have remained relatively stable, however, industry experts are flagging several concerns on the horizon.. Looking ahead to early 2025, there's growing anxiety about potential disruptions. The January 15th deadline for East and Gulf Coast labor negotiations is looming large, with automation remaining a contentious issue that could trigger port strikes if no agreement is reached. Adding to these concerns, the upcoming U.S. presidential election is prompting many shippers to frontload volumes in anticipation of possible new tariffs. The Lunar New Year, beginning January 29th, is expected to create additional pressure on shipping volumes as it typically does each year. Current market conditions are showing particular strain on the West Coast, where vessel space is extremely tight, especially at Pacific Southwest ports. East Coast vessels are also operating at near capacity, with carriers already implementing rate increases and eyeing additional hikes in the coming weeks.

Nov 6, 2024 · 6:45

Furniture Industry News

American Freight Closing All Stores, Rising Online Sales, and the Road to Industry Resilience

Furniture Industry News

Welcome to Furniture Industry News for November 4th, 2024. Today we're bringing you updates on some major developments in the furniture industry, including the closure of American Freight stores, new insights into how consumers are shopping for furniture, and the latest performance metrics from across the industry. In a significant development for the furniture retail sector, American Freight is closing all its stores nationwide following parent company Franchise Group's Chapter 11 bankruptcy filing. Store closing sales began on November 5th, marking the end of another major furniture retailer's operations. The company cited ongoing challenges from sustained inflation and broader economic difficulties in the durable goods sector as key factors in this decision. Franchise Group has reached a restructuring agreement with holders of about 80% of its first lien debt and secured $250 million in financing to maintain operations across its other businesses, including Pet Supplies Plus, The Vitamin Shoppe, and Buddy's Home Furnishings.. This closure follows a troubling pattern in the furniture retail space, coming after the recent Chapter 11 filings of other notable retailers. American Freight's exit represents another significant shift in the retail furniture landscape, impacting countless employees and leaving a gap in the market, particularly in the value-focused segment of the industry. New research reveals fascinating trends in how consumers are shopping for furniture these days. While nearly half of shoppers still prefer the traditional in-store experience, we're seeing significant growth in online furniture purchases, especially for specific categories. Bedroom sets, office furniture, and lighting products are leading the shift to digital shopping. What's driving this online movement? Better prices are the biggest draw, with 27% of consumers citing this as their main reason for shopping online. Free delivery is another major factor, mentioned by 25% of shoppers. The convenience of a wider product selection and faster shopping experience are also key motivators. Interestingly, furniture shoppers are more likely to rely on online reviews than buyers in other retail categories, with 31% checking reviews before making a purchase. They're also social shoppers - more than a third frequently shop with family or friends, and about one in five say their shopping companions greatly influence their decisions. When it comes to specific items, mattresses have been the most popular purchase over the past year, followed by lighting and bedroom sets. The data shows that households with children, Generation Z, and city dwellers are significantly more likely to buy furniture than other demographic groups. The latest industry data shows some concerning trends in furniture orders, with August seeing a 7% drop compared to last year. This follows a pattern of declining orders we've seen in recent months, including drops of 5% in July and 6% in June. While the year started strong enough to keep overall orders slightly ahead of 2023, the margin has narrowed to just 1%.

Nov 4, 2024 · 7:34

Furniture Industry News

Turning the Corner: Consumer Confidence, Retail Wins, and Market Momentum

Furniture Industry News

Welcome to today's episode of Furniture Industry News for November 1, 2024. We'll cover the latest developments from High Point Market, retail performance, and consumer confidence trends affecting the furniture industry. The recently concluded High Point Market demonstrated remarkable resilience in the face of multiple challenges. Despite concerns about the upcoming election, recent hurricanes, and economic uncertainties, attendance only dipped by 2% compared to previous markets. This relatively stable turnout speaks volumes about the industry's strength and commitment. Large retailers showed particularly strong engagement, with attendance from this segment actually increasing by 3%. The Market Authority also reported increased press presence and strong international buyer participation. Transportation services saw significant growth, with ride services up 12% compared to previous markets.. Perhaps most encouraging was the sentiment among retailers at the market. According to a TD Bank survey conducted during the event, nearly half of retailers expect home furnishings purchases to increase during the first six months of 2025. While some concerns remain about economic uncertainty and the upcoming election, the overall mood was decidedly optimistic. The market's digital engagement also showed impressive growth, with the High Point Market app usage increasing to 15,000 users, up from 9,900 at the previous market. New buyer programs were particularly successful, with over 100 new buyers participating in the market tours and hundreds more engaging in pre-market educational programs.

Nov 1, 2024 · 5:48

Furniture Industry News

Upholstery Strategies, Case Goods Outlook, and Motion Furniture Innovations for 2025

Furniture Industry News

Welcome to today's episode of Furniture Industry News. It's October 28th, 2023, and we're here to bring you the latest updates from the world of furniture. In today's episode, we'll be diving into several key areas of the industry. We'll explore the outlook for case goods as we look ahead to 2025, discuss the latest trends and strategies in the upholstery sector, check out some exciting innovations in motion furniture, and wrap up with some important financial news affecting major players in the industry. Stay tuned as we unpack these developments and what they mean for furniture professionals.. The case goods segment is bracing for a challenging 2025, even as interest rates have come down. While the lower rates have injected some optimism into the market, their impact on furniture sales remains uncertain. The health of the housing market continues to be a crucial factor for case goods, with high home prices and low inventory putting a damper on sales. Despite these hurdles, manufacturers are adapting their strategies to attract consumers. There's a strong focus on delivering value, especially in the middle and lower ends of the market. Companies are recognizing that consumers need more compelling reasons to justify their furniture purchases in the current economic climate. Style is also taking center stage, with many manufacturers emphasizing fashion-forward designs. Natural looks and materials remain a key trend, with light finishes and organic shapes gaining popularity. Some companies are also exploring smaller, less expensive pieces as consumers hesitate to invest in larger items. As we move into 2025, the case goods sector will need to continue innovating to navigate these challenging market conditions.

Oct 28, 2024 · 5:49

Furniture Industry News

How AI, Social Commerce, and Market Trends Are Shaping the Future of Furniture

Furniture Industry News

Welcome to today's episode of Furniture Industry News for October 25th, 2024. In this episode, we'll dive into the latest happenings in the furniture industry, covering everything from recent surveys to market trends and exciting developments in AI that are shaping our sector. Whether you're a manufacturer, retailer, or just passionate about furniture, we've got the insights you need to stay informed. So, let's jump right in and explore what's been making waves in the world of furniture this week.. A recent survey by Rakuten and The Harris Poll has uncovered a significant gap between retail marketers' confidence and consumers' holiday spending plans. While 79% of marketers are optimistic about reaching their holiday sales goals, the reality on the consumer side paints a different picture. A whopping 81% of shoppers don't plan to increase their holiday spending this year, and 45% actually intend to spend less compared to previous seasons. This disconnect highlights the challenges retailers may face this holiday season. With inflation still a concern for many shoppers, 46% say it will have the greatest impact on their holiday shopping strategy. In fact, 26% of consumers report they can't afford to buy gifts this year at all. Despite these consumer sentiments, 98% of retail marketers believe shoppers will remain loyal to brands. However, 42% of shoppers indicate they'll prioritize finding the lowest prices, suggesting a potential shift in buying behavior that retailers should be prepared for.

Oct 25, 2024 · 7:03

Furniture Industry News

"Mortgage Trends, Big Box Closures, and a New Furniture Licensing Powerhouse"

Furniture Industry News

Welcome to today's episode of 'Furniture Industry News' on October 7th, 2024. In this episode, we'll cover recent developments in mortgage rates, store closings, distribution expansion, and a new licensing partnership. Stay tuned for the latest updates that matter to furniture industry professionals.. Let's dive into the latest on mortgage rates and the housing market. There's some good news and some not-so-good news to share. On the bright side, consumer optimism about falling mortgage rates is on the rise. In fact, a record 42% of consumers now expect mortgage rates to decline. That's up from 39% in August and a significant jump from 24% in June. However, here's where things get a bit tricky. While folks are feeling more positive about mortgage rates, home prices are still climbing. This combination is creating a mixed bag when it comes to home buying sentiment. Only 19% of people think it's a good time to buy a home right now. On the flip side, 65% believe it's a better time to sell. This mixed sentiment is having a real impact on home sales. Despite the optimism about rates, we're not seeing a big boost in buying activity just yet. Existing home sales are actually on track to hit their lowest annual total since 1995. It seems that while people are noticing the improving interest rate environment, they're still feeling held back by the substantial increase in home prices over the past few years.

Oct 8, 2024 · 5:48

Furniture Industry News

Brace for Impact: Looming Port Strike Threatens Furniture Supply Chains & More

Furniture Industry News

Welcome to today's episode of Furniture Industry News, for September 30, 2024. I'm excited to bring you the latest developments in the furniture industry, keeping you informed about what's happening in our ever-changing market. In today's episode, we'll be covering a range of important topics that are shaping the furniture landscape. We'll start with an update on the ongoing labor negotiations between the International Longshoremen's Association and the U.S. Maritime Alliance, which could have significant implications for our industry. We'll also delve into current market trends, particularly in the case goods sector, and explore how suppliers are adapting to challenging economic conditions. Plus, we'll discuss strategies that retailers can employ to thrive in this evolving retail environment. Stay tuned as we unpack these crucial issues and more on today's Furniture Industry News.. The International Longshoremen's Association, or ILA, and the U.S. Maritime Alliance, known as USMX, are still at odds over a new contract. As it stands, the ILA is set to stop work at 12:01 a.m. on October 1st, 2024. This potential work stoppage could have major ripple effects throughout the furniture industry. The East and Gulf Coasts account for more than half of the total U.S. import volume. If a strike occurs, furniture shipments originally destined for these ports would need to be rerouted to the West Coast or sent via air freight. However, there simply isn't enough capacity to absorb all of this volume. Analysts estimate that each day of work stoppage could lead to 5 to 10 days of additional cargo build-up. If the stoppage lasts more than a week, we could see severe capacity shortages and prolonged backlogs. This could result in container pile-ups, chassis shortages, surging trucking rates, and rail congestion.

Sep 30, 2024 · 7:12

Furniture Industry News

Holiday Spending, Gen Z Insights & Port Strikes: What’s Ahead for Furniture Retail

Furniture Industry News

Welcome to Furniture Industry News for September 25, 2024. Today, we're diving into the latest developments shaping our industry. We'll explore the impact of interest rate changes, shifting consumer confidence, holiday spending trends, logistics challenges, and the unique shopping habits of Gen Z. Stay tuned for insights that could affect your business in the coming months.. The Federal Reserve's recent decision to cut interest rates has sparked optimism in the furniture industry. This move is expected to have a positive ripple effect, particularly in the housing market. With lower interest rates, mortgage rates are likely to decrease, making homeownership more accessible for many Americans. As mortgage rates fall, we could see an uptick in housing sales. This is great news for furniture retailers, as new homeowners often invest in furnishing their spaces. The National Association of Realtors' chief economist, Lawrence Yun, believes this combination of lower mortgage rates and increasing inventory creates a favorable environment for future home sales. However, it's important to note that the impact may not be immediate. The home buying process typically takes several months, and mortgage rates had already been declining in anticipation of the Fed's decision. Still, this move has increased purchasing power for potential homebuyers, potentially bringing some previously priced-out consumers back into the market.

Sep 25, 2024 · 7:50

Furniture Industry News

Navigating the Future of Furniture: Economic Trends, M&A Prospects, and Retailer Strategies

Furniture Industry News

Welcome to 'Furniture Industry News' for September 4th 2024. We're here to bring you the most recent information in the furniture industry. Let's jump in... In June, furniture orders decreased by 6% compared to June 2023, marking the third decline in the past thirteen months and continuing a downward trend for the second consecutive month. This decline was observed among roughly two-thirds of the surveyed participants. Shipments also took a hit, falling by 8% from the same period last year. Year-to-date performance showed a 3% increase in orders compared to 2023, but the recent declines have notably narrowed that margin. Shipments in June were down for around 80% of survey participants when compared to the previous year, although they remained flat from May to June. The backlog of orders saw a decrease of 6% from last June and 2% from May. Meanwhile, receivable levels dropped by 7% from the previous year and 1% from May, indicating a gradual decline in overall business activity.. Factory and warehouse employee numbers also dipped by 6% from last June, with payroll expenses down by 7% year-to-date. The inventory levels, however, showed a 16% decrease from last June while remaining unchanged from May, illustrating a cautious approach towards stock management amid declining demand. Amidst these mixed signals, retailers maintained a cautiously optimistic outlook.

Sep 4, 2024 · 7:46

Furniture Industry News

Furniture Market Pulse: Housing Affordability, Financing Strategies, and Emerging Trends

Furniture Industry News

Welcome to Furniture Industry News for Friday, August 9th, 2024. Let's dive into the latest insights and updates in the furniture industry. We’ve got a lot to cover, from housing affordability and its impact on furniture sales, to the latest survey highlighting the role of financing in driving revenue. We’ll also discuss trends in mattress shipments, key takeaways from the Las Vegas Market, and updates on how the recent stock market performance is affecting our industry. So, sit back and enjoy as we unpack these important topics.. Housing affordability continues to be a critical issue affecting furniture sales today. As the cost of owning a home rises, potential buyers find their budgets increasingly stretched. If purchasing or maintaining a house absorbs most of their financial resources, they have less to spend on furnishing and decorating their new spaces. This is especially true for young buyers and first-time homeowners, who often find themselves priced out of the market. Recent data highlights drastic differences in housing affordability across the United States. For instance, states like New York, Massachusetts, California, Hawaii, and New Jersey top the list for high home prices and associated costs. In New York, residents need an annual income of around $195,563 to afford a home with a median price of $541,700. In contrast, states like Mississippi and Louisiana offer far more affordable options, with annual income requirements around $39,880 and $47,061 respectively.

Aug 9, 2024 · 9:01

Furniture Industry News

Consumer Confidence and Retail Revivals: July Insights

Furniture Industry News

Welcome listeners to another episode of Furniture Industry News. Today is Wednesday July 31, 2024 and we have an engaging set of topics lined up for you. Stay tuned as we discuss the latest trends and updates in the furniture industry. We will kick things off by examining the increase in Consumer Confidence seen in July, followed by some insightful strategies shared by retailers on how to attract consumers back to physical stores. Next, we'll delve into Sam Levitz Furniture’s recent store closures and what it means for the market. Additionally, we’ll explore how domestic furniture manufacturers are benefitting from high shipping costs and highlight key points from Beyond Inc.'s latest Q2 earnings call. Let's dive right in.. In July, the Consumer Confidence Index rose to 100.3, up from 97.8 in June. This increase indicates a slight boost in consumer sentiment despite ongoing economic uncertainties. The rise in confidence reflects an improvement in consumers' short-term outlook for income, business, and labor market conditions. However, it's important to note that while consumers are feeling a bit more positive about their financial future, they remain wary of high prices and the persistent issue of elevated interest rates. Dana Peterson, chief economist at the Conference Board, pointed out that although there's been an uptick in confidence, it hasn't been substantial enough to break away from the stable but narrow range seen over the past two years. The Present Situation Index, which takes into account current business and labor market conditions, actually declined slightly, showing that present conditions are seen as less favorable even if the future appears somewhat brighter.

Jul 31, 2024 · 12:27

Furniture Industry News

Furniture Retail Upheaval: Bankruptcies, Layoffs, and Growth

Furniture Industry News

Welcome to 'Furniture Industry News' for Friday, July 26th, 2024. In today's episode, we've got a lineup of compelling topics and trends that are shaping the furniture industry right now. We'll dive deep into the bankruptcy of Conn’s and Badcock Home Furniture, uncover the ripple effects on local competitors, and examine the broader trends of layoffs and store closures in 2024. We'll also explore growth opportunities emerging from these closures, highlight the surge in imports at the Port of Long Beach, and discuss the stabilization of ocean container rates. Finally, we'll look at how AI can be leveraged to revolutionize your retail operations. Stay tuned for all this and more insightful analysis ahead.. Conn’s Home Plus and Badcock Home Furniture are two of the most recognized names in the furniture retail industry, but they recently made headlines for all the wrong reasons. Both companies have filed for Chapter 11 bankruptcy protection, signaling a significant downturn for their combined 550-store operation. The filing means they plan to wind down their business, an outcome that has sent ripples through the industry. So, what led to this drastic measure? According to Conn’s, a series of “drastic shifts” in consumer behavior were largely to blame. The end of pandemic stimulus payments changed spending patterns, while rising interest rates and inflation squeezed consumers further. On top of this, Conn’s faced the high costs of integrating its acquisition of W.S. Badcock, which turned out to be more challenging than expected. It’s clear that a combination of predictable economic factors, coupled with poor strategic decisions, created a perfect storm.

Jul 26, 2024 · 19:27

Furniture Industry News

From Social Media to Mattress Giants: Navigating Today's Furniture Industry

Furniture Industry News

Welcome to 'Furniture Industry News,' your source for the latest trends and updates in the furniture sector. Today is July 22nd, 2024. In this episode, we'll be diving into some key developments impacting the industry. We'll discuss how social media platforms are transforming into major shopping avenues, the significant acquisition of Sleep Country Canada by Fairfax Financial Holdings, and the ongoing legal battle surrounding Tempur Sealy's proposed acquisition of Mattress Firm, which is diverting attention from some real challenges in the bedding sector. Stay with us as we unpack these important topics.. Social media has transformed into a significant shopping platform, according to a recent Talker Research poll. This survey, conducted in early May, highlights that 68% of surveyed U.S. adults have made purchases through their social media feeds. This underscores a growing trend towards social shopping, where the virtual world meets consumerism in real-time. Among the platforms, Facebook takes the lead, with 85% of social shoppers using it for their purchases. Instagram follows with 49%, and TikTok with 38%. These platforms provide an accessible and convenient shopping experience, which users find very appealing. In the survey, 33% cited ease and convenience as the top reasons for shopping through social media. Another 32% said they are already on social platforms so frequently that shopping through them becomes a natural extension. Another compelling aspect is the role of product discovery and interaction. Social media allows users to see how products can be used, with 30% of respondents appreciating this feature. Additionally, 22% use their feeds to read reviews, 20% to do further research, and 15% to gain inspiration for using products. These interactions provide a comprehensive view of the product's practical use before making a purchase.

Jul 22, 2024 · 10:16

Furniture Industry News

Furniture Retail Resilience and Market Dynamics: Insights for Industry Professionals

Furniture Industry News

Welcome to 'Furniture Industry News,' your go-to source for the latest updates in the furniture world. Today, we have a lot to cover, from retail trends and housing market insights to intriguing business deals and technological advances. Whether you're a retailer, manufacturer, or just passionate about the industry, this episode will keep you in the loop on key topics shaping the furniture landscape. So sit back, relax, and stay tuned as we dive into the stories that matter most!. The latest data from the U.S. Census Bureau indicates that retail sales experienced modest growth in June, showing a 2.3% year-over-year increase. While this growth is a positive sign, it comes amid erratic consumer spending patterns that have made trends difficult to predict. Despite these fluctuations, the National Retail Federation's Chief Economist, Jack Kleinhenz, maintains an optimistic outlook for future spending trends. Kleinhenz points out that spending has been inconsistent but remains in a relatively good state, even with factors like a slower pace of payroll growth, subdued consumer confidence, and price deflation for retail goods. He suggests that as employment and income levels continue to improve, consumer spending is likely to see further growth. However, he does caution that high interest rates are making credit purchases more expensive, which may dampen new borrowing and possibly temper spending trends moving forward.

Jul 19, 2024 · 20:01

Furniture Industry News

Furniture Retail Dynamics: Sales Data, Market Shifts, and Strategic Moves

Furniture Industry News

Welcome to 'Furniture Industry News,' your go-to source for the latest developments and insights in the furniture world. In today's episode, we'll be digging into some significant trends and updates that are shaping the industry right now. Whether you're a retailer, a manufacturer, a designer, or simply someone passionate about furniture, we have something for you. We'll start by discussing the latest data on furniture store sales, which saw a minor decline in June 2024 compared to June 2023. Though sales are down, the decline is not as steep as earlier in the year, signaling potential improvements on the horizon. Next, we'll explore the shifts in the market favoring Made-in-America furniture. Rising import costs and changing consumer preferences are driving a renewed interest in domestically manufactured furniture. We'll talk about what this means for the industry and how some companies are seizing this opportunity for long-term gains.. In our third segment, we'll examine the strategic partnership between ChargeAfter and Snap Finance to expand subprime lending options. This new collaboration aims to provide greater financial flexibility for customers, which could be a game-changer for retailers. We'll also touch on a class-action lawsuit against Poly & Bark for allegedly using false reference pricing. This legal battle has wider implications for the industry, and we'll explore those in detail. Later, we'll discuss the latest annual Best Retailers list by Newsweek and Statista, highlighting several top home furnishings brands. Recognition on this list can be quite influential, and we'll see which companies are making waves. Finally, we'll delve into Macy's new "Bold New Chapter" strategy. This ambitious plan aims to strengthen their brand, accelerate growth in the luxury sector, and modernize their operations. We'll discuss the key components of this strategy and what it could mean for their future.

Jul 17, 2024 · 16:02

Furniture Industry News

Retail Realities: Consumer Preferences and Industry Shifts

Furniture Industry News

Welcome to 'Furniture Industry News', your go-to podcast for the latest updates and insights in the furniture industry. Today, we have an exciting lineup of topics that are crucial for professionals in the field. We’ll kick off by exploring a recent study that reveals consumer preferences between in-store and online shopping for home furnishings. We’ll also dive into how Bob’s Discount Furniture has been recognized as one of America’s Top Retailers for 2024. Next, we’ll discuss the mounting store closures for Conn’s HomePlus and what that signals for their financial health. We will also cover the significant layoffs at Dorel Industries and what this means for the company moving forward. Finally, we’ll delve into Macy’s decision to terminate an acquisition deal, shedding light on their future strategy. Stay tuned!. Let's delve into a recent study that sheds light on consumer preferences when it comes to shopping in-store versus online. Conducted by SPAR Group, the research reveals some intriguing insights about how people prefer to shop across different categories, especially home furnishings. While 83% of consumers still buy their groceries in person, just over 27% find it necessary to purchase home furnishings in a store. Home improvement retailers (45%) and department stores (41%) rank higher than furniture stores when it comes to in-store shopping preferences. Interestingly, 70% of all shoppers expect to increase their in-store shopping in the next six months, with the trend being most pronounced among young adults aged 18 to 24, males, and households earning between $90,000 and $100,000 per year. Now, let's discuss why people still opt for the in-store experience. The ability to try or demo products is a major factor, cited by 80% of respondents. This is especially crucial for home furnishings, where the look and feel can't always be accurately judged online. Another significant reason is the selection of new products; 71% of people believe that the new product selection is better in-store compared to 49% who feel the same about online shopping.

Jul 15, 2024 · 13:01

Furniture Industry News

Furniture Industry Roundup: Sales, Legal Battles, and Financial Updates

Furniture Industry News

Welcome listeners to today's episode of 'Furniture Industry News,' your go-to source for the latest in the furniture industry. Today, we have an engaging lineup of topics covering recent July 4 sales, an FTC objection, store closures at Big Lots, and Bassett's latest earnings report. Whether you're a retailer, manufacturer, or just someone interested in the world of furniture, there's something here for you. So, get comfortable and let's dive right in!. Let's start with the July 4 sales in the furniture retail sector. This year's holiday sales presented a mixed bag for many retailers. While some saw modest increases in traffic, others struggled to meet last year's figures, primarily due to economic factors such as rising inflation and increased costs. For instance, Gill Brothers Furniture in Muncie, Indiana, reported beating last year's margins with their triple sales tax savings incentive, although overall sales were just as expected for this period. Motion upholstery turned out to be one of their star performers, maintaining steady sales alongside their mattress category. Across the Southeast, 1915 South, which operates Ashley stores, saw increased foot traffic. However, the average purchase amount per customer dipped slightly compared to last year. Shoppers seemed to lean more towards lower-priced items, suggesting a cautious consumer attitude amidst economic uncertainty. Vice President of merchandising and marketing, Bill Dixon, mentioned that upholstery and motion furniture held their ground as best sellers, even if customers opted for budget-friendly versions.

Jul 12, 2024 · 13:25

Furniture Industry News

Retail Shifts: The Kroger-Albertsons Merger and Big Lots Closures

Furniture Industry News

Welcome to 'Furniture Industry News,' the go-to podcast for the latest updates and insights for professionals in the furniture industry. Whether you're a retailer, manufacturer, or just someone passionate about furniture, you're in the right place to stay informed on the latest trends and major developments shaping our industry. I'm your host, and we've got a packed episode today. We'll be covering significant news like the merger updates between Kroger and Albertsons, potential store closures from Big Lots, and the ongoing legal battle between the FTC and Tempur Sealy over the Mattress Firm acquisition. We’ll also dive into Cozey's innovative pop-up store strategy in Vancouver, the newly proposed OSHA heat safety rule that could impact furniture manufacturers, and some eye-opening statistics about furniture damage across American households. So, grab your notebooks, get comfortable, and let's dive right in!. Kroger and Albertsons are moving ahead with a significant $24.6 billion merger, aimed at consolidating two of the largest grocery giants in the United States. To secure the approval of the Federal Trade Commission, the two companies have proposed selling off 579 stores across 18 states and Washington D.C. This move is intended to address antitrust concerns by divesting locations to C&S Wholesale Grocers, a wholesaler known for owning supermarket chains like Grand Union and Piggly Wiggly. Interestingly, Fred Meyer superstores, which are also owned by Kroger, are not included in the list of stores to be sold. Fred Meyer is a hybrid concept that combines grocery items with general merchandise, which notably includes a furniture department. These superstores operate predominantly in the Pacific Northwest, with a footprint of 132 locations spread across Oregon, Washington, Idaho, and Alaska.

Jul 10, 2024 · 15:10

Furniture Industry News

Consumer Confidence Dips: What It Means for Furniture Industry

Furniture Industry News

Welcome to another episode of the Furniture Industry News podcast, where we bring you the latest and most important updates from the world of furniture. Whether you're a seasoned professional or just someone passionate about the industry, this is the place to stay informed. Today, we have an information-packed episode that covers a range of noteworthy topics. We’ll begin by looking at the latest Consumer Confidence Index report for June, revealing the mixed sentiments that consumers are feeling and what that could mean for the furniture industry. We will dive into the specific numbers, discuss the overall trends, and consider how current business and labor conditions are shaping market outlooks. Next, we'll move on to a high-stakes negotiation currently playing out in the bedding sector. Tempur Sealy remains confident in their $4 billion acquisition of Mattress Firm despite facing significant opposition from the Federal Trade Commission. We’ll break down their recent statements and analyze how this could affect the competitive landscape moving forward.. In other news, after more than a century of serving its community, Pugh Furniture in West Virginia is closing its doors. We’ll take a look back at the storied history of this family-owned business and explore the reasons behind its closure. We'll also peek into the future with a discussion about Andmore's exciting partnerships with various industry groups for the upcoming Summer 2024 markets in Atlanta and Las Vegas. This collaboration promises to offer valuable opportunities for networking, shopping, and education for all attendees involved. To wrap up our key segments, we'll highlight the newly formed partnership between Storis and Berrios. This collaboration aims to revolutionize the customer experience in retail with cutting-edge SaaS technology, and we’ll share why this is a significant development for both companies. Staying updated on these trends isn't just about following the news—it's about gaining insight that helps you navigate and excel in this ever-evolving industry. So, buckle up and get ready for an in-depth look into these compelling stories.

Jul 8, 2024 · 20:08

Furniture Industry News

FTC Blocks Tempur Sealy & Mattress Firm, April's Furniture Surge, and More

Furniture Industry News

Welcome to 'Furniture Industry News,' your go-to podcast for the latest happenings in the furniture industry. I’m excited to bring you today’s episode, packed with key events and trends that are shaping the market. If you want to stay in the know about all things furniture, you’re in the right place. First up, we'll discuss the Federal Trade Commission's move to block Tempur Sealy International's acquisition of Mattress Firm. What implications does this legal battle have for both companies and the broader bedding market? Next, we dive into a remarkable 22% increase in furniture orders for April 2024 compared to last year. We'll explore the factors contributing to this surge and what it could mean for manufacturers and retailers alike. We’ll also touch on the financial struggles of Conn’s HomePlus, which may be facing a Chapter 11 bankruptcy due to declining sales and difficulties following its acquisition of Badcock Home Furniture. How might this potential filing impact the industry?. As we inch closer to July 4th, we'll look at how everyday low-price retailers like American Furniture Warehouse and Bob’s Discount Furniture are planning special promotions to celebrate the holiday, even without traditional sales events. In a similar vein, furniture retailers are expressing optimism that their July 4 promotions will provide a much-needed boost to sales. We'll look at the different strategies they’re employing to attract customers. We’ll also share some insights into the bedding industry for the third quarter of 2024, as well as details from the upcoming Leadership Conference that promises a wealth of expertise and exclusive research. Finally, we'll discuss Man Wah USA’s decision to implement a 3% price increase starting June 8. What will this mean for retailers and consumers as container rates continue to climb?

Jul 3, 2024 · 19:40

Furniture Industry News

Freight Frenzy: How Port Congestion is Disrupting Furniture Imports

Furniture Industry News

Welcome to the Furniture Industry News podcast, where we bring you the latest updates and insights from the furniture world. In today's episode, we're diving into some pivotal topics that are making waves in the industry. From homeowners expanding their outdoor living spaces to the challenges of port congestion driving up freight rates, we'll cover what's shaping the market today. We'll also discuss UPS's significant sale of its logistics brokerage business, the potential impact of a TikTok ban on marketers, and Amazon's Prime Day event targeting back-to-school shoppers. Plus, stay tuned for news on the new CEO at Serta Simmons Bedding and the opening of a massive new Ashley Furniture megastore in Las Vegas. There's a lot to cover, so stick with us, and don't forget to subscribe to stay updated!. Homeowners, particularly those from Gen X and Millennial generations, are heavily investing in their outdoor living spaces. According to the 2024 U.S. Houzz Outdoor Trends Study, these groups are making significant strides to expand and enhance their exterior areas. Approximately 41% of Gen X and 38% of Millennials have expressed a desire to upgrade their outdoor spaces, making it a priority. These enhancements often include major structural improvements such as decks, outdoor kitchens, and even features like pools and hot tubs. What’s driving this trend? With the availability of housing stock being limited and higher interest rates affecting affordability, younger homeowners are maximizing every square inch of their current homes by turning their attention to outdoor spaces. Millennials are particularly keen on making their yards more functional and personalized, often through significant investments.

Jun 26, 2024 · 14:30

Furniture Industry News

Navigating Furniture Sales: Surcharges, Shipping, and Customer Loyalty

Furniture Industry News

Welcome to Furniture Industry News, your go-to podcast for the latest updates and insights into the furniture industry. Today, we have an exciting lineup of topics that will keep you informed and ahead in the game. We'll dive deep into key trends shaping the market, explore some of the latest industry challenges, and take a closer look at interesting consumer behaviors that are driving change. Whether you're a retailer, manufacturer, or simply passionate about furniture, this episode has something valuable for you. So, sit back, relax, and let's get started on this informative journey into the world of furniture.. A recent study has shown that a significant majority of Americans, a whopping 78%, shop at small businesses for home decor at least once a month. This trend is particularly led by Millennials, with 80% of them frequenting these local stores monthly. The findings highlight an interesting shift in consumer behavior towards supporting smaller retailers. One of the primary reasons behind this trend is a strong desire to boost the local economy, cited by 64% of respondents. People love the idea of their money helping their own communities thrive. Additionally, 47% of consumers are on the hunt for unique products that they can't find in larger, big-box stores. This search for uniqueness often leads them to smaller businesses, which are known for carrying more distinctive and individualized items. Another important factor is the perceived higher quality of goods. About 43% of those surveyed believe that small businesses offer better-quality products, which is a compelling reason for them to choose local over big-chain retailers. Moreover, 40% of consumers enjoy the sense of community connection that comes with shopping locally. There's something special about knowing the shop owner or bumping into neighbors while you shop.

Jun 24, 2024 · 14:18

Furniture Industry News

Impacts on the Furniture Industry: Navigating the Rising Cost of Living and Shifts in Consumer Behavior

Furniture Industry News

Welcome to Furniture Industry News, your go-to podcast for the latest updates and insights in the furniture industry. In today's episode, we're diving into some crucial topics that are shaping our industry. You'll hear how the rising cost of living is influencing consumer shopping habits online, what key factors are keeping potential homebuyers on the sidelines, and an update on recent housing market data. We'll also explore the tough measures furniture companies are taking to navigate increasing container costs, and discuss the resilience shown by the industry in the aftermath of an explosion at North America's largest particleboard plant. Finally, we’ll look at an exciting acquisition by Haworth that’s making waves in the luxury furniture and automotive sectors. Stay tuned as we unpack these important stories and their implications for professionals and businesses in the furniture world.. As the cost of living continues to rise, Americans are increasingly adapting their online shopping habits. A recent poll revealed that 90% of U.S. adults have noticed a significant rise in their living costs over the past five years. This financial pressure is prompting many to rethink their spending patterns, particularly when it comes to purchasing home goods—a category intimately tied to the furniture industry. One key shift in consumer behavior is the growing reliance on buy-now, pay-later (BNPL) services. More than half of the respondents in the poll reported changing their online shopping habits, and a considerable portion, about 42%, are now using BNPL services frequently. This trend is most prominent among Gen Z, with a significant 53% making regular use of these payment plans. Home goods rank high on the list of items purchased using BNPL, just behind clothing and ahead of groceries.

Jun 21, 2024 · 14:41

Furniture Industry News

Rising Shipping Costs and the Future of Furniture Retail

Furniture Industry News

Welcome to this episode where we explore the latest developments in the furniture industry. Today, we delve into an array of topics that reveal the current state of the market. We start with the recent sales reports, which unfortunately show a continued decline despite significant retail events like Memorial Day. Then, we examine the rising ocean container rates and unpack the multiple factors driving these increases. Additionally, we share insights from a recent study that highlights which states have the most eager home remodelers and how this trend could boost local furniture sales. Finally, we'll cover the innovations and efficiencies presented at the Furniture Manufacturing Expo, providing a comprehensive look at the industry's future. There's a lot to cover, so let's dive right in.. Despite significant sales events like Memorial Day, the furniture industry faced a continued decline in May. According to the Department of Commerce, sales for the month totaled an estimated adjusted $10.72 billion. This figure marks a 6.8% decrease compared to $11.5 billion in May the previous year and a minor 1.1% decline from April's adjusted $10.84 billion. Year-to-date, the total in this category sits at $53.04 billion, falling short of 2023’s pace by 7.9%. This decline persists despite retailers holding sales during what is traditionally one of the biggest sales events of the year. Memorial Day sales, often a critical driver for the industry, failed to provide the necessary boost to reverse this slump. While the furniture sector is grappling with lower numbers, the overall retail landscape paints a different picture. In contrast, the D O C estimates adjusted overall retail sales to have reached $703.088 billion in May, an increase of 2.3% compared with $687.47 billion a year ago and slightly up from the previous month’s $702.46 billion.

Jun 19, 2024 · 15:25

Furniture Industry News

Navigating Turbulent Waters: Furniture Financing and Port Strikes

Furniture Industry News

Welcome to Furniture Industry News, your go-to podcast for the latest insights and updates in the furniture world. If you’re passionate about furniture, eager to learn about industry trends, or simply curious about how market shifts impact your brands, you’re in the right place. Today, we have a lineup rich with valuable information that delves into the heart of the furniture industry. We’ll explore the growing demand for furniture financing in a challenging housing market, as well as the looming threat of an East Coast port strike that could disrupt import activities. We’ll also examine the alarming rise in ocean container rates, reminiscent of COVID era challenges, and how wood vendors are staying optimistic despite stagnant sales and rising costs. But that’s not all. We’ll highlight a forward-thinking perspective on how artificial intelligence might bring unexpected benefits to furniture stores. Plus, we’ll dive into the significant acquisition of The Aaron’s Company by IQVentures and what it means for the lease-to-own furniture sector. Lastly, we'll introduce you to Sleep Number’s new c1 smart bed designed for value-conscious consumers looking for affordable yet high-quality sleep solutions.. So sit back, relax, and join us as we uncover the latest developments, discuss impactful changes, and celebrate innovations in the ever-evolving furniture industry. Let's get started!

Jun 17, 2024 · 20:43

Furniture Industry News

Industry Disruptions: Hybrid Retailing, Data Breaches, and Trade Challenges

Furniture Industry News

Welcome to Furniture Industry News, your go-to podcast for the latest updates and insights in the world of furniture retail. In today's episode, we will explore several compelling stories impacting our industry. We'll start with a deep dive into the innovative approach of hybrid retailing—combining the best of both online and in-store shopping experiences. Next, we'll shift our focus to the U.S. mattress market, currently grappling with injuries from imports sold at unfair prices. What does this mean for domestic manufacturers and consumers? We’ll also delve into the details of a class action lawsuit against the Dufresne Spencer Group, sparked by a significant data breach that could have long-lasting consequences for customers. Adding to the legal fronts, we'll discuss a massive £1 billion lawsuit an independent retailer association in the UK has filed against Amazon for allegedly misusing retailer data. What could be the repercussions for one of the world’s largest retail giants?. Then, we'll review the recent financial performance of innovative furniture brand Lovesac, which, despite a drop in Q1 sales, maintains an optimistic outlook thanks to strategic product launches and future plans. We'll also highlight Flexsteel's recent decision to add a freight surcharge as ocean container rates continue to rise, impacting pricing and logistics strategies. Finally, we'll examine RH's first-quarter losses attributed to economic challenges and growth-related costs, alongside their strategy of aggressive investment and ambitious plans for new Design Galleries and Studios. Stay tuned as we unpack these stories and more on today’s episode of Furniture Industry News.

Jun 14, 2024 · 26:12

Furniture Industry News

Surge in Furniture Retail Sales and Industry Shake-Ups

Furniture Industry News

Welcome listeners to today's episode where we delve into the latest updates in the furniture industry. We've got an exciting lineup of news and insights for you. First, we'll explore the recent surge in retail sales during May despite persistent inflation, shedding light on what this means for the industry as a whole. We'll also discuss the Chapter 11 bankruptcy filing by Texas-based Southwest Mattress Sales and what it signifies for their future operations. Additionally, we'll cover Leggett & Platt's announcement to close its High Point facility, a move that impacts many jobs and aims to streamline operations. But that's not all. In our corporate responsibility segment, we'll highlight Wayfair's ambitious goal to achieve zero waste by 2030 and the steps they're taking toward a more sustainable future. We'll also bring you the latest on the Port of Baltimore's reopening after a significant cleanup operation, and what this means for the supply chain and local economy. Lastly, we'll share some exciting news about Grammy-winning artist Trisha Yearwood's upcoming appearance at Nationwide Marketing Group's PrimeTime event, where she'll showcase her latest furniture collection.. Retail sales saw a significant increase in May according to the latest CNBC/NRF Retail Monitor. Despite stubborn inflation, consumer spending has driven solid economic growth. The National Retail Federation reports that total retail sales, excluding auto and gasoline sales, were up 1.35 percent seasonally adjusted month over month and up 3.03 percent unadjusted year over year for May. These figures represent a major jump compared to April, where the month-over-month increase was only 0.25 percent and the year-over-year figure actually decreased by 0.6 percent. NRF President and CEO Matthew Shay highlighted that consumers have retained their ability to spend, aiding robust economic growth. The job market and real wage gains have been pivotal in supporting this spending, despite persistent inflation largely in services rather than retail goods. Shay noted that May’s numbers underscore that April’s moderation was an anomaly rather than a trend.

Jun 12, 2024 · 13:11

Furniture Industry News

Driving Foot Traffic: Digital Strategies for Furniture Retailers

Furniture Industry News

Welcome to today's episode of our podcast, where we unravel the latest trends and innovations in the furniture industry. In this episode, we'll dive deep into various facets shaping the sector today. First, we'll explore how cutting-edge AI technologies are transforming warehouse operations, boosting efficiency, enhancing inventory management, and slashing logistics costs. Next, we'll discuss effective strategies for drawing customers into physical retail stores, from savvy digital marketing to compelling in-store experiences. We'll also examine the high bar set by Amazon on delivery expectations and how furniture retailers can exceed these benchmarks to delight customers. Then, we'll present intriguing findings from the latest sleep studies and discuss how retailers can leverage this data to offer better sleep solutions. We'll highlight Steelcase's ambitious plan to achieve net-zero carbon emissions by 2050, focusing on their eco-friendly initiatives. Finally, we'll chat about luxury furniture trends with designer Timothy Corrigan, emphasizing timeless designs and durable materials. Stay tuned for an insightful journey through the dynamic world of furniture.. Artificial intelligence, or AI, is making waves across various industries, and the furniture business is no exception. Within the four walls of the warehouse, AI is transforming operations in ways that were previously unimaginable. Today, we'll explore how AI technologies are reshaping warehouse operations, particularly in the furniture industry, including the benefits of improved efficiency, better inventory management, and significant cost savings in logistics. To start, AI is enhancing the overall efficiency of warehouse operations. Warehouses have been fraught with potential pain points for decades, dealing with everything from inventory management to order picking. The introduction of AI provides a new set of problem-solving tools, building on past automation technologies. According to Adrian Stoch, the Chief Automation Officer at GXO Logistics, AI's current impact is seen as an "opportunity impact," signifying untapped potential. Stoch highlights that AI can perform tasks today that were once thought impossible, including machine learning and generative AI applications.

Jun 10, 2024 · 24:14

Furniture Industry News

Logistics Surges and Gen-Z Workforce: Navigating the New Furniture Landscape

Furniture Industry News

Welcome to "Furniture Industry News," your go-to podcast for the latest developments in the furniture industry. In today's episode, we will cover recent logistics trends, Gen-Z's impact on the workforce, market trends, and international expansions. We'll also delve into financial reports from industry giants and provide insights from major retailers. Stay tuned to get a comprehensive overview and expert analysis to help you navigate the ever-evolving world of furniture. Let's dive in!. In May, the logistics sector experienced some noteworthy changes. According to the Logistics Manager’s Index, the sector strengthened, showing growth in nine of the past ten months. One of the most significant shifts was in transportation prices, which jumped by 13 points from April. This is particularly remarkable considering transportation prices had been contracting, making this the largest increase since June 2022. On the other hand, transportation capacity saw a slight reduction, falling by four points, although it remains in growth territory. This nuanced dynamic suggests that while demand for transportation services is picking up, there is not a corresponding increase in capacity just yet. Another critical element we observed is the fluctuation in inventory levels. Overall, these levels fell from a mild growth in April back to a contraction. However, when broken down, a mixed picture emerges: retailers saw an increase in inventory levels, whereas suppliers experienced a contraction. This disparity also aligns with warehouse utilization trends. Retailers’ warehouse utilization rose significantly by nine points, indicating a more pressing need to store goods in the retail sector compared to suppliers.

Jun 7, 2024 · 21:01

Furniture Industry News

Navigating High Interest Rates: Trends in Consumer Furniture Spending

Furniture Industry News

Welcome to "Furniture Industry News," the podcast designed to keep professionals in the furniture industry up-to-date. I'm your host, and today we'll be diving into some of the most pressing topics affecting our industry. From trends in consumer spending amid high interest rates to the latest reports on furniture orders and shipments. We'll also explore insights into the bedding market, legislative updates on recycling bills, and the latest data on U.S. and Chinese manufacturing outputs. In addition, we'll discuss the growing synergies between direct-to-consumer and brick-and-mortar models, and how innovative solutions are turning e-commerce returns into revenue. Stay tuned for an informative episode packed with essential updates designed to help you stay ahead in the ever-evolving furniture industry.. As the country continues to battle high interest rates and small wage gains, one might expect consumer spending to plummet. However, according to the National Retail Federation, consumers are still willing to open their wallets. Jack Kleinhenz, the NRF's Chief Economist, provides insights into this trend and what it means for the future. Kleinhenz notes that although consumer spending growth is slowing, the willingness to spend is still evident. In the latest issue of the NRF’s Monthly Economic Review, he points out that several factors will determine the growth for the remainder of the year. These include the pace of job growth, the rate of inflation, and any actions the Federal Reserve may take. One piece of good news is that the economy is still growing and inflation is moderating. Overall, the fundamentals appear solid as increased consumer spending maintains underlying momentum. While growth in consumer spending has indeed eased due to slower job and wage gains, along with higher interest rates and tighter credit, consumers have not shied away from making purchases. According to Census Bureau data, core retail sales, which exclude auto dealers, gas stations, and restaurants, were up 3.8% unadjusted year-over-year for the first four months of the year. This aligns with the NRF’s forecast for 2024 retail sales to grow by 2.5% to 3.5% compared to last year.

Jun 5, 2024 · 22:50

Furniture Industry News

From Street Finds to Showrooms: Modern Home Décor Trends

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for the latest updates and insights in the furniture industry. In today’s episode, we have a fascinating lineup of topics designed to keep you at the forefront of industry trends and developments. First, we’ll dive into the insights gathered from a recent survey by Redecor, which reveals the diverse ways home décor enthusiasts are sourcing their furnishings—from second-hand stores to street finds. We’ll discuss the importance of cost over aesthetics and a growing emphasis on sustainability that’s particularly noted among Gen Z and Millennials. Next, we’ll take a closer look at the Malaysia Furniture Furnishings Market, a newly launched trading platform that aims to solidify Malaysia’s role in the global furniture supply chain. This event promises to be a comprehensive hub for professionals and will feature a variety of products, from furniture to home décor and sustainable solutions, offering unique opportunities for networking and business matching.. In our design innovation segment, we will explore an exciting new product from Geology Studio—the ‘Off the Wall’ credenza. This groundbreaking piece rethinks TV storage by integrating the TV into a beautifully crafted wooden casing, enhancing both aesthetics and the viewing experience. We will also discuss the upcoming Trailblazers and Titans event organized by Furniture Today, which will honor industry leaders who have significantly contributed to the furniture business. This event not only celebrates established leaders but also spotlights emerging talents and individuals to watch in the industry. To wrap up, we’ll review Mattress Firm’s new partnership with basketball star Cameron Brink. This initiative, called Team Sleep Well, seeks to highlight the critical role of quality sleep in athletic performance by bringing together top athletes and sleep experts.

Jun 3, 2024 · 17:45

Furniture Industry News

Consumer Confidence and Memorial Day Sales Boost Furniture Industry

Furniture Industry News

Welcome to "Furniture Industry News," the podcast designed to keep professionals in the furniture industry up to speed with the latest trends and developments. In today's episode, we'll delve into a variety of topics that are crucial for anyone involved in this dynamic industry. First, we'll explore key economic indicators and rising consumer confidence, which is propelling large purchases and home buying back on the table. We'll then shift our focus to recent sales events, specifically analyzing how retailers performed during the Memorial Day sales and the strategies that led to their success. Additionally, we'll tackle the ongoing supply chain challenges, particularly the steep rise in ocean container rates that are posing significant concerns for furniture manufacturers and retailers alike. Technology is reshaping retail, and artificial intelligence is at the forefront of this transformation. We'll discuss how forward-thinking retailers are leveraging AI to optimize ad spending and enhance customer service, setting a new standard for digital engagement.. Lastly, we'll uncover emerging design trends for 2024 as identified by Houzz in their latest report. From organic modern design and Japanese influences to dark interiors and wellness features, we'll cover the styles and preferences that are set to shape the future of home furnishings. So, stay tuned as we bring you straightforward information and valuable insights to help you navigate and thrive in the ever-evolving furniture industry.

May 31, 2024 · 18:03

Furniture Industry News

Strategic Moves in Mergers and Tariff Relief: Furniture Industry Updates

Furniture Industry News

Welcome to Furniture Industry News, the podcast that keeps professionals in the furniture industry up to speed with the latest developments. In this episode, we’ll delve into a range of key topics currently shaping the landscape of the furniture world. As economic challenges persist, we'll examine the sales woes faced by a significant portion of the top 100 furniture retailers in 2023 and touch upon the few bright spots in specialty retail. We'll also explore the recent uptick in the Consumer Confidence Index, which signals a slight improvement in the public's outlook on the economy, albeit with caution still being the order of the day. Insights from the International Council of Shopping Centers convention will offer a deeper understanding of the critical takeaways for furniture retailers navigating a competitive retail space environment.. Moreover, we'll discuss the resurgence in mergers and acquisitions within the home furnishings industry as companies seek to solidify their market positions. Meanwhile, recent extensions on tariff exclusions for Chinese textiles may provide a much-needed breather for manufacturers and retailers. For those eyeing outdoor space enhancements, we'll highlight why 82% of consumers underutilize their outdoor living areas and what's on their wish lists for improvements. In the bedroom category, learn how specific value additions are helping manufacturers and retailers weather the economic storm. Lastly, we'll cover Ethan Allen's expansion plans in New Jersey as they continue to grow despite a challenging retail environment. Stay tuned as we unpack these stories to help you stay ahead in the evolving world of furniture retail. Thank you for joining us on Furniture Industry News.

May 29, 2024 · 23:07

Furniture Industry News

Innovative Case Goods and Shifting Decor Trends: Summer 2024 Insights

Furniture Industry News

Welcome to "Furniture Industry News," your go-to source for the latest happenings in the furniture and home furnishings industry. I'm your host, bringing you all the critical updates, trends, and insights you'll need to stay ahead in this dynamic market. In today's episode, we're diving into a variety of compelling topics. We'll start with a deep dive into the recent report from the National Association of Realtors, which highlights a notable 1.9% decline in year-over-year April home sales, despite the fascinating trend of record-high home prices. Then, we'll examine how case goods companies, particularly those in the lower-to-mid end market, are adding value to their products through innovative features, exceptional quality, and strategic pricing. Moving on, we'll cover significant news from the West Coast ports, where both the Port of Los Angeles and the Port of Long Beach have reported impressive growth in container handling, signaling a strong import activity that bodes well for our industry. Next, we’ll explore Houzz's exciting new addition to its 3D Floor Plan tool: photorealistic renders, which promise to enhance client presentations for interior designers, builders, and remodelers.. We’ll also be taking a look at Pinterest’s Summer 2024 Report, which suggests a bold shift in home decor trends, bidding farewell to beige interiors in favor of vibrant and colorful designs. Additionally, we’ll pay homage to Fecera's Furniture, a beloved family-owned business that is closing its doors after 78 remarkable years. On the innovation front, Lovesac has unveiled its new PillowSac accent chair, a blend of their iconic beanbag design with a solid oak frame, aiming to modernize and elevate living room spaces. And finally, we’ll discuss how the home segment at TJX has outperformed during the first quarter, and the nearly 70% profit leap for Williams-Sonoma, despite a decline in net revenues. So sit back, listen in, and get ready to be informed about the latest trends, news, and innovations shaping the furniture industry today.

May 22, 2024 · 28:55

Furniture Industry News

Housing Completions Surge and Market Trends: A Furniture Industry Overview

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for the latest news and insights in the furniture industry. If you're a professional looking to stay up-to-date on market trends, industry news, and expert opinions, you've come to the right place. I'm your host, and in today's episode, we've got a packed agenda just for you. We'll be diving deep into the path to purchase for furniture shoppers, analyzing Q1 financial results from major home furnishing companies, reflecting on insights from the recent Bedding Conference, discussing the EPA's preliminary findings on formaldehyde risks, examining the rise in housing completions, exploring newly launched collections from manufacturers, and breaking down Raymour & Flanigan's latest expansion into New England. Stay tuned for these critical updates and more!. The process of purchasing furniture is often more complex and time-consuming than you might think. Recent studies have delved into the intricate journey consumers embark on when choosing their ideal piece of furniture. So, how long does it really take for shoppers to make that final decision? It turns out, the path to purchase for furniture shoppers can span weeks or even months. This longer timeline can be attributed to several factors that influence consumer behavior. One primary consideration is the high financial investment furniture represents. Unlike smaller items, furniture purchases are significant both in cost and impact on daily life. Therefore, shoppers are much more meticulous and cautious. Consumers today are incredibly informed, thanks to the internet. The majority of shoppers begin their search online, comparing prices, styles, and reviews before ever stepping foot in a store. Statistically, it has been shown that more than half of the buying journey occurs online, through extensive research on various platforms. Websites, social media, and online reviews play pivotal roles, enabling consumers to gather the information they need to make confident decisions.

May 20, 2024 · 25:57

Furniture Industry News

Consumer Preferences, Supply Chain Shifts, and Retail Innovations in Furniture

Furniture Industry News

Welcome to Furniture Industry News, your go-to podcast for the latest news and insights in the furniture industry. Whether you're a retailer, manufacturer, or just passionate about keeping up with industry trends, this podcast is tailored just for you. I'm your host, and today, we have a comprehensive lineup of updates and analyses that will help you navigate the world of furniture with greater clarity and confidence. In today's episode, we'll start by diving into the latest Consumer Insights Now research, which sheds light on where consumers prefer to buy their furniture and the growing trend of showrooming. We'll also discuss the recent surge in ocean container rates that is shaking up the supply chain, impacting both costs and logistics for many businesses in the sector. Next, we'll look into the Institute for Supply Management's report, which reveals that despite past declines, U.S. manufacturing companies are still predicting growth in 2024, including some promising trends within the furniture industry itself. . We'll then take a close-up look at Wayfair's ambitious entry into the brick-and-mortar space with their new Chicago store, a move that aims to marry the convenience of online shopping with the tangible benefits of in-person retail. Additionally, we'll highlight Walmart’s impressive 20% increase in furniture sales on their Marketplace during the first quarter, fueled by higher income households and strategic store remodels. Finally, we'll cover Home Depot's recent fiscal report, which shows a 2.3% decline in Q1 sales, attributed to a slow start to the spring season and cautious consumer spending. Despite these challenges, the company continues to perform well in the market. So, stay with us as we explore these developments in detail and what they mean for the future of the furniture industry. Your time is valuable, and our goal is to equip you with the key information you need to stay ahead in this fast-evolving market. Let's get started.

May 17, 2024 · 21:54

Furniture Industry News

Navigating the Storm: Strategies Amid Furniture Sales Declines

Furniture Industry News

Welcome to "Furniture Industry News," your go-to source for the latest happenings and expert analysis within the world of furniture. I'm your host, and in today's episode, we'll be delving into a series of topics that hold significant weight on our industry’s pulse. From the recent downturn in furniture store sales to the strategies executives are deploying to navigate through these challenging times, we'll offer you insightful commentary that's as comprehensive as it is current. In addition, we’re casting a critical eye over the bedding sector to examine the hurdles it faces amidst a turbulent market. We'll also tackle the decline in U.S. furniture exports, explore the burgeoning trade routes from China to Mexico, and consider Wayfair’s bold move into brick-and-mortar retail. Whether you are shaping tomorrow's furniture trends or ensuring today's showroom success, this episode is crafted with the intent to keep you informed and one step ahead. So, stay tuned as we unpack these stories, discern their implications, and arm you with the knowledge you need to excel in the furniture industry. Let's get started.. A persistent trend of decline has marked the landscape of the furniture industry, with furniture store sales registering a downturn for the 14th consecutive month. It's a concerning streak, underscoring a series of challenges facing retailers amidst a shifting economic terrain. According to the latest data released by the U.S. Department of Commerce, year-over-year furniture store sales fell by 8.4% in April. April's sales slid to $10.67 billion from the previous year's $11.7 billion, putting the sector at the bottom of the list for retail performance tracked by the government. While the overall retail sales in April remained relatively unchanged from March, the specifics in the furniture segment paint a different picture, showing a decline from $10.72 billion in March to $10.67 billion in April. This drop reflects not just a month-to-month fluctuation, but more so an ongoing lag that has not spared other sectors either, such as sporting goods, hobbies, musical instruments, and bookstores with a 4.7% decrease, or health and beauty stores, which also experienced a slight downturn.

May 15, 2024 · 30:28

Furniture Industry News

Navigating New Norms: The Dual Realities of Furniture Retail in 2024

Furniture Industry News

Welcome to Furniture Industry News, the go-to podcast for your digest of the latest trends, events, and vital statistics shaping the furniture world today. Whether you're a seasoned industry professional, an up-and-coming designer, or a retailer looking to stay ahead of the curve, we're here to bring you straightforward, timely, and crucial insights that will keep you informed and ready for the future. Every week, we take the pulse of the industry, bringing you the developments that matter, from High Point Market highlights to the impact of global trade on your local showroom. As the marketplace continues to evolve with technology and consumer habits, stay tuned for the news that will keep you in the loop and on top of your game. Let's dive into this week's topics.. Today on Furniture Industry News, we dive into a recent study that has shed light on the widespread economic uncertainty felt by retailers in our sector. This illuminating survey, carried out by TD Bank during the bustling days of April's High Point Market, gathered the perspectives of 135 attendees to gauge the industry's temperature looking into the future, specifically the next six months. Despite a record $11.504 billion in December sales the previous year, around half of the respondents are bracing for economic hurdles ahead. Chris Guido, who leads TD-owned brands and emerging opportunities, remarked that 49% of those surveyed named economic uncertainty as their most pressing concern. This sense of volatility is also mirrored in their divided expectations for home furnishings purchasing, with 39% betting on an increase and 36% forecasting a steady holding pattern.

May 13, 2024 · 19:31

Furniture Industry News

Market Maneuvers: Adapting Strategies in the Evolving Furniture Industry

Furniture Industry News

Welcome to "Furniture Industry News," the podcast where we delve into the latest happenings and trends that shape the world of home furnishings. Today's episode promises an array of insights tailored for professionals like you, who are not just passionate about furniture but also keen on staying ahead in this dynamic industry. As always, we’re committed to keeping the conversation professional, yet engaging, as we unpack a series of news items that collectively outline the evolving landscape of our field. From executive insights on market challenges at the Interwoven fabric market to Stickley Furniture's retail strategies and beyond, we have a comprehensive lineup designed to keep you informed and one step ahead. So, let's dive into the heart of what's moving and shaking in the furniture world.. The Interwoven fabric market has once again woven together a rich tapestry of insights and future forecasts for the home furnishings industry. At its most recent edition, a panel of distinguished industry executives shared their perceptions on the hurdles and hot topics currently shaping the market. Let's delve into what was on the agenda and what it means for our industry. First on the panel was Brian Burke of Crypton Mills, who emphasized the importance of catering to evolving consumer tastes. The dynamic shifts in design preferences underscore the necessity for companies to remain adaptable and responsive. His insights remind us that flexibility is key in maintaining relevance in a market where trends can change with the seasons. Sean Gibbons, president of STI, brought a high-level perspective on maintaining quality while navigating pricing pressures. It's no secret that margins are continually being squeezed, but Gibbons’ viewpoint underlined that quality should not be compromised for the sake of cost savings. This balancing act between cost-efficiency and maintaining brand reputation for quality could make all the difference in a brand's longevity in the furniture industry.

May 10, 2024 · 26:36

Furniture Industry News

Strategic Insights: Steering Through Furniture Industry Fluctuations

Furniture Industry News

Hello and a very warm welcome to all our esteemed listeners tuning in to 'Furniture Industry News'—your premier destination for the most current, comprehensive, and professionally curated content, tailored specifically for our community within the furniture industry. Today, as with every episode, we are committed to bringing you the professional and formal dialogue you've come to expect, ensuring that you, our knowledgeable audience, are not just kept in the loop, but are provided with thorough insights into the latest trends, market fluctuations, and notable happenings that could potentially impact your business and the industry at large. In the next quarter hour, we'll delve into pressing topics from the resurgence of support for the American mattress manufacturing sector by U.S. senators in the face of foreign trade challenges to Ikea's strategic move with a second global price cut aimed to resonate with consumers' current financial realities. . Moreover, we will examine the improved conditions of the Panama Canal and the subsequent implications on ocean rates, which could have a cascading effect on supply chains and trade logistics for furniture enterprises. We will also explore the notion that a new 'Toolbelt Generation' could potentially inject vibrancy into the furniture market with their burgeoning spending power. Each news segment is meticulously selected to ensure you are briefed on pertinent updates that impact not only furniture retail and manufacturing but also the global economic trends affecting our trade. It's our goal to equip you with a distinct advantage—knowledge that will help you make informed decisions, adapt strategies, and perhaps even predict shifts before they fully manifest in the marketplace. So, whether you're a seasoned industry veteran or a rising star within your company, keep your ears tuned to this channel. Without further ado, let's unfold the fabric of today's furniture industry narrative.

May 8, 2024 · 28:52

Furniture Industry News

Tech Transformations and Generational Transitions in Furniture's Future

Furniture Industry News

Welcome to the 'Furniture Industry News' podcast, where we provide a comprehensive rundown of this week’s key updates and the recent reshuffling in the world of furniture. Industry insiders know that staying ahead of the curve is not just an advantage; it's a necessity. That's why we're here to bring you insightful analysis and the latest trends directly affecting our field, from executive shifts to fabric innovations. Whether you're at your desk or on the go, listen in to stay informed and connected with a professional yet conversational tone tailored specifically for you, the industry professional. So, let’s dive in.. In the dynamic landscape of the furniture industry, executive positions are continuously evolving. Recently, this evolution has picked up pace with numerous home furnishings companies announcing C-level hires, retirements, or reassignments. It isn't just the frequency of these changes that piques our interest—it's what they signify for the larger trajectory of our industry. For the better part of the last decade, the depth of experience from Baby Boomer and Greatest Generation executives has been a driving force, with their seasoned leadership guiding companies through growth and innovation. They've left indelible marks on the industry, carving out a path of legacy and triumph. But in the wake of the pandemic, it seems the baton is being passed with increasing speed to a new generation of leaders, eager to step into roles of authority and inject fresh perspectives into the decision-making process.

May 6, 2024 · 11:24

Furniture Industry News

Furniture Forecast: Navigating the Ups and Downs of Industry Metrics

Furniture Industry News

Welcome to 'Furniture Industry News', your go-to source for the most current happenings in the world of furniture. Whether you're a manufacturer, retailer, or industry insider, our podcast is designed to keep you informed with the latest reports and significant developments. Today, we will be discussing an array of topics, from financial results and strategic expansions to consumer safety measures within the sector. So, get comfortable and let's explore the intricacies and dynamics shaping the furniture industry landscape. Stay with us as we delve into the details that matter to you.. The furniture industry is witnessing some intriguing trends according to the latest Smith Leonard Furniture Insights report. Notably, there has been a 7% boost in new orders for residential furniture this February when matched against the statistics from February of the prior year. This uptick to $2.19 billion in orders could signal that the sector is experiencing a revival for certain manufacturers and distributors, particularly after a momentary dip at the start of the year when orders had slightly declined by 1%. However, this silver lining does come with its share of clouds, as furniture shipments, in contrast, have seen a 5% dip compared to February last year, totaling $2.3 billion. These figures delineate the ongoing challenges within the industry, particularly for the two-thirds of survey participants who reported this downturn in shipments. It's a reversal after an 8% increase from the January shipments tally, which raises questions about the underlying causes and potential long-term effects.

May 3, 2024 · 14:08

Furniture Industry News

Blueprints for Success: From Meghan's Strategy to Amazon's Triumph

Furniture Industry News

Welcome to another episode of "Furniture Industry News," the go-to podcast for all the movers and shakers in the world of furniture. Whether you're a manufacturer, a retailer, or just keenly observing the latest trends, we're here to bring you a comprehensive update on what's shaping the industry. Today, we have a slew of pertinent topics to discuss, ranging from the evolution of consumer services to shifts in market confidence and the ramifications of both on businesses large and small. We'll be kicking things off with a look at Beyond Inc.'s new venture into customer protection services. It's a move that speaks volumes about where e-commerce support is heading, and we're diving into the details. Next up, we'll be dissecting Meghan Markle's foray into the furniture world with her "American Riviera Orchard" brand. An exciting blend of hopefulness and question marks characterizes this development, and we'll explore what it could mean for industry standards and expectations. . We can't talk about commerce without talking about the giant, Amazon. They've recently released an encouraging quarterly report that stands as a testament to their unwavering growth. We'll be scrutinizing what's behind their numbers and what it might indicate for the furniture sector. As we pivot to a broader economic perspective, we'll address the significant dip in the Consumer Confidence Index, analyzing its impact and how businesses can potentially weather this storm. We'll also take a close look at Leggett & Platt's financial tribulations, examining how one of the industry's key players is navigating current challenges. And not to be missed, Flexsteel's recent triumphs, marking another strong quarter in their books. Rounding off, we touch on a more somber note with Alumatech's legal stumble, as the Department of Labor takes a firm stance on wage violations.

May 1, 2024 · 22:01

Furniture Industry News

Rebound and Innovation: Optimism in Furniture Business, Gen Z's Impact, and the Tech Evolution

Furniture Industry News

Welcome to Furniture Industry News, the go-to source for everything you need to know in the world of furniture. Each week, we unpack the hefty crates of information and lay out the polished pieces - be it reports on market trends, technological innovations, or shifts in consumer preferences. We understand the furniture market's complexities and its importance to economy, design, and everyday living. Our podcast is tailored for those who craft, trade, and furnish spaces around the globe. Always precise, always insightful, we're here to keep you abreast of the industry's pulse. So sit back, adjust your lumbar support, and join us as we explore the fine grain details of the furniture trade.. In a refreshing turn of events, the recent High Point Market became the beacon of positivity for the furniture industry. Despite the evident hurdles like softening retail foot traffic and subdued sales performances, a widespread sense of optimism seemed to buoy the market's atmosphere. It's fascinating to observe such buoyancy amid stark economic indicators that typically signal a downturn, including below-optimal levels of household formation, housing starts, and discretionary spending. Moreover, with inflation and interest rates high on the economic dashboard and whispers of a recession creeping back into conversation, one would have presumed a rather disheartened trading environment. Contrary to these speculations, High Point Market exuded anything but despondence. Conversations among the participants teemed with commitment and order placements. It's a remarkable shift, with orders reportedly being made at levels unseen in recent markets. The introduction of new products that flooded October’s market not only continued this season but widened to include a variety of inventive and keenly priced promotional offerings. There’s a palpable feeling that, despite challenges, opportunities are ripe for the taking.

Apr 29, 2024 · 23:21

Furniture Industry News

Consumer Shifts and Industry Shakes: What’s New in Furniture

Furniture Industry News

Welcome to 'Furniture Industry News,' the go-to source for professionals who are passionate about the ever-evolving world of furniture. Whether you’re a retailer, manufacturer, designer, or just an aficionado of the trade, this podcast is tailored for you. In today's episode, we'll be diving into the latest trends rocking our industry, and crucial business moves that are shaping our market. Join us as we explore inside stories from leading companies to innovative startups, breakthroughs in sustainability, and shifts in consumer preferences. Stay with us as we bring you the news that's making waves in the world of furniture.. In a significant move that underscores the value of strategic financial planning, Big Lots has fortified its fiscal footing with an impressive new multi-million-dollar loan facility. Through an affiliate of Gordon Brothers Capital, Big Lots has astutely enhanced its borrowing capacity by up to $200 million. It's important to note that this arrangement boosts the company's liquidity position in a substantial way and is complementary to the borrowing power it already wields through its current $900 million asset-based revolving loan facility. What we're witnessing here is not just an increase in financial muscle. This move provides Big Lots with greater agility in pursuing its ambitious commercial objectives. Last year, bargain penetration widely surpassed the 60% mark of Big Lots’ product mix, with extreme bargains playing a significant role. These primarily consisted of closeout merchandise buys that delivered extraordinary value to customers.

Apr 22, 2024 · 18:34

Furniture Industry News

Retail Trends: Stores, Market Insights, Innovations, and Closures

Furniture Industry News

Welcome to 'Furniture Industry News', your go-to source for the most recent developments, innovative solutions, and actionable insights in the world of furniture retailing and manufacturing. Whether you're running a family-owned shop or are at the helm of a major furniture enterprise, you'll find the knowledge shared here indispensable in keeping your business thriving. So, if staying informed is pivotal to you and your business, you’re in the right place. Let's dive into what's new and noteworthy in the furniture industry today.. In Wilmington, North Carolina, Custom Home Furniture Galleries is celebrating nearly 30 years of providing quality furniture and décor to its clientele. The company is taking a major leap towards enhancing its operational capabilities with the inauguration of a new 50 thousand square foot distribution center. This strategic move, spearheaded by brothers Kevin and John Gray, aims to consolidate the logistics operations that were once scattered across three different sites. Previously, Custom Home operated from multiple warehouses, totaling 59 thousand square feet of distribution space a 19,000 thousand square foot warehouse, a 15,000 thousand square foot space, and an additional rented 25,000 thousand square foot facility. This fragmentation, albeit necessary to manage the unexpectedly high volume of business from their Custom Home Outlet, posed inefficiencies. For instance, it was not uncommon to have two delivery trucks in the same neighborhood – a clear sign that it was time to rethink their approach.

Apr 19, 2024 · 22:41

Furniture Industry News

Furniture Industry Pulse: Insights from March Sales and Market Trends

Furniture Industry News

Welcome to Furniture Industry News, the go-to podcast for professionals looking to stay updated on the latest trends, figures, and strategies within the furniture sector. Today, we have a selection of insightful topics that cut across various aspects of the industry, from consumer shopping preferences to the hard numbers driving furniture sales. We'll delve into what's shaping the way we buy home furnishings, how companies are adapting to a new generation of shoppers, and the creative campaigns making a mark in the market. Whether you're a retailer, a designer, or part of the manufacturing process, our in-depth discussions are tailored to keep you informed and ahead of the curve. Join us as we explore the changing landscape of the furniture industry, with expert analysis to help guide your business decisions. Stay tuned, as this episode promises to enrich your understanding and provide valuable insights into the evolving dynamic of our industry.. Understanding the preferences and behaviors of consumers is crucial for any retailer, and when it comes to furniture, it appears the classic brick-and-mortar model still holds strong appeal. Recent research sponsored by Synchrony reveals a notable trend: over three-quarters of furniture shoppers express a clear preference to make their purchases in person. The opportunity to touch, feel, and witness the scale and comfort of furniture cannot be fully replicated online, and this sensory experience is proving to be a significant factor in consumer buying habits. However, this doesn't paint the complete picture of today's complex retail landscape. In an intriguing twist, about half of the respondents identify as browsers, indicating that they enjoy the in-store experience to gather ideas and inspect products up close, but they might not make the final purchase within those four walls. An additional 44% of those surveyed confess to showrooming, which involves examining products in a physical store before seeking out a similar item for purchase online, often hunting for a better price or more convenient delivery options.

Apr 15, 2024 · 18:06

Furniture Industry News

Rising from the Cushions: Consumer Confidence and Its Impact on Furniture Trends

Furniture Industry News

Welcome to 'Furniture Industry News,' your go-to source for the latest and most significant trends, statistics, and insights into the ever-evolving world of furniture. Whether you're a retailer, manufacturer, designer, or industry analyst, this podcast is designed to keep you up to speed with the dynamic changes and innovations shaping our industry. From consumer preferences to market fluctuations and groundbreaking designs, we'll cover all the bases, providing you with valuable information that impacts your business decisions. Join me as we delve into the intricacies of the furniture sector, explore new opportunities for growth, and navigate the challenges of our trade. So, sit back, stay tuned, and let's get started on this journey together.. In perhaps one of the more telling signs of economic recovery, McKinsey's latest ConsumerWise report indicates that consumer confidence has elevated to heights not seen in nearly two years. This uptick in confidence is crucial for industries reliant on discretionary spending, such as furniture. When consumers feel optimistic about the economy, they’re more inclined to make larger purchases, such as new sofas, dining sets, and bedroom furniture that can revitalize their living spaces. The report attributes this increase in confidence to a confluence of factors. It seems the end-of-year rally in the stock market, coupled with some early signs of stabilization in prices, have bolstered consumer optimism. Additionally, labor market resilience and historically low unemployment rates ensure that consumers have faith not just in the present but also in the prospects of a stable economic future.

Apr 12, 2024 · 28:44

Furniture Industry News

Global Showcases to Retail Innovations: Unpacking Furniture's Future

Furniture Industry News

Welcome listeners to 'Furniture Industry News', the go-to podcast for furniture industry professionals. Here, we delve into the critical updates that shape the world of furniture. From the latest trends that are redefining consumer preferences to insightful market analyses that pinpoint where the industry is headed, we bring you the essential knowledge that matters. Whether you're a manufacturer navigating the intricate web of supply chain logistics, a retailer looking to enhance customer engagement with the latest technology, or simply a passionate member of the global furniture community seeking to stay informed, this podcast is crafted with your professional needs in mind. In today's episode, we will discuss a range of topics, including strategic board developments at Macy's Inc., a significant surge in container imports, and the exciting increase in exhibitors at the Malaysian International Furniture Fair. We'll explore how these developments impact your business and help you chart a course for growth and innovation.. As we unwrap each story and offer you the inside scoop straight from industry experts, remember that every minute spent with us is an investment in your professional acumen. So, carve out the next 15 minutes to join me on this exclusive journey through the dynamic world of furniture. Get ready to be informed and stay ahead of the curve with 'Furniture Industry News'.

Apr 10, 2024 · 21:43

Furniture Industry News

Boomers, Beds, and Business Strategies: Shaping the Future of Furnishings

Furniture Industry News

Welcome to another episode of 'Furniture Industry News' brought to you by FurniturePodcast.com, where we delve into the depths of the furniture sector, bringing you the latest updates and insightful analysis. Whether you're a manufacturer, a retailer, or a designer within the furniture landscape, this podcast is your one-stop-shop for understanding the current market dynamics and emerging industry trends. Today, we have a lineup of stories that will not only inform you about significant changes and challenges across various facets of our industry but also provide you perspectives that can inform your business strategies moving forward. From the expanding U.S. manufacturing sector despite furniture industry challenges, to the role of baby boomers in the current housing shortage, and the shifts in retail and corporate strategy in response to the economic climate, each piece of news is critical to understand.. We know that staying ahead in the furniture business requires keeping a finger on the pulse of these developments. That's why we've curated critical topics for our discourse today. We assure you of a crisp, comprehensive, and straightforward delivery of information tailored for professionals like you, without any unnecessary fluff. So, as we move forward to discuss momentum, strategy, and shifts that are shaping the furniture industry terrain, ensure that you're comfortably seated—perhaps in one of your ergonomically designed office chairs or that sumptuous leather armchair—because you're in for a session jam-packed with value and relevance. Without further ado, let's step into the fabric of today's stories that outline our ever-evolving industry. Join us as we navigate the complexities and innovations of the furniture world on 'Furniture Industry News.'

Apr 3, 2024 · 29:23

Furniture Industry News

Trends, Innovations, and Market Dynamics in the Furniture Industry

Furniture Industry News

Welcome listeners to 'Furniture Industry News' brought to you by FurniturePodcast.com Get ready to stay abreast with the latest trends, market analysis, and news from the world of furniture. Tailored for industry professionals, this episode promises to provide you with the information you need to stay ahead. Whether you're a seasoned expert or new to the trade, our insights will keep you informed on the evolving landscape of furniture retail, design, and manufacturing. From cutting-edge home décor trends to strategic business moves in the market, we'll uncover the stories that matter most to the industry. So, settle in and prepare to get a leg up on the competition as we delve into today's furniture industry news.. Recent data from a YouGov report aptly titled “Pining for Pinners” underscores a fascinating trend: Pinterest users in the United States are demonstrating a heightened interest in home improvement and interior design compared to the rest of the population. The numbers speak volumes—24% of weekly Pinterest users are planning minor home improvements this year, while a notable 10% are gearing up for major renovations. Digging deeper into these statistics, we see a landscape of creativity and self-reliance among these avid pinners. For instance, 29% have set their sights on laying new flooring or carpet, 24% are planning to repaint interior walls, and remodeling bathrooms is on the docket for 19%. Notably, a full 28% of these home improvers adopt a DIY ethos, ready to tackle projects independently yet wise enough to seek professional help when necessary. This do-it-yourself spirit is strikingly more robust than in the general population, which stands at just 16%.

Apr 1, 2024 · 15:02

Furniture Industry News

Navigating New Norms: The Impact of Regulations on Furniture Freelancers

Furniture Industry News

Welcome to "Furniture Industry News" from FurniturePodcast.com, your go-to source for the latest developments, insights, and trends in the world of furniture. Whether you're a seasoned industry veteran or new to the sector, we're here to ensure you remain on the cutting edge of the business. Today's episode promises a variety of topics that are top of mind for industry professionals. We'll be delving into consumer buying patterns for mattresses, exploring purchasing trends for occasional tables, and unpacking the impact of new regulations on independent contractors. We'll also navigate the choppy waters that importers face due to the Red Sea conflict, spotlight the innovative retail technology unveiled by West Elm, and dissect current market movements influencing major players like RH and Overstock.com Stay tuned as we dive into these subjects and more, all crafted with the clarity and depth you need to stay informed and ahead in the furniture industry. Let's get started.. Let's dive into the compelling findings from a recent market survey that sheds light on consumer mattress purchasing plans. With the comfort of a good night's sleep atop many consumers' priority lists, it should come as no surprise that mattresses are featured prominently on home furnishings wish lists for the first half of 2024. The survey reveals that younger millennials, Gen Xers, and baby boomers exhibit the highest intent to purchase, leading the demographic charge in the mattress market. A notable 47% of prospective buyers are pinpointing their desire for a queen-sized mattress, with another 32% setting their sights on the grandeur of a king-sized option. Evidently, size does matter when it comes to choosing a new mattress, but so does the need to replace existing ones, as a significant 94% of buyers are planning to upgrade their current sleeping arrangements.

Mar 29, 2024 · 25:36

Furniture Industry News

Ebb and Flow: Navigating Consumer Confidence in Today's Furniture Market

Furniture Industry News

Welcome to 'Furniture Industry News,' the quintessential source for professionals within the space who strive to stay current with the evolving market landscape. Brought to you by FurniturePodcast.com, we are dedicated to providing incisive commentary and deep dives into the topics shaping the world of furniture – from emergent design trends and market analysis, to critical regulatory changes and innovative retail strategies. Our aim is to equip you, the industry trailblazers, decision-makers, and passionate observers, with essential knowledge that enables informed decisions. Each episode, curated with rigour and attention to detail, ensures that the stories we share not only reflect the state of the industry but also the opportunities and challenges on the horizon. So, whether you’re on the showroom floor, strategizing in the boardroom, or crafting the next wave of product innovations, join us as we dissect the forces steering the furniture industry. Get ready for a fresh episode filled with impactful insights, direct from the pulse of the industry. Let's delve into the news that matters to you.. In March, the Consumer Confidence Index presents an intriguing picture, showing stability at a superficial level, but beneath the surface lies a complex reality rich with contrasts—especially poignant for the furniture industry. This month, the index registered at 104.7, scarcely moving from February's 104.8, as reported by the Conference Board. Yet, amidst this seemingly steady figure, we find consumers expressing a brighter view of their immediate job prospects, with the Present Situation Index climbing to 151. This optimism, underscored by an uptick in those who perceive that jobs are abundant, has been on the upward trajectory since January. A boost in positive sentiment about employment fuels hope for the industry, potentially translating to increased consumer spending on sizeable investments like furniture. However, the future paints a different picture. The Expectations Index, which forecasts short-term income, business, and labor conditions, has dipped to 73.8, the lowest point since October of the previous year. It reflects a mounting anxiety over the next six months, particularly impacting family finances. With less optimism comes reduced inclination for significant expenditures, including high-ticket items that our industry offers.

Mar 27, 2024 · 30:12

Furniture Industry News

Innovation Unveiled: Trends in Furniture Manufacturing

Furniture Industry News

Welcome to Furniture Industry News, the premier podcast presented by Furniture Podcast dot com. Here, we give voice to the pulse of the furniture industry, bringing professionals like you the latest trends, insights, and developments within our dynamic field. Our goal is to keep you informed, inspired, and a step ahead in the business of creating exceptional spaces. Whether you're tuning in from your design studio, showroom floor, or workshop, this podcast is crafted for your professional enrichment. So, pull up a chair and join us as we delve into news that matters to your craft.. As the furniture industry looks ahead, it’s clear that Gen Z is soon stepping into the spotlight as a formidable demographic in online retail. But connecting with this digitally-native generation requires a deft touch and a keen understanding of their unique purchasing behaviors. Our attention turns to the insights of Meghan Stabler, Senior Vice President of Marketing at BigCommerce, who recently emphasized the particularities of Gen Z's shopping expectations. For online retailers in home furnishings, Stabler detailed not just the necessity, but the urgency to adapt to this new wave of consumers. Firstly, Stabler points out the non-negotiable demand for product customization from Gen Z. This generation isn't content with cookie-cutter options; they seek the ability to personalize products to their taste. Stabler suggests utilizing tools like augmented reality and visualization technologies which allow shoppers not just to customize but to see how these pieces fit and look in their spaces before making a purchase.

Mar 25, 2024 · 23:21

Furniture Industry News

Rebounding and Reshaping: The Furniture Industry's Dance with the Housing Market Surge

Furniture Industry News

Welcome to 'Furniture Industry News' from FurniturePodcast.com, your daily source for the most current and impactful stories at the intersection of business and design in the furniture industry. We're committed to providing professionals like you with the information you need to stay informed, adapt, and lead in today's ever-evolving market. Whether you're tuning in from a showroom floor, a design studio, or on your commute, we bring you the latest trends, insights, and critical updates that will shape your day, your strategies, and your success. Stay with us for comprehensive coverage on all things furniture. Let's dive into today's top stories.. In a remarkable rebound, the U.S. housing market has witnessed a considerable surge in existing home sales this February, climbing nearly 10% from January, marking the largest monthly sales increase in a year. Despite this upswing, we observed a year-over-year decrease of 3.3% compared to February of last year, which represents a slight widening in the gap from January’s 1.7% year-over-year decrease. According to data from the National Association of Realtors, a total of 4.38 million existing homes were sold during the month, edging past the seasonally adjusted 4 million homes sold in January. While sales figures have shown an uptick, the reality is that they have fallen by 3.3% from the 4.53 million homes sold in February of the previous year. Looking further into the details, the report highlighted that the number of homes up for sale by the end of February rose to 1.07 million, a 5.9% increase from January and a substantial 10.3% rise from the previous year’s figures. Notwithstanding, the supply of unsold inventory based on the current rate of sale has dipped slightly from three months in January to 2.9 months, yet it remains above the 2.6 months recorded a year earlier.

Mar 22, 2024 · 24:39

Furniture Industry News

The Furniture Forecast: Economic Pressures, Retail Innovations, and Design Inspirations

Furniture Industry News

Welcome to Furniture Industry News, your daily source for updates, trends, and breakthroughs in the world of furniture. Whether you're a retailer, manufacturer, or designer, this podcast is crafted for individuals like you, industry professionals seeking the very latest information. We're here to deliver an insightful episode filled with topics that matter most to your business. So settle in, stay tuned, and let's explore the current state of the furniture industry together.. The mattress sector has certainly felt a strain over the last year, with a notable decrease in both sales and units sold across the board, reflecting a trend of tightening consumer spending and increased economic pressures. Data from the International Sleep Products Association, referred to as ISPA, pinpointed a dip in the total sales volume, cascading from $10.56 billion to $9.84 billion, equating to a concerning 6.8% year-to-date drop from the previous year, with a similar downtrend visible in unit sales. The stats tell a tale of a market undergoing contraction. Specifically, we're looking at mattress-only sales which fell by 7.3% to $8.56 billion, down from $9.26 billion. This was shadowed by an 8.2% slip in units shipped, rounding out to 25.88 million from a previous 28.19 million. While the sales of domestic-made mattresses reflected a 6.6% decrease, the international market experienced a sharper decline of 13.4%, underscoring that this is not just a local issue; it's a global challenge that industry insiders are grappling with.

Mar 20, 2024 · 20:57

Furniture Industry News

Mergers, Markets, and Machine-Washables: Shaping the Bedding Industry's Next Chapter

Furniture Industry News

Welcome to Furniture Industry News, the daily dispatch from FurniturePodcast.com that brings you the very latest from the spirited world of foyers to the final touches of drapery. In today’s episode, we're peeling back the layers on some of the most fascinating stories shaping our industry. From the ever-evolving preferences of furniture sizes—how upholstered furnishings are adapting to the consumer’s life stage—to intriguing insights into the buying plans for sofas and sectionals in the first part of the year. We'll delve into how brands are walking the thin line between personalization and privacy, striking a chord with consumers without stepping into the realm of the unsettling. The intriguing revolution brought about by machine-washable rugs takes center stage as we dissect its impact on the rug industry. We’ll also tackle the complex web of mergers and acquisitions redefining the bedding landscape and wrap up with a look at why the dining category is enjoying a resurgence at a time when others tread a slow path. Join us as we unfold the stories that are currently buzzing within our community—this is Furniture Industry News, where we furnish you with knowledge to stay ahead of the curve.. In the realm of upholstered furniture, the old adage of one size fits all is fading into oblivion. The era of McMansions, sprawling residences of the wealthy suburbs, once gave rise to large-scale sofas and chairs tailored for commodious living spaces. However, as we forge ahead into the year 2024, what's clear is that the furniture industry thrives on versatility and the ability to cater to individual taste and space requirements. Today's upholstery market is as varied as the consumers it serves, adapting not just in style and fabric, but also in scale. It seems that the size of one's furniture has become a reflection of their life stage and household size. Families with larger homes might lean towards expansive, modular sectionals like the award-winning Elipse from Wajnert Furniture. In contrast, those embracing smaller, more efficient living spaces, often in urban settings, are gravitating towards multifunctional pieces that marry style with utility, such as the innovative Tiny sofa – a design marvel equipped with built-in storage and the ability to transform into a bed.

Mar 18, 2024 · 15:37

Furniture Industry News

Furnishing the Future: Consumer Trends, Market Shifts, and Breakthrough Innovations

Furniture Industry News

Welcome to 'Furniture Industry News' brought to you by Furniture Podcast dot com. In each episode, we dive into the latest developments, shaking up the home furnishings sector and provide you with the essential updates to stay ahead in the market. Whether you're a retailer, a manufacturer, or a designer, our goal is to arm you with the knowledge you need to thrive in today's dynamic environment. Today, we've got a lineup of topics that promise to inform and inspire. From the influence of tax refunds on furniture sales to the unveiling of revolutionary products at the High Point Market, we'll cover the key happenings that are redefining our industry. So, sit back, and let's get into the heart of what's moving and shaping the world of home furnishings.. As the tax season rolls in, you might expect to see a variety of consumer spending trends, but one sector is standing out amidst the numbers: home furnishings. Early data from Earnest Analytics reveals a curious paradox. Despite tax refunds dipping by 2.4% compared to last year, with an average down to $3,009 from $3,083, people who do receive tax refunds are channeling a substantial portion into upgrading their living spaces. It's noteworthy that the number of refunds distributed by the beginning of March has also decreased by a significant 11.6% from last year, but that hasn't slowed down the spending in home furnishings. In fact, the home furnishings category experienced a surge, with refund recipients spending 16% more year-over-year in the weeks leading up to March. This boost is notably the highest among the 16 categories tracked, doubling from the 8% rise witnessed in the weeks before tax season.

Mar 15, 2024 · 21:32

Furniture Industry News

Retail Dynamics: Kohl’s & Babies "R" Us Alliance, AI Innovations, and Financial Resilience

Furniture Industry News

Welcome to “Furniture Industry News,” brought to you by FurniturePodcast.com Today’s episode will present a comprehensive update on the trends, financials, and strategic moves shaping the furniture industry landscape. In our segments, we'll delve into the latest growth figures from the retail sales sector, highlighting February’s upswing with specific attention on furniture and home furnishings stores. Exploring financing options, we'll discuss a revealing study that indicates the necessity for retailers to adapt their financing to capture a wider consumer base. Additionally, we'll tap into consumer shopping behaviors, dissecting the dynamics between those who delay purchases and those inclined to spend. The ongoing developments between Tempur Sealy and Mattress Firm will be under our lens as they march towards a significant acquisition and new supplier alignments. Our narrative extends into discussing retailers’ strategies during the bustling spring season, as well as the fierce marketplace battle between e-commerce behemoths Amazon and Walmart in the home furnishings category. . Furthermore, we'll report on Purple Innovation's financial turnaround and how Kohl’s is strategically expanding its footprint into baby furniture, partnering with Babies "R" Us. Join us, as we provide you with the critical insights and data you need, to stay informed and ahead in the ever-dynamic furniture industry.

Mar 13, 2024 · 29:15

Furniture Industry News

From Showroom to Shoreline: Unpacking the Furniture Industry's Latest Waves

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for the latest insights and happenings in the world of furniture. In today’s episode, we peel back the layers on a host of compelling stories that touch the very fabric of our dynamic industry. From consumer buying patterns to the logistics of ocean shipping; from the heartbeat of domestic trucking to the latest trends in the sleep economy; this episode is loaded with information to keep you informed and ahead of the curve. Whether you're tuning in from the showroom floor or your design studio, you will gain a fresh perspective on topics that shape our industry—matters that not only impact our businesses but also influence the homes and lives of consumers across the globe. So, stay with us as we dive into data, discuss strategies, and decode the movements that are setting the stage for the future of furniture. It's time to get comfortable and join the conversation on Furniture Industry News.. As we stride into the heart of 2024, the tapestry of consumer behavior within the furniture sector continues to evolve, influenced by a confluence of demographic shifts, economic pressures, and technological advancements. A recent survey sponsored by Synchrony brings forth the latest revelations in furniture buying trends that could reshape how retailers approach the market this year. At the core of these insights lies the consumer's meticulous planning process. Shoppers across the board, from the ages of 18 to 74, have expressed definite plans regarding the furniture pieces they aim to add to their havens, encompassing a vibrant array of categories. But it's not just about what they intend to buy. Perhaps more crucially, it's about how they plan to make these purchases. Budgeting remains a top priority, with consumers outlining clear expenditure limits, signaling a cautious yet intentional approach to home furnishing investments. The survey also sheds light on the payment preferences, with a notable emphasis on the availability of finance options, suggesting that flexibility in payment is not just a convenience but an essential factor in the buying journey.

Mar 11, 2024 · 18:38

Furniture Industry News

Revolutionizing Retail: Navigating the Future with Strategic Acquisitions and Digital Innovations in the Furniture Industry

Furniture Industry News

Welcome to 'Furniture Industry News' from FurniturePodcast.com, the authoritative source for daily updates and comprehensive insights tailored expressly for furniture industry professionals. Whether you're a retailer, manufacturer, designer, or involved in the supply chain, this podcast is crafted with you in mind. Here, we dissect market trends, delve into strategic business acquisitions, and analyze technological innovations that are reshaping the landscape of the furniture industry. Get ready to elevate your knowledge, strategize with precision, and lead with confidence in your professional circle. Stay with us for in-depth analysis, expert opinions, and the stories that define our industry. Let's dive into today's top furniture news stories.. In recent developments that have become a subject of celebration among domestic mattress manufacturers, the U.S. Department of Commerce has issued affirmative preliminary determinations affecting imports from a dozen countries. This ruling stands as a beacon of hope for U.S. producers who have continuously grappled with the influx of low-priced imports, which, until now, has created an uneven playing field in the mattress industry. In a statement from the department, executives from leading mattress firms have signaled their support for these preliminary decisions. They view this move as an essential step in rectifying the disparities in the market and propelling domestic production to flourish. Scott Thompson, the Chairman, President, and CEO of Tempur Sealy International, noted that the DOC's actions represent a robust victory for the industry as a whole. He asserts that this will not only lead to higher-quality sleep products for consumers but also bolster the domestic bedding industry in the long term.

Mar 6, 2024 · 27:20

Furniture Industry News

"Industry Insights: Southeast Market Productivity, Challenges Ahead, Furniture Order Surge, Innovative Marketing, Retailers Transforming Former Sears Spaces, and TJX's Massive Opportunity in Home Furnishings"

Furniture Industry News

Welcome listeners to 'Furniture Industry News' brought to you by FurniturePodcast.com. Kick off your day with the latest insights and trends in the furniture business, tailored for industry professionals like you. Whether you're a designer, manufacturer, retailer, or just passionate about furniture, we're here to provide you with the information you need to stay ahead of the curve. Stay tuned as we dive into today's top stories and explore how they impact our dynamic industry.. In today's episode, we take you to the bustling hubs of trade and commerce that are foundational to the furniture industry's supply chain—the South Carolina Ports. Amidst a thriving Southeastern market, these ports are a testament to high productivity and steadfast service, playing a significant role in the expansion and prosperity of the industry in this region. The Port of Charleston, renowned for its efficiency, has been handling an ever-increasing volume of furniture imports with remarkable adeptness. The port’s ability to move goods seamlessly is more than just logistics; it's about understanding the intricate dance of global trade and regional demand. Furniture businesses have come to rely on the SC Ports for their capacity to manage the inflow of raw materials and outflow of finished goods, without the hiccup of long wait times.

Mar 1, 2024 · 16:10

Furniture Industry News

Furniture Industry Unveiled: Government Regulations, Retail Giants, and Market Dynamics in Q4 2024

Furniture Industry News

Welcome to this episode of Furniture Industry News. As we delve into today’s latest stories, rest assured that the information shared here is curated especially for you, the furniture industry professionals. In this podcast, we're committed to keeping you informed about the evolving landscapes of furniture retail, manufacturing, and design. Whether you're tuning in between client meetings or on your commute, we provide the insights you need to stay ahead of the curve. Join us as we explore the current trends that are shaping our industry's future. Stay with us.. In a decisive move to ensure a smoother flow in the supply chain, the Federal Maritime Commission has introduced new regulations that will reshape the way ocean carriers and terminal operators handle container late fees. Beginning on May 26th, these entities will be bound to a freshly minted rule requiring demurrage and detention invoices to be issued within a thirty-day window from the occurrence of the chargeable event. Designed to fortify the connection between timely cargo pickup or equipment return and their associated charges, these rules underscore the Commission's commitment to promoting efficiency within supply chain operations. The changes are not merely bureaucratic but target clarity in billing, insisting that invoices present distinct information including the date of invoice issuance, due dates, grace periods, and exact dates for which charges were accrued. Additionally, for imports, the availability date for containers will be mandatory on these invoices, and for exports, the carriers must indicate the earliest return date.

Feb 28, 2024 · 15:41

Furniture Industry News

Presidents Day Sales, Bedding Trends, and Industry Consolidation

Furniture Industry News

Welcome to Furniture Industry News, the daily podcast that ensures you, the furniture industry professionals, stay informed on the very latest in market trends, sales data, and industry insights. We understand the importance of staying ahead in a competitive environment, and this episode is dedicated to just that. Today, we will navigate through the mixed results of the Presidents Day sales performance, dissect the challenges 2023 presented to furniture retail, and delve into the predictions shaping up for bedding segments. We'll also investigate the consumer's approach to mattress buying, explore economic outlooks and changing consumer trends, scrutinize the impact of antidumping duties on the industry, and ponder the consequences of potential consolidation among major industry players. Prepare for an episode that's informative and entirely indispensable to your professional acuity. Let’s delve in.. Presidents Day has long been regarded as the first significant sales event of the year for furniture retailers, acting as an economic barometer for the months ahead. Recently, we've monitored how this year's sales performance stacked up, and the results can only be characterized as a mixed bag, reflective of both the innovation in retailer strategy and consumer hesitancy. Let's begin with the tale of Providence Enterprises, a formidable presence in the Appalachians through its Ashley and Star Furniture stores. CEO Bob Young bestowed high praise on their Presidents Day sales, describing the weekend as a "powerhouse" despite a dip in foot traffic. The impressive outcome—high sales in the face of sparse showroom floors—was largely due to heftier average tickets and robust conversion rates. Remarkably, the bedding category took center stage, standing out as a robust performer, continuing its year-long trend.

Feb 26, 2024 · 21:46

Furniture Industry News

2024 Outlook: Riding the Wave of Resilience in Home Industry

Furniture Industry News

Welcome to 'Furniture Industry News', the dedicated audio resource straight from the desks of FurniturePodcast dot com. To the designers, manufacturers, retailers, and all you professionals navigating the intricacies of the furniture industry—it's time to tune in. With each episode, we delve into the most pressing stories, unpack vital trends, and present the freshest market data that matter to you most. Our mission? To ensure you are not only up-to-date with the who's who and what's what of the industry but also provided with the insights to stay one leap ahead in this dynamic field. Whether in the office, on the go, or as the backdrop to your latest project ventures, let 'Furniture Industry News' be the companion you rely on for intelligence, strategy, and that critical edge in your professional sphere. Now, let's dive into today's top stories.. 2024 is poised to be a foundational year for the home industry. Emerging from the shadows of previous economic challenges, professionals across the housing and home renovation sector are aligning their compasses to navigate towards growth. The latest insights from the 2024 State of the Industry report by Houzz Inc. reveal a collective pulse of optimism - a surge in confidence underpinned by the dual engines of increasing demand and better material availability. Firmly placing adversity in the rearview mirror, a significant number of firms - between 61% and 71%, to be precise - anticipate their businesses will thrive this year, climbing upwards from the 50% to 56% who shared that sentiment in 2023. This positive outlook is echoed across the board, from interior designers to design-build firms and general contractors, each holding fast to the belief that the coming months will be prosperous.

Feb 23, 2024 · 21:33

Furniture Industry News

Global Trends: Decoding the Downturn in Furniture Imports and Exports

Furniture Industry News

Welcome to 'Furniture Industry News', your daily dose of developments, insights, and updates in the furniture sector. Whether you're a manufacturer, retailer, or a professional in the furniture industry, this is your go-to resource for staying informed and ahead of the curve. We carefully curate the most relevant industry news so you can focus on what you do best, knowing that you are equipped with the knowledge you need. So let’s dive into what's new and noteworthy in the world of furniture today.. In the wake of the bustling holiday season, it appears that in January, America's buying zeal took a slight respite as retail sales dipped, perhaps finding a temporary lull in the otherwise steadfast economic journey. Despite this seasonal cool-down, analysts and economists collectively breathe a sigh of relief, noticing that consumer engagement still sparkles in the market's eye. Jack Kleinhenz, the Chief Economist at the National Retail Federation, remains optimistic, attributing the tempered retail performance to a cocktail of extreme weather disruptions — no doubt, shaking the patterns of product demand and consumption. This weather-induced hiccup, combined with a slight dip in January's goods prices and a pivot of consumer dollars towards services, paints a fuller picture beyond just the numbers. Nevertheless, looking at the overall retail landscape painted by the U S Census Bureau's report, it reveals a modest year-over-year increase of point 6%.

Feb 21, 2024 · 22:08

Furniture Industry News

2024 Consumer Spending, The Wood Furniture Industry, The Evolving Value Proposition, Retail Vacancies, Mattress Manufacturers Advertising, Bed Bath & Beyond Judge Ruling

Furniture Industry News

Welcome to "Furniture Industry News," the premier podcast for executives navigating the ever-evolving world of furniture. In a landscape where staying ahead is crucial, our podcast is your authoritative source for the latest trends, market shifts, and innovative technologies shaping the future of the furniture industry. Tune in to stay informed, inspired, and in step with the leaders who are shaping the future of the furniture world. In today's episode, we'll cover the likelihood of consumer spending in 2024, the challenges and optimism in the wood furniture industry, the evolving value proposition for retailers, the state of retail vacancies and rising rents, the need for retailers to advertise and boost spending, and the recent bankruptcy judge ruling on Bed Bath & Beyond executives.. According to 5WPR's 2024 Consumer Culture Report, it seems that 2024 will be a better year for those looking to sell products, as more people are willing to splurge. However, this news may not be so exciting for those in the home furnishings industry, as consumers are not looking to spend their extra money on their homes, except for one exception. The report, now in its fifth year, reveals that when it comes to splurging, consumers in 2022 and 2023 ranked home goods and furniture third on their list of top five categories. However, looking ahead to 2024, furniture and home-related items have fallen off the chart. Instead, the majority of consumers (52%) said they would splurge on electronics and technology or health and wellness. Travel came in third place (45%), followed by dining out (44%) and beauty and personal care (43%). Interestingly, the study found that among all age groups, the 65 and older demographic still prioritized home goods and furniture as their third splurge-worthy category, placing it behind health and wellness and electronics and technology. When it comes to deciding which brand to purchase from, word of mouth was found to be the most compelling content for consumers (46%), followed closely by customer reviews (44%). Brand coverage in the media, whether it's print, online, TV, or elsewhere, motivated only 26% of consumers to make a purchase. Tik Tok and user-generated content ranked the lowest at just 16%. It's worth noting that consumers defined word of mouth as hearing about a product from someone they know in real life, such as a family member or friend. However, they were less likely to consider celebrity influencers on social media as providers of compelling word of mouth information. The survey by 5WPR was conducted using Censuswide, an independent research consultancy, and sampled 2,005 nationally representative U.S. consumers between November 28-30.

Feb 19, 2024 · 15:10

Furniture Industry News

Navigating New Norms: Surge in Imports & Inflation's Impact on Furniture Retail

Furniture Industry News

Welcome to Furniture Industry News, brought to you by FurniturePodcast dot com. It’s here we deliver the most pertinent and insightful stories affecting the furniture sector today, straight into the ears of industry leaders like you. In today’s episode, we’re unpacking a host of topics that are shaping the landscape of furniture business. We’ll be diving into the latest surge in furniture imports, investigating what the numbers mean for our industry against a backdrop of logistical snarls at major canals. We’ll also touch on inflation's current role in retail strategy and unravel the findings from Elavon's recent study to help businesses weather economic tremors. The evolving dynamics of home office design will not go unnoticed as we explore a new survey signaling a strong move towards multitasking environments. Plus, we’re bringing fresh furniture sales data to the table, highlighting the challenges and an unexpected upturn in monthly figures.. Our discourse will extend to the digital realm, examining the innovative Redecor app that's connecting games and furnishings, bringing a novel marketing angle to our sector. And from an international perspective, we’ll dig into the factors causing the Italian furniture industry’s downturn. Lastly, we’ll take a trip to sunny Florida, where Walter E. Smith is making strategic moves to expand their brand reach and round out the episode with how technology’s expansive role in retail is reshaping our industry. Prepare to be informed and inspired. Stay tuned, this is Furniture Industry News.

Feb 17, 2024 · 22:15

Furniture Industry News

Furniture Trends: Imports Surge, GXO's Mixed Q4, Retail Challenges, Identity Revamp, Textile Outlook, Product Diversity!

Furniture Industry News

Welcome to Furniture Podcast dot com the podcast where we explore the latest happenings in the industry, from the surging imports and mixed Q4 results of GXO, to the ongoing challenges faced by retailers, the exciting revamp of brand identities, the outlook on textiles, and the ever-evolving landscape of product diversity. In today's episode, we'll cover January imports and port transit delays, GXO's revenue gain and growth predictions, the settlement of a race discrimination lawsuit, the decline in furniture store sales, Big Lots' upcoming Q4 results, the brand refresh of American Freight, future projections for home textiles sales, and furniture suppliers expanding into new categories.. According to logistics software provider Descartes, January imports in the U.S. rose by nearly 8% compared to December, the largest December-to-January gain in seven years. Descartes obtained this data from U.S. Customs filings and reported that the U.S. imported 2 point 2 7 million twenty-foot containers in January, witnessing a 7 point 9% increase from December and a 9 point 9% increase from the previous January. Among the top 10 U.S. ports, container imports increased by 8 point 4%, with notable gains at the ports of Los Angeles (up 21 point 1%) and Long Beach (up 15 point 1%). The Port of New York also experienced a 6 point 8% gain, while the ports of Houston and Charleston faced the largest declines. Descartes attributed a significant portion of the increase in imports to a rise in imports from China, which saw a 14 point 9% increase over December. Interestingly, the largest product categories among these imports were furniture and bedding. Furthermore, Descartes highlighted that overall port transit delays, particularly at East Coast ports, increased in January. With the exception of the Port of Los Angeles, which showed a slight decrease, the top ports experienced delays. Notably, the East Coast ports of Norfolk, New York/New Jersey, and Charleston saw transit delays exceeding two days. Descartes also identified various risk factors for the year ahead. The most notable is the labor agreement between the International Longshoremen's Association and the United States Maritime Alliance, which will expire in September. Concerns over automation and wages have led the union to indicate their unwillingness to extend the contract. Additionally, factors such as the health of the U.S. economy, rising port transit wait times, and the possibility of new COVID subvariants impacting China were cited as potential concerns.

Feb 14, 2024 · 16:45

Furniture Industry News

2024 Furniture Industry Odyssey: Strategic Shifts, Market Resilience, and the Dawn of Nearshoring

Furniture Industry News

Welcome to another expertly curated episode of 'Furniture Industry News from FurniturePodcast.com,' your specialized source for the most up-to-date developments in the furniture sector. We're here to provide you with invaluable insights into the current trends, pressing challenges, and burgeoning opportunities in the furniture industry landscape. Our commitment is to empower you, the industry professionals, with the information that matters most. Whether you are a retailer assessing the market potential for the upcoming seasons, a manufacturer facing the dynamics of supply and production, or a designer keeping an eye on the evolving consumer preferences, this is your podcast for a comprehensive view. Stay with us as we explore important industry happenings that could very well shape your strategic decisions and help steer your business through the complex terrain of today's market. Get ready to deep dive into the world of furniture.. As we turn the page into 2024, the furniture market finds itself in a period of recalibration. Following a year faced with persistent challenges, the narrative shaping our industry is one of tentative optimism coupled with strategic caution. The mood is clear: it's a buyers' and hirers' market. The surplus of inventory, a result of last year's overproduction and an optimistic overestimation of pandemic-era demand, remains the elephant in the room. Retail inventory levels are stubbornly high, and as sales initiatives strive to shrink this excess, the demand for fresh, finished products lacks momentum. This bottleneck situation is nudging our manufacturing counterparts into a corner, compelling them to reassess operations and trim their output to match the tepid demand. This cautious posture on manufacturing floors is reverberating up the supply chain, igniting a belt-tightening exercise among component suppliers. Those who once rode the wave of high demand are now facing the gravity of a retail sector struggling to shed the weight of excess stock. As a consequence, retailers' financial strains manifest as a chain of closures and retrenchments, casting a solemn but realistic shadow over the year's prospects.

Feb 12, 2024 · 15:33

Furniture Industry News

Tariffs, Timber, and Tumult: Navigating the New Norm in Furniture

Furniture Industry News

Welcome to Furniture Industry News, the go-to podcast for all professionals in the furniture sector who are keen to stay abreast of the latest developments and industry insights. Every episode brings you carefully curated news stories that affect your business, providing understanding, analysis, and clarity in a complex and dynamic industry. Today, we delve deep into a range of topics that hold significant implications for the bedding and furniture markets. We will assess the operational revisions and reported losses from Leggett & Platt and consider the ramifications of these shifts on the broader industry landscape. As tariff tensions heighten, we will explore the potentially increasing duties on Canadian lumber and how this could influence U S housing affordability. The global supply chain continues to grapple with logistical challenges, and our conversation will lead us through the winding paths companies might take towards nearshoring to mitigate disruptors. We'll also tune into the evolving role of the sales representative in our current market—essential insights for anyone engaging directly with buyers. . A portion of our discussion is dedicated to examining the "wow" factor in designing furniture, inspired by thoughts from Mark Phillips of the Phillips Collection. And as the wheels of production begin to turn away from China, we consider how logistic executives are overhauling their strategies and what new frontiers are being considered for investment. Moreover, we will review the economic pressures faced by industry giant Tempur Sealy International and scrutinize the latest acquisition pressures at Kohl's, interpreting the consequences these moves could have across the retail domain. Stay with us as we dissect these stories through a lens of expertise and experience, ensuring you are not just following the trends but are also ahead of the curve in the furniture industry.

Feb 9, 2024 · 27:58

Furniture Industry News

Balancing Digital and In-Store Realities: Navigating the Future of Furniture Retail

Furniture Industry News

Welcome to the Furniture Industry News Podcast, brought to you by FurniturePodcast.com In this episode, we delve into the latest trends, financial reports, and strategic insights that are shaping the world of furniture. Whether you're a retailer, designer, manufacturer, or industry insider, we provide the information you need to stay informed and ahead in the market. Join us as we uncover the stories that impact the furniture landscape and the professionals within it.. When it comes to shopping for furniture, the scales are finely balanced between the allure of scrolling through online catalogues and the sensory experience of visiting brick-and-mortar stores. Recent findings from Raydiant's 5th Annual State of Consumer Behavior Report reveal that a slight majority of 51% of consumers show a preference for online shopping, drawing almost even with the 49% who favor in-store visits. This equilibrium in preference is particularly notable as we emerge from an era where the digital marketplace dominated during the pandemic, and we saw a renewed interest in physical stores in 2023. Diving into the nuances of shopping habits, furniture, along with appliances, sits comfortably in the middle ground, with a solid 49% of consumers likely to peruse physical stores for these purchases. These figures underscore the importance of the tactile and visual aspects that consumers value when selecting substantial home items. The year-over-year trends have remained consistent, with little change from 2022 to 2024, although 2021 was somewhat lower at 44%.

Feb 7, 2024 · 20:58

Furniture Industry News

RoomPlace Bankruptcy, Shrinking US Manufacturing, Closure of Legacy Modern Home Furnishings, Utah Repeals Labeling Law, and Walmart Expansion & Remodeling Plans

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover a variety of topics including the bankruptcy and store closures of retailer The RoomPlace, the shrinking US manufacturing sector, the closure of Portland furniture store Legacy Modern Home Furnishings, Utah repealing a law regarding e-commerce sites, and Walmart's plans for store expansion and remodeling.. The RoomPlace, has recently filed for Chapter 11 bankruptcy protection in order to restructure its operations and align its costs with projected sales in the current business climate. As part of this restructuring plan, the retailer will be closing eight stores in outlying markets, including six locations in and around Indianapolis, one store in Kenosha, Wisconsin, and one store in Peoria, Illinois. However, the company will be keeping its remaining 18 Chicago-area stores open, with a focus on strengthening operations at those locations. Bruce Berman, CEO of The RoomPlace, expressed that the decision to close stores and impact the communities where they operate was not an easy one. He acknowledged the challenging retail sales landscape nationwide and emphasized the company's commitment to making tough decisions now to ensure its longevity. The RoomPlace filed for bankruptcy in the U.S. Bankruptcy Court for the Northern District of Illinois, stating liabilities between $1 million and $10 million, along with over 200 individual creditors. Planned Furniture Promotions will be assisting with the store closing sales in Indianapolis, Kenosha, and Peoria. While the Indianapolis, Kenosha, and Peoria stores are still open and accepting orders, no specific date has been given for the start of the closing sales. On the other hand, the 18 remaining Chicagoland locations will continue to operate normally, with a renewed dedication to serving the Chicago market. The RoomPlace aims to become better and stronger in the Chicagoland area, promising consumers the largest selection of stylish brands at competitive prices.

Feb 5, 2024 · 10:00

Furniture Industry News

Ocean Container Rates, Residential Furniture Orders, Retailers Delivery Experience Challenges, Las Vegas Market, Consumer Spending Predictions And Interest Rate Cuts, Ways AI Can Enhance Businesses, Importance Of Brand And Culture, Decline In Home Market Sales, Amazons Impressive Performance In Q4

Furniture Industry News

Welcome to Furniture Industry News for Friday February 2, 2024 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the drop in ocean container rates, the growth in residential furniture orders, the challenges of providing excellent delivery experiences, the strategies showcased at the Las Vegas Market, the predictions of slower consumer spending, the discussions on how AI can enhance businesses, the importance of brand and culture in customer interactions, the decline in home market sales, and the impressive Q4 net sales and expected growth of Amazon.. Spot ocean container rates had a welcome drop this week, putting a halt to eight weeks of constant increases. According to container price analyst Drewry, rates fell by 4%, now averaging at $3,824 per 40-foot container. Even with this dip, rates are still significantly high, a staggering 88% higher than the same period last year and a remarkable 169% higher compared to the pre-pandemic average in 2019 at $1,420. Although not all routes experienced declines, as rates from Shanghai to European destinations like Genoa in Italy and Rotterdam in The Netherlands dropped. However, rates to the U.S. either remained steady or increased. Rates from Shanghai to Los Angeles rose by 2% to $4,421, doubling from what was observed a month ago. On the other hand, rates from Shanghai to New York hovered around last week's average of $6,143. Drewry anticipates rates to stabilize during February as China prepares for the Lunar New Year by slowing down factory operations. During a recent webinar, Drewry emphasized that the ongoing Red Sea turmoil would not have a significant impact on container shippers in the future. The container market is currently oversupplied due to the ordering rush caused by the pandemic, offering some resilience to disruptions. Although disruptions are expected to persist throughout the first half of the year, Drewry believes that the effects will taper off over time. Simon Heaney, Drewry's senior manager of container research, acknowledged that repositioning ships takes time and, as a result, the initial stage will be the most challenging. However, once carriers begin including Red Sea diversions in their long-term planning, the situation is anticipated to improve. Heaney also reassured observers that while rates in affected trades will remain elevated during the crisis, they will not rise to levels that would trigger inflation. The current demand for products is considerably lower than during the pandemic, making any comparisons inappropriate.

Feb 2, 2024 · 23:19

Furniture Industry News

Furniture Manufacturing Breakthroughs & Market Trends, Evolving Consumer Preferences & Economic Factors Shaping the Furniture Industry

Furniture Industry News

Welcome to 'Furniture Industry News' from FurniturePodcast.com, where we bring you the latest updates and insights from the furniture industry. As your host, I'm here to guide you through the intricate world of furniture, from manufacturing breakthroughs and market trends, to the evolving consumer preferences and economic factors shaping the industry today. So settle in and get ready for a wealth of information at your fingertips.. In the fluctuating tides of the economy, the winds appear to be favoring the furniture industry as consumer confidence enjoys an upward surge, reaching heights not seen in recent years. Amidst the ebb and flow of market uncertainties, inflation concerns have retreated to a three-year low, providing consumers with a renewed sense of purchasing power. This shift is particularly significant for the furniture sector, where confidence plays a key role in the decision-making process for larger investments. High inflation typically tightens the consumer's purse strings, causing hesitation towards discretionary spending, especially in markets such as home furnishings, which are often viewed as non-essential luxuries during economically trying times. However, as inflation concerns lessen, individuals are more likely to commit to these substantial purchases, injecting vigor into the furniture market.

Jan 31, 2024 · 19:28

Furniture Industry News

How A.I. Enhances Furniture Sales, Kirkland's Credit Increase, SEC Investigation & CEO Resignation In Franchise Group, 2024 Las Vegas Market Sleep Products, Serta Simmons Bedding's Progress

Furniture Industry News

Welcome to Furniture Industry News For Monday January 29, 2024 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover how Artificial Intelligence enhances furniture retail sales, Kirkland's Inc.'s credit increase for repositioning, the SEC investigation and CEO resignation in Franchise Group, the upcoming 2024 Las Vegas Market for sleep products, and Serta Simmons Bedding's progress in sales and product development after emerging from bankruptcy.. Artificial Intelligence is predicted to have a significant impact on the retail sales of furniture in the coming years, according to experts closely monitoring the technology. As A.I. continues to develop, it is expected to lead to quicker purchasing decisions, increased buyer satisfaction, and reduced post-purchase regret. Additionally, A.I. is likely to minimize the need for extensive store space for product display, making the staging and displaying processes more efficient. The role of A.I. in furniture design spans from initial conception to the manufacturing process, potentially offering unimaginable customization possibilities. Designers can also analyze a vast number of existing designs using A.I., allowing them to predict customer responses. Furthermore, A.I. may help minimize wasted effort and materials in manufacturing, ultimately improving overall product quality. While some customers may initially be hesitant to fully embrace A.I., it is expected that most will eventually feel comfortable using it, especially for pre-shopping and creating a shortlist of desired items. With the assistance of A.I., customers may find themselves happier with their furniture purchases for longer periods of time. Implementing A.I. in e-commerce is crucial, as it provides consumers with easier access to information, reducing retailers' need to educate customers extensively about their products and services. A.I. offers visualization tools that minimize the necessity for large retail spaces dedicated to furniture, and companies are even developing A.I.-powered quizzes that can interact conversationally with customers to gather necessary information and guide them towards suitable furniture options. In conclusion, A.I. has immense potential in the furniture retailing sector. It offers numerous benefits, including enhanced customer experience, improved personalization, optimized inventory management, and more efficient production processes. A.I. is not merely an addition but rather a fundamental shift in the furniture industry, driving innovation and personalization to new heights.

Jan 29, 2024 · 11:21

Furniture Industry News

New Legislation Supporting US Hardwood Research, Upcoming Winter Las Vegas Market, Sherwin-Williams' Q4 Record Sales, Debut Of Six Companies At The Specialty Sleep, Bedgear's Innovative Product Expansion At The Las Vegas Market

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com for Friday January 26, 2024 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover new legislation supporting US hardwood research, the upcoming winter edition of Las Vegas Market with new showrooms and educational seminars, Sherwin-Williams' record sales for Q4 and full year 2023, the debut of six companies at the Specialty Sleep Assn. showroom in Las Vegas Market, and Bedgear's innovative mattresses and product expansion at the Las Vegas Market.. New bipartisan legislation has been proposed that seeks to authorize the Secretary of Agriculture to issue grants aimed at strengthening hardwood research. The proposed bill, known as the Hardwood Products Access and Development Program Act, has been introduced by House representatives Tom Tiffany from Wisconsin and Ann Kuster from New Hampshire. Its main objective is to enhance domestic industry efforts and research that directly support end-user information regarding the benefits of hardwood products. The bill outlines the eligible entries for these grants, which include non-profit organizations serving the U.S. hardwood sector, as well as universities and research organizations. Funding for these grants is expected to reach up to $25 million over a span of five years, as mentioned in the bill language. Dana Lee Cole, the executive director of the Hardwood Federation, emphasized the significance of this legislation. The U.S. hardwood industry is a substantial sector, providing employment for over 1 point 8 million people, especially in rural and underserved areas. However, despite the sustainability and carbon storage capacity of wood products being widely acknowledged, there is limited public awareness and recognition of these qualities. The implementation of the Hardwood Products Access and Development Program Act would greatly benefit the domestic industry and domestically produced hardwood products, including flooring, cabinetry, doors, moldings, railway ties, pallets, and other building and infrastructure materials.

Jan 26, 2024 · 8:56

Furniture Industry News

Recession Probability In The US, US Online Shopper Spending Plans, Recall Of New Age Furniture Anchor Kits, Debt Refinancing By Purple Innovation, Bed Bath & Beyond's At The Las Vegas Market

Furniture Industry News

Welcome to Furniture Industry News for Wednesday January 24, 2024 from FurniturePodcast.com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the following topics: recession probability in the US, US online shopper spending plans, mass recall of New Age plastic furniture anchor kits, debt refinancing by Purple Innovation, and Bed Bath & Beyond's presence at the Las Vegas Market.. According to the National Assn. for Business Economics, the probability of a recession in the United States continues to decline. In the 2024 Business Conditions Survey, 91% of the panelists assigned a probability of 50% or less to the chance of a recession this year, a decrease from 79% in October. In addition to the positive outlook on recession probabilities, panelists also reported increasing sales in the past three months. The Net Rising Index for sales, which measures the percentage of panelists reporting rising sales minus the percentage reporting falling sales, reached 37 for January, up from 6 in October. This is the highest reading since April 2022. Profit margins also saw improvement, moving into positive territory for the first time since April 2022, with an NRI of 10. Ellen Zentner, N A B E president and chief U.S. economist for Morgan Stanley, stated that the survey results indicate broad improvement, as respondents reported rising sales, profit margins, and capital spending, while supply chains are also showing improvement. However, Carlos Herrera, survey chair and chief economist for Coca-Cola North America, cautioned that the future remains uncertain. While the panel suggests that inflation is moderating, he noted that 72% of panelists reported passing on cost increases to customers, and wages and material costs continue to rise. The N A B E survey, conducted from December 28 to January 9, reflects fourth-quarter results and the near-term outlook.

Jan 24, 2024 · 13:08

Furniture Industry News

Macy’s Intensifying Acquisition Battle, Existing Home Sales Decline, Impact Of Inflation On Holiday Spending, Karat Home's Bankruptcy Acquisition, Predicted Growth In The Outdoor Living, Bedding Industry Changing Retail Strategies

Furniture Industry News

Welcome to Furniture Industry News for Monday January 22,2024 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Macy's acquisition battle and concerns over financing and lack of value, the decrease in existing home sales, the impact of inflation and high-interest rates on holiday spending, Karat Home's bankruptcy acquisition of Z Gallerie, the predicted growth in the outdoor living category and the need for innovation in product design, and the changes in retail strategies in the bedding industry with more brands opening physical stores.. The battle for control of Macy's Inc. has escalated as potential acquirers, Arkhouse Management and Brigade Capital Management, issued statements urging immediate engagement from Macy's board. The real estate fund asset manager and its partner have expressed a "highly motivated" interest in taking Macy's private. Last month, they offered 5 point 8 billion to acquire the company, but if Macy's fails to respond to the offer this week, the bidding parties are willing to present the matter directly to shareholders for a vote. In response, Macy's stated that the mere existence of a bid offer does not compel them to enter into a non-disclosure agreement or provide due diligence information. Macy's board and advisors reviewed the proposal but raised concerns about the bidders' ability to finance the transaction. Although Arkhouse has received a letter of support from its financial advisor, Jefferies Group, Macy's remains skeptical about the viability of the financing plan's structure. Outgoing Macy's CEO, Jeff Gennette, commented that Arkhouse and Brigade's proposal lacks actionable substance and fails to offer compelling value to Macy's shareholders. This exchange marks the first time either party has gone public regarding the matter since the Wall Street Journal reported Arkhouse/Brigade's initial offer on December 1. Last week, Macy's announced plans to lay off over 2,000 employees starting January 26, as part of an effort to cut expenses and redirect investments to improve customer responsiveness. Additionally, the potential acquirers have floated the idea of raising their bid, albeit with certain conditions.

Jan 23, 2024 · 12:15

logo

Home Furnishings Sales Fluctuations, Residential Building Sector's Improvements, Ocean Container Rates Increases, Fannie Mae's Positive Forecast, Challenges & Optimism in the Furniture Retail Industry, Ikea's Expansion Plans, Wayfair and Macy's Job Cuts

Furniture Industry News

Welcome to Furniture Industry News for January 19th, 2024 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the residential building sector's improvements, the increase in ocean container rates, fluctuations in furniture and home furnishings sales, Fannie Mae's positive economic forecast, the challenges and optimism in the furniture retail industry, Ikea's expansion plans, job cuts at Wayfair and Macy's restructuring efforts.. Year-over-year, the residential construction sector in the United States has experienced increases in housing permits, housing starts, and housing completions. This growth indicates a positive trend in the industry, which is expected to continue as interest rates decrease in the coming months. According to the monthly report from the U.S. Department of Housing and Urban Development, housing starts in December were 7 point 6% higher compared to December 2022. Building permits also saw a 6 point 1% increase, while housing completions rose by 13 point 2% compared to the same period in the previous year. In December, there were a total of 1,495,000 building permits issued, which represented a 6 point 1% increase from December 2022, and a 1 point 9% increase from November's rate. Housing starts reached 1,460,000 in December, reflecting a 7 point 6% rise from December 2022, but a 4 point 3% decrease from the revised November estimate. Additionally, there were 1,574,000 housing completions in December, a 13 point 2% increase from December 2022, and an 8 point 7% increase from November. The surge in housing construction activity suggests a growing interest among consumers in newly constructed homes. This positive trend in the residential market may also stimulate furniture sales as more individuals move into new or existing homes. The report further highlights regional variations in residential construction activity. In the Northeast, there was a decrease of 17 point 9% in building permits compared to December 2022. However, housing completions increased by 18 point 3% during the same period. The Midwest experienced an 8 point 2% increase in building permits, while housing starts in the South rose by 10 point 2%. The West saw a 3 point 1% increase in permits issued but a 16 point 3% decrease compared to November's numbers. Overall, the data indicates positive growth in the residential construction sector, which is expected to continue as interest rates decline.

Jan 19, 2024 · 17:17

logo

E-Commerce Challenges, Declining Furniture Sales, Scherer's Furniture Closure, Flexsteel's Partnership With Promoboxx, Leggett & Platt's Restructuring, Crate & Barrel's Shared Registry Program

Furniture Industry News

Welcome to Furniture Industry News from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover e-commerce challenges, declining furniture sales, Scherer's Furniture closure, Flexsteel's partnership with Promoboxx, Leggett and Platt's restructuring plans, and Crate and Barrel's Shared Registry Program. . Last week, I had an extensive conversation with a group of e-commerce experts who possess a vast knowledge of the industry. These individuals and their companies have been significant suppliers for well-known e-commerce platforms such as Amazon, Wayfair, Overstock, Costco, and Castle Gate, among others. They pointed out that when the COVID-19 pandemic struck, online retailers initially experienced a surge in business as consumers turned to online shopping while staying at home. However, they now believe that e-tailers are facing several challenges, including spikes in shipping costs, labor issues, and warehousing constraints. One of the primary concerns expressed by my sources is the surging rates of UPS and FedEx, particularly during peak seasons, which are further burdened by surcharges. To ensure they remain stocked and can offer fast shipping, e-tailers, even more so than brick-and-mortar retailers, extensively purchased furniture. However, with business now flat, many online giants are struggling with excess inventory that is not selling well, forcing them to slash prices to recover losses. Furthermore, these e-tailers are attempting to mitigate their losses by exerting pressure on suppliers. They are requesting increased advertising allowances and strongly hinting that suppliers should source goods from specific geographical areas to facilitate faster shipping. The need for additional warehouses closer to their major customer bases has become a pre-requisite, leading to logistical challenges for suppliers. Vendors have had to expand their warehouse facilities across different regions, only to find that the expected increase in business did not materialize. Another challenge is the difficulty in liquidating excess inventory in certain markets, particularly in less populous areas, which further adds to the financial burden on vendors. On top of these issues, warehousing costs have been steadily rising across the United States. According to recent data from commercial real estate firm Cushman & Wakefield, warehouse rental prices have reached record highs, up 16 point 1% compared to the same period last year. The imposition of tariffs on Chinese imports by the Trump administration also had unintended consequences. China redirected its excess production to partners in the U.S., capitalizing on products like recliners that could be exported under medical certificates, thus avoiding high tariffs. These feature-rich recliners quickly became top sellers for online retailers, leading to a decline in sales for domestic manufacturers. Looking ahead, my sources anticipate significant changes and predict a potential shakeout within the next year, especially for those with limited financial resources. The year 2024 is expected to be a turbulent ride for all channels in the home furnishings industry. However, amidst the chaos and challenges, there are always opportunities for those willing to adapt and seize them.

Jan 17, 2024 · 14:11

logo

Furniture Industry Recession Effects & Recovery, Furniture & AI, Experiential & Sustainable Shopping, Ethical Technology Use, Furniture Retailer Digital and Social Media, Rebound in Consumer Confidence

Furniture Industry News

Welcome to Furniture Industry News for January 15th 2024 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover three possible turning points for the home furnishings industry in 2024, the transformation of the retail industry by AI, experiential and sustainable shopping, ethical technology use, the effects of the recession on the furniture industry and its recovery, the importance of digital and social media for furniture retailers, and industry changes including acquisitions, anti-dumping petitions, and the expectation of a rebound in consumer confidence.. In 2024, there are several key factors that could have a significant impact on the home furnishings industry. Economists and experts in the financial and housing markets have identified three themes: the possibility of a recession, a slowdown in consumer spending, and a potential rebound in the housing market. Let's take a closer look at each of these themes. Firstly, there is talk of a "soft landing" with the economy, but many believe that the first half of the year could be challenging. Mike Walden, an economist at North Carolina State University, suggests that we could see a mild recession or a slowdown in the first half, followed by rebounding growth in the second half. The Federal Reserve is expected to cut interest rates, which would make borrowing cheaper and stimulate economic growth. Walden also predicts that inflation will align with the Fed's target of 2% by year-end and that unemployment will settle around 3% to 3 point 5%. Secondly, there are concerns about a potential slowdown in consumer spending. Inflation and higher interest rates did not deter consumers in 2023, but some experts believe that consumer spending may decrease in 2024. Factors such as diminished excess savings, plateauing wage gains, and higher levels of debt could contribute to a decrease in spending growth. However, it is expected that consumer spending will still remain positive, albeit at a slower rate than in 2023. Lastly, there is hope that the housing market will become more favorable for buyers in 2024. It is anticipated that home prices and interest rates will fall, while the supply of homes will increase. This could motivate people who have been waiting on the sidelines to enter the housing market. Daryl Fairweather, an economist at Redfin, predicts a 1% year-over-year drop in home prices in the second and third quarters, coupled with lower interest rates. This forecast suggests that home sales could increase by 5% by the end of the year, which would be positive for the furniture and home-related goods industry. Bright MLS, a real estate company in the mid-Atlantic states, also provides a similar outlook for 2024. They anticipate a continued decrease in 30-year fixed-rate mortgages, a rise in inventory by 7 point 6%, and an increase in existing home sales to 4 point 6 million. While the market is expected to become more buyer-friendly, listings are still projected to be below 2019 levels. It's important to note that there is still economic uncertainty in play, especially in an election year and with ongoing global conflicts. Redfin's Fairweather presents two potential scenarios based on mortgage rates. In one scenario, if rates fall to around 5% due to a recession, home prices could remain higher, and sales could increase to around 5 million homes. In the other scenario, if the Fed keeps rates high at around 8%, sales could decrease to about 3 point 5 million homes. Overall, the outlook for the home furnishings industry in 2024 is dependent on various factors. While a recession and a slowdown in consumer spending pose challenges, a potential rebound in the housing market provides a glimmer of hope. It will be essential for businesses in the industry to adapt and navigate these changing market conditions to stay successful.

Jan 15, 2024 · 19:56

logo

Furniture Holiday Sales Trends, Furniture Industry Predictions, Rising Container Rates, Furniture Retailer Closures, Tip-Over Kits Recall, Patent Infringements, Flexsteel Industries Financial Update, Leathercraft Furniture Acquisition, and Caroline Cecil Textiles Acquisition

Furniture Industry News

Welcome to Furniture Industry News for January 12th where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover holiday sales trends, predictions for the furniture industry, rising ocean container rates, more furniture retailer closures, furniture tip-over prevention kits recall, patent infringements, company updates from Flexsteel Industries, Leathercraft Furniture acquisition, and Kravet Inc.'s acquisition of Caroline Cecil Textiles.. Shoppers displayed a preference for online marketplaces and off-price retailers during the 2023 holiday season, according to recent analysis by Earnest Insights. While overall holiday sales saw a modest growth of 1 point 7% compared to the previous year, this is significantly lower than the 3 point 4% growth witnessed during the same period in 2022. Online marketplaces, including Amazon, Etsy, and Temu, experienced the highest year-over-year growth of 7% among different retailing categories. Off-price department stores followed closely behind, with a seasonally adjusted growth rate of 5%, and big box retailers saw a 2% increase. However, the home furnishings sector faced a decline of 9% during the November 1 to January 2 period. Home improvement experienced a 2% decrease, while mid-tier department stores suffered a 6% decline. Luxury apparel and home fitness sectors experienced the biggest losses, with declines of 10% and 17%, respectively. In terms of online sales as a share of holiday sales, the home category maintained a steady 24%. While this did not reach the 26% high observed during the pandemic lockdown in 2020, it did surpass the pre-pandemic level of 19% recorded in 2019. Department stores, on the other hand, saw a decrease in their online holiday sales share, dropping to 20% from 23% in 2023. This was lower than both the pre-pandemic level of 22% in 2019 and the five-year high of 28% in 2020. Among individual companies, TJX, which operates HomeGoods, HomeSense, Marshalls, and TJ Maxx, reported a 7% increase in holiday sales, putting it slightly ahead of Walmart, with a 5% increase. However, companies like Wayfair, The Home Depot, Target, Macy’s, and Williams-Sonoma experienced declines ranging from 1% to 15% compared to the previous year.

Jan 12, 2024 · 17:52

logo

Consumer Spending in 2024, Ikea Warns Of Product Delays, Retail Store Closures In 2023, Lakeland Mills Acquired By Hickory Furniture, Houzz's Design Creations, Joybirds Class Action Lawsuit

Furniture Industry News

Welcome to Furniture Industry News for Wednesday January 10,2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover consumers' unexpected spending growth in 2023, product delays and container rate rises affecting global trade, reasons behind retailers' closures, acquisition of Lakeland Mills by Hickory Furniture Collective and Green Gables Furniture, Houzz's design creations inspired by Emmy-nominated shows and Joybirds class action lawsuit.. Consumers in the United States spent more than anticipated in 2023, despite high inflation and interest rates. However, Chief Economist Jack Kleinhenz of the National Retail Federation predicts that spending growth will likely slow down in 2024. Kleinhenz pointed out the resilience of the consumer throughout 2023, noting that despite concerns of a recession, consumers continued to spend. This was despite the challenges posed by inflation and higher borrowing costs. However, these favorable conditions may not be sustainable in the long term. Tighter credit conditions and higher borrowing costs are expected to persist in 2024, and employment reports indicate that the labor market expansion is slowing down. The January issue of the NRF's Monthly Economic Review highlighted several factors that supported spending in 2023. These included a tight labor market, a "wealth effect" from increased equity and home prices, and savings accumulated during the pandemic. Inflation-adjusted gross domestic product grew by 2 point 3% compared to the previous year, and December saw one of the lowest unemployment rates in decades, standing at 3 point 7%. Additionally, wages increased by 4 point 5% year-over-year, surpassing the 2 point 6% inflation rate according to the Personal Consumption Expenditures Price Index. While consumer spending rose by 5 point 2% in October and November, adjusted for inflation, core retail sales increased by 3 point 7% in the first 11 months of the year. However, job openings decreased to their lowest level since March 2021. Pandemic savings that fueled spending in 2023 are diminishing, and revolving debt has reached pre-pandemic levels. Although consumer confidence has improved, it remains relatively low. Surveys indicate that consumers are concerned about factors such as income outlook, business and job market conditions, higher interest rates, ongoing inflation, and political stress. One crucial factor in the future outlook is the Federal Reserve's approach to interest rates. The central bank has indicated the likelihood of rate hikes but also the possibility of cutting the benchmark federal funds rate from its current range of 5 point 25% to 5 point 5% to 4 point 6% by the end of the year. Overall, while consumer spending surpassed expectations in 2023, the outlook suggests a potential slowdown in growth for 2024 due to tightening credit conditions, higher borrowing costs, and a decelerating labor market expansion.

Jan 10, 2024 · 12:52

logo

Traditional Furniture Retail Targeting, Falling Mortgage Rates, Changing Landscape Of Advertising, Baby Boomers Embracing Technology, Design Installations At IMM Cologne 2024,New Year's Cleaning Is Better Than Spring Cleaning

Furniture Industry News

Welcome to Furniture Industry News for Monday January 8, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the limitations of traditional furniture retail targeting, consumer optimism about falling mortgage rates, the changing landscape of advertising, the embrace of technology by Baby Boomers, the upcoming design installations at IMM Cologne 2024, and why New Year's cleaning is better than spring cleaning.. When it comes to furniture retailers, the typical customer profile often revolves around a middle-aged to senior female shopper, typically between the ages of 45 and 64. This is the demographic that retailers frequently cater to, as they understand her preferences and shopping habits, with an emphasis on the importance of physically experiencing the product before making a purchase. While this description may generally hold true, it is important to acknowledge that relying solely on this customer segment has its limitations. Many retailers are currently facing challenges due to declining foot traffic. It is difficult to sustain growth when the majority of merchandise and marketing efforts are targeted towards only 12% of the population. Furthermore, it is crucial to move away from the notion of "the customer" as a singular entity. In today's diverse and dynamic consumer landscape, words matter. By referring to "the customer," we inadvertently assume a homogenous demographic or lifestyle, which fails to acknowledge the increasing diversity and unique preferences of consumers. Modern consumers have unparalleled access to information, exposure to various ideas, cultures, and belief systems. What may attract one group of consumers may alienate another. Baby Boomers, for example, may be apprehensive about sharing personal information and shopping behavior, while Millennials expect personalized shopping experiences tailored to their preferences. Looking ahead, there is an opportunity to adopt a mindset, language, and merchandising approach that reflects the complex makeup of today's consumer base. With sophisticated tools available, it is possible to identify shopping behaviors that transcend demographic distinctions. It is equally important to consider who may not be reached and the reasons behind it. To truly navigate this brave new consumer landscape, we need to explore who our customers are and who they could potentially be.

Jan 8, 2024 · 13:57

logo

Surge In Ocean Container Rates, Increase In Online Shopping And Grocery Sales, Prediction Of More Employees Leaving Their Jobs In 2024, Sale Of Z Gallerie's E-Commerce Assets, U2 At The Sphere

Furniture Industry News

Welcome to Furniture Industry News for Friday January 5,2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the surge in ocean container rates due to conflict in the Red Sea, the increase in US online shopping driven by discount codes and online grocery sales, the prediction of more employees leaving their jobs in 2024 according to Eagle Hill Consulting's index, the sale of Z Gallerie's e-commerce assets to Karat Home, and the chance for pre-registered buyers to win U2 tickets at the Las Vegas Market, along with recent promotions and hires at Armen Living.. Spot ocean container rates have experienced a significant increase of 61% this week, reaching an average of $2,670 per 40-foot container. This surge in rates places them 88% higher than the pre-pandemic levels. While rates have risen across all routes, the spike has been particularly dramatic for shipments to Europe. Drewry, a shipping tracker, reports that rates from Shanghai to Rotterdam in The Netherlands jumped by 115% to $3,577. Similarly, rates from Shanghai to the U.S. increased by 30% to $2,726, and rates from Shanghai to New York rose by 26% to $3,858. The cause for this surge can be attributed to the recent escalation of conflict in the Red Sea. An armed conflict, including a missile attack and attempted hijacking, led to major ocean shippers such as Maersk and Germany's Hapag-Lloyd canceling plans to resume transits through the Red Sea. As a result, carriers have chosen to circumvent Africa via the Cape of Good Hope, which adds up to 14 additional days to the shipping journey. Given that nearly 15% of all global maritime trade passes through the Red Sea, this diversion significantly impacts trade operations. To address the situation, the U.S., Japan, and ten other nations have issued a warning to militants, emphasizing the potential consequences for global commerce and the free flow of trade. While the rate increase has yet to affect American consumers, concerns have been raised about the long-term impact on global trade. White House spokesperson John Kirby highlighted the importance of the Red Sea as a critical waterway, stressing the additional time and resources required when circumventing the Cape of Good Hope. The conflict in the Red Sea coincides with a period of low demand, resulting in numerous blank sailings and a 20% reduction in shipping capacity. Industry experts warn that these higher costs will eventually be passed on to consumers, leading companies to adjust prices accordingly.

Jan 5, 2024 · 11:36

logo

October Furniture Order Increase, Outdoor Renovations, U.S. Relocation Trends, Twin Star Home's Acquires Grand Basket, New Zhongyan Home Furnishing's Factory, JCPenney's Q3 Results

Furniture Industry News

Welcome to Furniture Industry News for January 3rd 2024 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the following topics: the increase in residential furniture orders in October, homeowners' focus on outdoor renovations, relocation trends in the US, Twin Star Home's acquisition of Grand Basket, Zhongyan Home Furnishing's investment in a new Vietnam factory, and JCPenney's Q3 results. . According to a recent survey conducted by accounting firm Smith Leonard, residential furniture orders experienced a 12% increase in dollar value compared to last October, reaching a total of 2 point 3 5 billion dollars. Approximately 62% of survey participants reported that they saw an increase in orders for the month. This marks the eighth consecutive month of rising orders since May 2022. Despite these positive trends, it is important to note that the overall picture is not entirely rosy. October 2022 orders were down 30% from the same period in 2021, which, in turn, were down 18% from 2020. This decline has been consistent over the past several months. Year-to-date, new orders have increased by 2% through the end of October compared to the previous year. However, when compared to 2021, 2022's orders were down by 29%. Shipments for the month of October were down by 13% compared to last year, which saw a 2% increase over October 2021. A significant majority of surveyed participants (69%) reported a decline in shipments. Year-to-date, shipments have decreased by 18% compared to the first 10 months of 2022. Backlogs decreased by 5% from September and were down 43% from 2022 levels. Receivables declined by 22% from last October, while inventories fell by 1% from September and were down by 31% from last October. 2024 has produced mixed expectations. The different components of the economy, including the furniture industry, do not always move at the same pace. A conservative approach to planning for 2024 is recommended, as there are expectations of a short and shallow recession in the first half of the year. Additionally, the upcoming election year is expected to divert advertising resources, potentially impacting consumer demand for furniture. In conclusion, while the residential furniture industry has experienced some challenges, there are opportunities to establish a new baseline for future comparisons in 2024. Planning should consider the normal fluctuations in prices due to freight, material, and labor factors.

Jan 3, 2024 · 14:02

logo

Furniture Industry Closures And Bankruptcies In 2023, 2024 Trends Outlook Report, Concora Credit's Acquisition Of Great American Finance's Portfolio, Simpli Home's Expansion Into Brick-And-Mortar Retail, Hubbell’s Sale Of Its Residential Lighting Business To Kingswood Capital Management

Furniture Industry News

Welcome to Furniture Industry News for Friday December29,2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the numerous closures and bankruptcies in the furniture industry in 2023, the upcoming release of the American Society of Interior Designers' 2024 Trends Outlook Report, Concora Credit's acquisition of Great American Finance's private-label portfolio, Simpli Home's expansion into brick-and-mortar retail, and Hubbell's sale of its residential lighting business to Kingswood Capital Management.. 2023 has been a challenging year for the furniture industry, witnessing numerous closures, layoffs, and bankruptcy filings. Let's take a closer look at the key events and companies affected. In January, Roesing Furniture, an established fourth-generation retailer since 1902, announced its closure due to the retirement of owner Bob Roesing. Similarly, Pennsylvania-based furniture store Sofas Unlimited cited the retirement of its owner, coupled with no successor in the family, as reasons for its closure. Creative Metal and Wood, a long-standing furniture manufacturer based in Thomasville since 1954, abruptly closed its doors in March. Family-owned retailer NB Liebman, with over a century of business history, also shuttered its doors during this time. In April, office furniture supplier Miller Knoll revealed plans to close its Sheboygan, Wisconsin factory, resulting in 162 employee layoffs, as part of a consolidation strategy. Additionally, Serta Simmons Bedding announced factory closures in the U S and Canada, citing optimization of its manufacturing footprint. North Dakota retailer Furniture for Less chose to shut down in May, coinciding with the owners' retirement after 25 years of operations. Another closure was witnessed in May when the one hundred and twenty three -year-old Rominger's Southern Furniture launched a going-out-of-business auction due to various challenges, including mandatory closings and supply chain constraints caused by the COVID-19 pandemic. In June, Cox Manufacturing, a North Carolina-based custom upholstery manufacturer, abruptly ceased operations after a successful 90-year run. August marked the most significant closure of the year, with Klaussner Home Furnishings, leaving nearly 900 employees jobless due to unexpected funding refusal. August also saw upholstery manufacturer and Top 100 retailer Mitchell Gold and Bob Williams file for Chapter 11 bankruptcy and close down after funding was cut off. Louis Shanks Furniture announced in September that it would close its last two stores, partnering with Planned Furniture Promotions for the going-out-of-business process. Gamburg's Furniture, with 94 years of family ownership in Hatboro, Pennsylvania, announced its closure in September, as the retiring owners decided to end the business. October witnessed Massachusetts-based retailer Winchendon Furniture closing after three generations of family ownership. Closing the year, Rosenthal Contemporary Interiors, a Minnesota furniture retailer with 128 years of family-owned operations, began liquidation as the owner retired. Massachusetts-based small-scale custom upholstery manufacturer, Barclay Furniture Associates, shut down after 73 years, holding a final liquidation sale. In the realm of bankruptcy filings, Serta Simmons Bedding and 13 affiliates filed for Chapter 11 protection, aiming to reduce their debt from 1 point 9 billion to approximately $300 million. Tuesday Morning filed for its second bankruptcy and subsequently decided to close all stores. Mattress Firm's parent company, Steinhoff International, worked with the Dutch courts to avoid bankruptcy with a restructuring plan. Z Gallerie, filing for Chapter 11 protection for the third time, started closing stores and marking down merchandise. Throughout the year, there were also layoffs in various companies. Malouf Home reduced its workforce at its Utah headquarters, while Norwegian furniture manufacturer Ekornes cut jobs in the Asia Pacific region and Norway. Top 100 retailer RH implemented a business reorganization resulting in the elimination of approximately 440 positions. E-commerce giant Wayfair initiated a substantial restructuring plan, leading to the elimination of 1,750 jobs globally. Sleep Number, a vertical mattress retailer, announced a ten percent reduction in its workforce and the closure of up to 50 stores by the end of 2024 after experiencing a drop in profit. The furniture industry faced significant challenges in 2023, marked by closures, bankruptcies, and layoffs.

Dec 29, 2023 · 14:31

logo

US Holiday Retail Sales, Red Sea Conflict On Shipping Rates, Furniture Industry Challenges, Home Design Trends, Merchandise Returns, Conn's Merger With W.S. Badcock

Furniture Industry News

Welcome to Furniture Industry News for Wednesday December 27, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover US holiday retail sales, ocean container rates, challenges in the furniture industry, emerging trends in home design, merchandise returns and fraud, and an investigation into Conn's merger with W.S. Badcock.. According to preliminary U.S. retail sales results from Mastercard SpendingPulse, the 2023 holiday season was more successful than the previous year. Between November 1 and December 24, holiday spending increased by 3 point 1% compared to the previous year, with e-commerce experiencing a significant growth of 6 point 3% in 2023 as compared to 2022. On the other hand, in-store sales saw a slightly lower growth rate, rising by 2 point 2% year-over-year. Michelle Meyer, the chief economist for the Mastercard Economics Institute, commented on the holiday season and stated that consumers took a deliberate approach to spending. She noted that the economic conditions contributed to this positive outcome, with a robust job market and easing inflation allowing consumers to prioritize purchasing goods and experiences that hold the most value for them. Among the categories tracked by SpendingPulse, restaurants and apparel were the standout performers, surpassing 2022 sales by 7 point 8% and 2 point 4%, respectively. However, electronics sales experienced a decline of 0 point 4%, and the jewelry sector also struggled, witnessing a 2% drop compared to 2022. It is important to understand that Mastercard SpendingPulse defines U.S. retail sales as transactions made at retailers and foodservice merchants of all sizes, excluding sales activity within the service sectors such as airlines and lodging. In conclusion, the preliminary data from Mastercard SpendingPulse shows positive growth in holiday spending during 2023. With e-commerce leading the way and certain sectors like restaurants and apparel outperforming last year's sales, these results reflect a deliberate and informed approach to consumer spending during the holiday season.

Dec 27, 2023 · 11:30

logo

Conn's HomePlus Acquisition, Housing Market Surge, Wayfair's 2024 Design Trends, & More

Furniture Industry News

Welcome to Furniture Industry News for December 20th 2023, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! Let's dive into the biggest story from the last couple days. . In a recent call with investors, Norm Miller, President and CEO of Top 100 Conn HomePlus, discussed the acquisition of Badcock Home Furniture &more and highlighted four key elements that will contribute to the success of the combined entity. Miller emphasized the potential for growth, profitability, and greater opportunities for both customers and team members resulting from the merger. He pointed out the similarities between the two brands, including their demographic target, product offerings, and business models driven by in-house financing. Miller also discussed the growth opportunities in the furniture and mattress category, which will represent a significant portion of the combined revenue. He highlighted the potential to drive appliance, consumer electronics, and office products at Badcock, while supporting furniture and mattress sales at Conn's. Moreover, Miller discussed the use of private-label brands to further accelerate growth and generate additional revenue and margin opportunities. Another important aspect highlighted by Miller is the transition of Badcock's credit model to Conn's in-house installment loan model, which is expected to increase average tickets for Badcock customers. Miller also discussed the implementation of Conn's digital application process at Badcock, making it easier for customers to apply for credit options while minimizing the impact on credit scores. Additionally, Miller discussed the franchise model used by Badcock and how it can be leveraged to expand product assortment, customer service, and retail and credit capabilities. He noted the potential for profitable entry into rural and less populated areas, particularly in Texas, Florida, and Georgia. Finally, Miller emphasized the financial strength of the combined entity, solidifying Conn's position in the top 20 retail companies. He highlighted the purchasing and logistics synergies that will lead to higher retail gross margins and identified significant cost savings as well as the anticipation of accelerated sales in the coming quarters. Overall, Miller expressed confidence in the long-term success of the combined company, projecting substantial revenue growth and adjusted E B I T D A by 2026.

Dec 20, 2023 · 13:51

logo

The Possibility Of A Recession In 2024, Mattress Industry Challenges, Cautious Optimism Among Retailers, Strategies For Reinvigorating The Furniture Business, Customer Satisfaction And Adaptability In Upholstery Manufacturing, Importance Of Delivery Experience, Priorities For Rug Makers In 2024

Furniture Industry News

Welcome to Furniture Industry News for Monday December 18, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the following topics: the absence of a recession in 2023 and the potential for a slowdown in 2024, the challenges faced by the U.S. mattress industry and their hopes for a turnaround in 2024, the reflections of furniture retailers on a challenging year and their cautious optimism for 2024, the key factors for reinvigorating the furniture business in 2024, the focus of upholstery manufacturers on customer satisfaction, sustainability, and adaptability, the importance of delivery experience for customer satisfaction and loyalty, and the priorities of rug makers for expansion, innovation, customization, and natural fibers in 2024 amidst uncertain economic conditions and trends.. Despite initial predictions, a widespread economic recession did not occur in 2023, leaving many questioning whether it could happen in 2024. However, there are some indications that growth may moderate before reaccelerating. One area of concern is the housing market, where analysts expect a gradual recovery in home sales. Despite challenges like rising interest and mortgage rates, the economy continued to grow, defying expectations of a short, mild recession. Consumer behavior played a significant role in driving the economy, as consumers returned to travel and entertainment after several years of pandemic-related restrictions. However, the furniture category experienced a 3 point 2% drop in sales, in contrast to the growth seen in previous years. Looking ahead to 2024, there are concerns of a potential recession or at least a slowdown. Forecasts suggest that sales in the furniture industry may remain flat or slightly decline. Factors such as job growth, unemployment rates, and increased paychecks have contributed to consumer confidence and spending in recent years. However, with unemployment trending upward and job growth falling, talks of a slowdown have resurfaced. Forecasts from various sources suggest that growth will moderate in the first half of 2024 before picking up in the second half. The drop in consumption, reduced disposable personal income, and rising household debt are expected to impact consumer spending. Housing affordability and high interest rates on mortgages also pose challenges to the housing market and subsequently affect furniture sales. Overall, there are mixed views on the economic outlook for 2024. While some foresee a deceleration in growth and the possibility of a mild recession, others remain cautiously optimistic about a gradual recovery in home sales. Factors such as interest rates, inflation, and consumer sentiment will continue to play a role in shaping the economic landscape in the coming year.

Dec 18, 2023 · 20:05

logo

Home Furnishings Sales, XPO's Acquisition, Reshoring Results, Impressive Furniture Stocks, Flexsteel's New Strategies

Furniture Industry News

Welcome to Furniture Industry News for December 15th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the decrease in furniture and home furnishings sales, XPO's acquisition of service centers, the job creation from reshoring and foreign direct investment, the stock market rally for furniture and mattress shares, and Flexsteel's efforts to balance its supply chain and attract young consumers through various strategies.. According to the Department of Commerce's advance monthly estimates, furniture and home furnishings sales in November displayed some improvement, although the category still lagged behind the pace set in 2022. Furniture and home furnishings stores reported adjusted sales of 10 point 7 3 6 billion dollars, a decrease of 7 point 3% compared to November 2022's 11 point 5 7 9 billion dollars. However, there was a slight increase of point 9% when compared to October's sales of 10 point 6 4 2 billion dollars. Looking at the year as a whole, the furniture and home furnishings category accumulated 121 point 9 6 2 billion dollars in sales through 11 months, a decline of 5 point 5% compared to the same period last year. In terms of the overall retail picture, total sales across all measured categories amounted to 705 point 6 9 2 billion dollars, marking a 4 point 1% increase compared to 2022 and a point 3% increase compared to October. In terms of year-over-year comparisons, the furniture category experienced a steeper decline in sales than any other category except gas stations, which reported a 9 point 4% drop. The building material and garden equipment and supplies dealers category also experienced a year-over-year decrease, falling 2 point 5%.

Dec 15, 2023 · 9:32

logo

Payment Behaviors of Furniture Companies, Conn’s Delayed Q3 Earnings, Amazon's Cyber 5, Big Lots Partnering with Uber Eats, Beyond Inc.'s Plans

Furniture Industry News

Welcome to Furniture Industry News for December 13th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the payment behaviors of leading publicly traded companies, including struggles with payments by Wayfair, Beyond, Serta Simmons Bedding, and Big Lots, as well as consistent payers like Conn's and Macy's, the delayed Q3 earnings filing by Conn's Inc. due to the departure of its CFO, the positive effect of Amazon's Cyber 5 on furniture sales, Big Lots partnering with Uber Eats for product delivery, and Beyond Inc.'s plans for customer base growth, launching paid services, assessing company-owned brands, entering the baby goods market, and cutting expenses.. Creditsafe, a worldwide business credit report provider, has released a report titled "Financial & Bankruptcy Outlook: Retail", which delves into the payment behaviors of several leading publicly traded companies, including major furniture sellers. The report analyzes various factors such as payment history, debt load, and the speed at which bills are paid. According to Creditsafe's findings, companies like Wayfair and Beyond (formerly Overstock) have struggled with payments, while others like Conn's and Macy's have proven to be consistent with their payables despite facing revenue challenges. The report aims to educate retailers and other companies on how payment behaviors can influence a company's financial health and raise awareness about the data points to pay attention to. The head of brand and spokesperson for Creditsafe, Ragini Bhalla, highlighted that payment behaviors provide a clear picture of a company's accounts payable and emphasized the importance of managing cash flow and accounts payable effectively. She noted that credit risk is not solely dependent on sales and revenue but also on how a company handles its cash flow and pays its bills on time. The report includes highlights of Creditsafe's research on companies such as Beyond Inc. (formerly Overstock/Bed Bath & Beyond), Big Lots, Conn's, Macy's, and Serta Simmons Bedding. These highlights discuss each company's revenue, days-beyond terms rate, on-time payment percentages, and debt load. Creditsafe's data is sourced from over 9,000 sources and is updated numerous times a day to provide comprehensive financial information, including credit scores and limits, bankruptcy records, judgments, and lawsuits. Overall, this report sheds light on the importance of payment behaviors in assessing a company's financial health and provides valuable insights for retailers and other businesses.

Dec 13, 2023 · 10:12

logo

Housing Price Projections, Digital Presence For Furniture Retailers, Holiday Shopping Trends, Impact Of Inbound Cargo Volume, Manufacturers Preparations For Unpredictable Circumstances, Retail Leaders Insights On Customer Loyalty, Futurists On Coping With Change, Marketing, Succession Planning For Family-Owned Retailers

Furniture Industry News

Welcome to Furniture Industry News for Monday December 11,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover housing price predictions, the importance of digital presence for furniture retailers, holiday shopping trends, the impact of inbound cargo volume on holiday sales, preparations by furniture manufacturers for unpredictable circumstances, insights from furniture retail leaders on customer loyalty and adapting to COVID, the predictability of the future according to futurists Rebecca Costa and Erica Orange, and succession planning for family-owned retailers.. According to the Q4 2023 Fannie Mae Home Price Expectations Survey, housing experts anticipate a growth rate of 2 point 4% for housing prices in 2024 and 2 point 7% in 2025. However, these figures are significantly lower compared to the 5 point 9% predicted for 2023. The survey, conducted in collaboration with Pulsenomics, involved input from over 100 experts from the housing, mortgage, and academic sectors to determine the forecasts for national home price percentage changes. Doug Duncan, senior vice president and chief economist with Fannie Mae, stated that the survey panelists expect a deceleration in home price growth in the coming years, following the unexpectedly resilient price growth experienced in 2023. The rapid and significant rise in mortgage rates in 2023 was anticipated to dampen purchase demand and put downward pressure on home prices, but the impact appears to have been less significant than expected. The panel's prediction of a 5 point 9% growth in home prices this year marks a significant increase from the 3 point 3% level recorded in the previous Pulsenomics survey. However, the majority of surveyed experts do not foresee this momentum carrying into 2024, which is encouraging news for aspiring home buyers as the new year approaches, according to Terry Loebs, founder of Pulsenomics. Regarding mortgage rates, the average respondent on the panel expects the 30-year fixed-rate mortgage rate to settle around 5 point 7%. It is worth noting that the current 30-year fixed rate averaged 7 point 03% for the week of December 7, as reported by Freddie Mac. While the lower mortgage rate outlook improves affordability for potential home buyers, Duncan cautions against expecting a return to the historically low rate environment of 2020 to 2022.

Dec 11, 2023 · 22:40

logo

States Gaining & Losing Residents, Trust & Quality in Consumer Trends, Landscape of Furniture Mergers & Acquisitions, Panama Canal Drought Impact, Martin Furniture's Shift to Asia, RH's Challenging Q3

Furniture Industry News

Welcome to Furniture Industry News December 8th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the top states gaining and losing residents, the importance of trust and quality in consumer trends, the changing landscape of mergers and acquisitions in the home furnishings industry, the impact of the Panama Canal drought on fuel prices and freight, Martin Furniture's shift in production from Mexico to Asia for quality improvement and cost reduction, and RH's challenging Q3 with a loss of $2.187 million due to a slow housing market and increased promotional activity in home furnishings.. The 30th Annual Migration Patterns Study conducted by Atlas Van Lines highlights the significant movement of residents among states in the past year. The Northeast, Southeast, and Northwest regions emerged as the primary beneficiaries of this migration. The study reveals the top ten states that experienced an influx of people, including Maine, North Carolina, New Hampshire, Montana, Washington, Arkansas, Florida, New Mexico, the District of Columbia, and Texas. Notably, North Carolina and Maine maintained their positions at the top of the list for two consecutive years, while New Hampshire climbed from 10th to the third spot. Conversely, the states experiencing the highest loss of residents were Illinois, Pennsylvania, Louisiana, Minnesota, Indiana, Oregon, Iowa, Mississippi, New York, and Ohio. Interestingly, the data aligns with Realtor dot com's October Hottest Housing Markets report, which identified Manchester-Nashua, N.H., as the leading metro area for real estate activity. Concord, New Hampshire, also ranked fifth on this list. Portland-South Portland, Maine, previously ranked third in September but dropped to 12th place. However, despite Ohio's designation as a state experiencing an exodus of residents, several cities within the state proved to be hot real estate markets. Columbus, Dayton, and Akron ranked 8th, 13th, and 14th, respectively. Their affordability, with median home prices falling below the national median listing price of $425,000 to $430,000 in September, may have attracted buyers. Columbus had a median listing price of $367,000, compared to Manchester-Nashua's $524,000 and Portland-South Portland's $600,000. Realtor dot com measures market hotness based on demand generated through property views on their website and the speed of market activity indicated by the number of days a listing remains active.

Dec 8, 2023 · 13:23

logo

Ashley Furniture Settles Lawsuit, High Mortgage Rates Impact, Tempur Sealy's Plans To Sell, The Strong Housing Market, Clothing Storage Units Updated Warning Statements, Bed Bath & Beyond's Record Sales, Furniture Website Rankings By Age Group, La-Z-Boy's Strategy For Success

Furniture Industry News

Welcome to Furniture Industry News for Wednesday December 6, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Ashley Furniture settling a lawsuit over false pricing, high mortgage rates impacting the housing industry, Tempur Sealy's plans to sell Sleep Outfitters and Mattress Firm stores, impatient consumers wanting to buy homes, the U.S. C P S C 's acceptance of slightly different warning statements on clothing storage units, Bed Bath and Beyond's record Cyber 5 sales and cost reductions, Merchant Machine's rankings of furniture websites by age group, and La-Z-Boy's strategies for success in the evolving furniture industry.. Ashley Furniture is putting an end to a class action lawsuit claiming they engaged in deceptive marketing tactics. The lawsuit accused the furniture giant of using "false reference pricing" by inflating the original prices of items and then selling them at a discounted rate. Stephanie Aberl, the plaintiff, alleged that Ashley misled customers into believing that certain items were worth more than they actually were. According to the lawsuit, Ashley would advertise a product's original price with a strikethrough, along with a discount percentage. However, the products were never actually sold at that inflated original price. The plaintiffs argued that this tactic made the discounts appear more significant than they actually were, enticing customers to make purchases based on the perceived savings. The class action settlement covers anyone in the U.S. who purchased a discounted product from one of Ashley's corporate-owned stores or their website within a specific time frame. To compensate affected customers, Ashley will be providing a 30 dollar voucher that can be used towards any item on their website or at their stores. In addition, the individual plaintiffs will receive $2,500 each and reimbursement for attorney fees. It's important to note that Ashley has not admitted any wrongdoing or liability as part of the settlement. A dedicated website has been created to provide court-approved information and important documents related to the settlement. Both parties involved in the lawsuit have agreed to the settlement, which is currently awaiting final approval from the court. Ashley aims to resolve the matter and avoid lengthy litigation.

Dec 6, 2023 · 16:33

logo

Upholstery And Bedding Sales, Retail Industry Challenges, Contraction In The US Manufacturing Sector, Uncertain Demand For Financing In 2024, Use Of AI For Writing Reviews

Furniture Industry News

Welcome to Furniture Industry News for Monday December 4, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the expected boost in retail sales from upholstery and bedding, the challenges faced in the retail industry, the contraction of the US manufacturing sector, the uncertain demand for financing in 2024, and the consumer perception of AI coaching for writing product reviews.. According to Furniture Today's Furniture Store Performance Report, retailers are placing their bets on upholstery and bedding to drive business growth in the coming year. Stationary upholstery has retained its top spot, accounting for 20% of sales among various categories. This has positioned it favorably for potential sales growth in 2024. About 32% of respondents anticipate sales of stationary upholstery to rise between 1% and 3%, while an additional 18% believe it could increase by more than 3%. Motion upholstery also garnered a positive outlook, with 21% expecting sales to be up by as much as 3% and another 32% predicting an increase of over 3%. Bedding, the second highest-selling category in this year's report, experienced a slight decrease to 16%. However, retailers remain optimistic about the mattress-foundation-adjustable base sector for 2024, with nearly 27% envisioning a sales jump of 1% to 3%, and 18% anticipating an increase of 3% or more. For many other categories, retailers anticipate a status quo year, with sales levels similar to 2023. The home office category was the exception, as 36% of retailers anticipated a decline between 1% and more than 3% in 2024. In terms of advertising, retailers are shifting their allocation of budget towards social media, which increased to 26% from 23% last year. Network and cable TV fell to just 12% usage, while streaming TV and newspapers saw slight increases. Radio remained constant at 12% allocation. While optimism is in short supply for retailers, with only 26% expressing positivity about the rest of the year, inventory levels have improved for most retailers. Overstock issues have decreased from 60% to 37%, and 42% of retailers deem their inventory levels to be just right. Looking ahead to 2024, the major challenges identified by survey respondents include weakness in the housing market, a lack of discretionary income among consumers, intense competition for consumer spending from travel and entertainment experiences, and the persistence of high inflation. A small percentage of retailers, 5%, expressed concerns about manufacturers going out of business in the upcoming year.

Dec 4, 2023 · 9:26

logo

Residential Furniture Orders & Decreased Shipments, Consumer Confidence Concerns, Deputy Secretary of Commerce Supply Chain Efforts, Ikea Record Sales, La-Z-Boy's Decreased Sales

Furniture Industry News

Welcome to Furniture Industry News for December 1st 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the rise in residential furniture orders and the decrease in shipments, the increase in the Consumer Confidence Index and consumer concerns, initiatives by the Deputy Secretary of Commerce to strengthen supply chains and create jobs, record sales and announcements by Ikea U.S., and La-Z-Boy's decrease in sales but meeting guidance expectations.. According to a recent report by Smith Leonard, orders for residential furniture in September experienced a 13% increase compared to the same month last year. However, shipments during the same period suffered a decline of 20%. Year-to-date, orders were up by 1%, reaching 20 point 5 billion dollars, compared to 20 joint 2 billion dollars during the first nine months of the previous year. 72% of survey participants reported increased orders in September 2023 compared to the same month in 2022. However, year-to-date new orders were down for 63% of survey participants. It's important to note that September 2022 saw a 26% decline in new orders compared to September 2021, making the current increase appear less significant. Shipments in September totaled 2 point 27 billion dollars, representing a decrease of 6 point 6% from August. Year-over-year, shipments were down by 20% in September, compared to a 5% decrease in the same period last year. Year-to-date shipments were down by 18%, amounting to 21 point 6 billion dollars this year. Shipments have not consistently followed the trend of orders since the pandemic, as backlogs reached unprecedented levels. It also noted that receivable levels were down 26% compared to September 2022, while backlogs decreased by 45% during the same period. Additionally, factory and warehouse employee levels were down by 7% year-to-date, while payrolls were down by 8% compared to the previous year. The decrease in payrolls appeared to be in line with the number of employees. Overall, there has been some positive growth in orders, the furniture industry continues to face challenges due to fluctuations in shipments and backlogs caused by the pandemic.

Dec 1, 2023 · 12:08

logo

Consumer Confidence Index, Black Friday and Cyber Monday, Marcus Lemonis and BB&Y, Passing of Charlie Munger

Furniture Industry News

Welcome to Furniture Industry News for November 29th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the rise in Consumer Confidence Index, the spending trends during Black Friday and Cyber Monday, the new role of Camping World CEO Marcus Lemonis, and the peaceful passing of Berkshire Hathaway vice chairman Charlie Munger at age 99.. The Consumer Confidence Index experienced an increase in November, reaching 102 compared to the downwardly revised 99 point 1 in October, marking the first increase in several months. This upward trend can potentially have a positive impact on holiday spending. However, consumers remain cautious about making big-ticket purchases due to high interest rates, which could affect furniture sales. The recovery in the Expectations Index contributed to the rise in consumer confidence. This index, which reflects consumers' short-term outlook for income, business, and labor market conditions, increased to 77 point 8 in November from the downwardly revised 72 point 7 in October. On the other hand, the Present Situation Index, based on consumers' assessment of current business and labor market conditions, slightly decreased from 138 point 6 to 138 point 2. Dana Peterson, chief economist for the Conference Board, highlighted that the increase in consumer confidence was primarily observed among consumers aged 55 and above, while confidence among those aged 35 to 54 declined slightly. Although improvements were seen across different income groups surveyed, consumers remain concerned about rising prices in general, followed by war and conflicts, as well as higher interest rates. Despite the positive indications, the Expectations Index has remained below 80 for three consecutive months and historically suggests a looming recession. In November, two-thirds of those surveyed stated that they believe a recession is "somewhat" or "very likely" to occur within the next year. The report predicted a short and shallow recession in the first half of 2024. Regarding the Present Situation Index, there were improvements in terms of consumers' perception of business conditions and job availability. However, there was an increase in the number of consumers describing business conditions as bad, as well as those finding jobs hard to come by. Looking ahead, consumers expressed less pessimism about short-term business conditions and the labor market. A greater percentage expect improvements in business conditions and job availability. Furthermore, consumers reported increased expectations of higher incomes, along with a decreased expectation of decreasing incomes. Although consumers' assessment of their current financial situation and their expected financial situation in six months slightly improved in November, buying plans for automobiles, homes, and other big-ticket appliances showed a downward trend over the six-month period, possibly due to the impact of elevated interest rates.

Nov 29, 2023 · 8:58

logo

Record-Breaking Holiday Shopping Numbers, Home Sales Decline, The Cautious Optimism In The Luxury Furniture Industry, Rising Interest Rates, Furniture Companies Facing Financial Challenges, Amazon's Historic Black Friday And Cyber Monday, Natuzzi's Strategic Sale Of Its Showroom For Retail Expansion.

Furniture Industry News

Welcome to Furniture Industry News for Tuesday November 28, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the record-breaking consumer activity during the holiday weekend, declining home sales and rising inventory, the cautious optimism in the luxury furniture industry despite closures and bankruptcies, the impact of rising interest rates on retail vacancies and rent, bankruptcies and closures in the furniture industry, Amazon's historic Black Friday and Cyber Monday sales, and Natuzzi's strategic sale of its showroom for retail expansion.. According to the National Retail Federation , this year's five-day holiday weekend, beginning with Thanksgiving and concluding with Cyber Monday, witnessed a surge in consumer activity, setting a new record. Matthew Shay, president and CEO of NRF, reported that approximately 200 point 4 million consumers participated in shopping activities, surpassing last year's total by about 2%. Shay expressed satisfaction with these results, stating that the organization's "big expectations" were indeed met. The actual number of shoppers exceeded predictions by around 18 million, with deals and promotions serving as major drivers for consumer engagement. Additionally, favorable weather conditions and an earlier Thanksgiving date contributed to sustained consumer interest throughout the weekend. Shay emphasized that these figures aligned with NRF's initial projections of a 3% to 4% increase in holiday sales this year, which reflects the overall strength of the economy. He further added that substantial savings remain available for consumers to capitalize on. During the period, 95% of shoppers made holiday-related purchases, with the average expenditure on core holiday items amounting to three hundred twenty one dollars Approximately 70% of this spending was dedicated to gifts, compared to an average of three hundred twenty five dollars per consumer in the previous year. The analysis of consumer behavior during the holiday weekend revealed that 121 point 4 million people visited physical retail stores, while 134 point 2 million chose to shop online. In 2022, these figures stood at 122 point 7 million and 130 point 2 million, respectively. Online shopping emerged as the preferred destination for shoppers, with 44% of consumers opting for this channel. Grocery stores/supermarkets (42%), department stores (40%), clothing/accessories stores (36%), and electronics stores (29%) followed suit. Popular purchases included clothing, toys, gift cards, books and video games, as well as personal care and beauty items. Phil Rist, executive vice president of strategy for Prosper Insights & Analytics, an organization collaborating with NRF to track holiday trends, noted that consumers were able to find excellent deals on holiday gifts and other desired items throughout the weekend. While Black Friday remained the most favored day for in-person shopping, attracting 76 point 2 million shoppers compared to 72 point 9 million the previous year, Saturday's numbers experienced a slight decline, with 59 million shoppers versus 63 point 4 million. In terms of online shopping, Black Friday achieved the highest numbers, with 90 point 6 million consumers participating, up from 87 point 2 million in 2022. Cyber Monday witnessed a decrease to 73 million shoppers, compared to last year's 77 million. According to Adobe Analytics, Cyber Monday's total spending amounted to 12 point 4 billion, surpassing Black Friday's 9 point 8 billion. Overall, Adobe Analytics reported seasonal revenue reaching 109 point 3 billion for the month to date.

Nov 28, 2023 · 23:11

logo

Black Friday Furniture Spending, Boomers and Millennials, Rise in Financing, Ocean Container Rates, Declining Sales in Sleep Industry, Natuzzi Challenges

Furniture Industry News

Welcome to Furniture Industry News for November 27th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the increase in global online spending on Black Friday, the different furniture buying habits of wealthy Boomers and Millennials, the rise in financing for large purchases, the decline in ocean container rates and its impact on major carriers, the changes in the home furnishings industry, the declining sales and consumer demand in the sleep-related industry, and the challenges faced by luxury furniture producer Natuzzi in the global economy.. According to software company Salesforce, global consumers spent an estimated $71 billion online on Black Friday, which is an increase of 8% from 2022. However, the furniture category did not experience the same level of growth. Online sales for furniture on Black Friday were down 11% year-over-year, with sales on the two days leading up to November 24th also experiencing declines of 13% and 6% respectively. Despite this, the order volume saw a slight increase of 4% year-over-year on Friday. In terms of consumer behavior, there was a decrease in traffic via computer (15% decline) and mobile (4% decline) for furniture shoppers on Black Friday. Searches and direct leads were the main drivers of online traffic for furniture, making up 37% and 34% respectively. Mobile devices were the preferred choice for shoppers, with 76% using their phones on Friday. When analyzing purchase trends, Salesforce found that the average order value for online furniture purchases during Cyber Week was 422 dollars, down 2% from 2022. The AOV for Black Friday specifically was 452 dollars, a decrease of 0 point 8% compared to the previous year. However, the units per transaction did increase on Black Friday, with a rise of 11%. In terms of pricing, the average selling price for furniture saw a decline of 9% year-over-year for October and November. On the other hand, home dining, art, and décor experienced a price increase of 12% in the same period. The number of furniture-related S K U's added to catalogs also decreased by 6% compared to last year. 84% of furniture shoppers during Cyber Week made their purchases using credit cards, while only 8% used Paypal. Financing options were chosen by a mere 3% of online furniture buyers. Email marketing played a significant role in the home category, with an 18% open rate during Cyber Week – the same as all email campaigns during that time. Email marketing in the home sector saw a year-over-year increase of 17%, and a 34% increase on Black Friday.

Nov 27, 2023 · 15:39

logo

Black Friday Furniture Deals, Residential Housing Starts, Port of Savannah's October Performance, China's Wood Furniture Exports, Mitchell Gold + Bob Williams Inventory, and Ruby-Gordon Home's Bankruptcy Filing.

Furniture Industry News

Welcome to Furniture Industry News for November 22nd, 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover aggressive Black Friday deals from furniture retailers, residential housing starts and building permits, the Port of Savannah's October performance, China's wood furniture exports and its top importers, the acquisition of inventory from bankrupt luxury brand Mitchell Gold plus Bob Williams by The Dump Luxe Furniture, and Ruby-Gordon Home's bankruptcy filing.. This week, furniture retailers have been eagerly awaiting and preparing for their last major holiday weekend promotion of the year — Black Friday. Like other holiday weekends throughout the year, they have been offering aggressive deals, discounts, and promotional financing in an effort to boost sales and attract customers before the year comes to a close. In anticipation of the big sales weekend, here's a sampling of what major retailers are offering in various categories of furniture, from dining sets to mattresses. Bob's Discount Furniture started their Black Friday promotion weeks in advance, featuring value deals across different product categories on their website. They also highlight new arrivals and their everyday low prices on sofas, sectionals, power recliners, and dining sets. Raymour and Flanigan, on the other hand, focuses on bedding with their Black Friday mattress sale. They offer deals on two-dozen brands and savings of up to $1,000 on other categories including sectionals. Customers can also find discounts on sofas, recliners, dining sets, bedroom sets, accent tables, and more. Ashley Furniture's Black Friday promotion includes doorbuster deals starting at just under 200 dollars. They also offer special discounts on a wide range of product categories, with marked-down prices. Additionally, Ashley provides in-store and online financing options. El Dorado Furniture's Black Friday promotion runs through Monday, Nov. 28, and offers $100 off every $1,000 spent. They provide online stock availability information, allowing buyers to see which items are ready to ship. Their ad captures the holiday spirit with fall leaves and a turkey decorating their logo. American Furniture Warehouse in Englewood, Colorado, features a curated selection of products on their website, hand-picked by their designers. Their Black Friday offers extend beyond furniture to include gaming chairs, rugs, TVs, mattresses, desks, and more. Another American Furniture Warehouse, located in Greensboro, North Carolina, promotes their event as the last big sale of the year. They offer up to 400 dollars off select adjustable mattresses with an extended offer that is valid for nearly a month. Customers can also find significant savings on sectionals, bedrooms, and TV stands. Rooms To Go makes sure their website clearly reflects the holiday atmosphere, signaling their holiday sales in bright red. They present offers on various products, with special financing options available for customers to take advantage of. City Furniture's website features a pre-sale on nearly 1,300 items for their holiday promotion. In addition to discounted prices, they offer special financing options with up to 60 months and a low monthly minimum payment. Miskelly Furniture showcases their Black Friday Blowout sale, which includes offers of up to $1,000 off select items. They encourage customers to browse their site by category and check available financing options. Miskelly also emphasizes same-day delivery in select areas and the availability of financing with the Miskelly Wells Fargo credit card. Kittle's Furniture leaves no doubt about the importance of Black Friday on their website, with prominently featured black balloons. They highlight major deals, including doorbusters with discounts of 30%, 40%, and even 50% or more. Kittle's also offers 0% financing for four years on purchases over $1,999 with their credit card, along with next-day delivery and bonus gifts with select purchases. Gardner White's Black Friday promotion offers an extra 20% off select items, along with free same-day delivery. They also promise to pay sales tax and provide 0% financing if purchases are paid in full within 12 months. Slumberland Furniture entices customers with Black Friday deals of up to 60% off and zero interest financing for 36 months. They also offer significant discounts on select La-Z-Boy recliners, Sealy mattresses, and Nordic loungers with ottomans. Value City Furniture's website sets the holiday spirit with a beautifully decorated living room vignette. Customers can explore special deals, customize their furniture with unique fabrics and finishes in the Designer Looks section, and take advantage of discounts on bestsellers, new arrivals, and quick-ship products. Jerome's promotes a Black Friday sales event with 60 months of zero interest financing and no sales tax on in-store purchases, aiming to drive foot traffic to their stores. Home Furniture's Black Friday sale features storewide savings, including their Museum two-piece sectional priced at just under $1,000. They also offer bonus buys across all major furniture categories, along with tools that enable customers to customize their furniture pieces and visualize them in their rooms. Levin Furniture and Mattress advertises an extra 25% off select merchandise and deals of up to 50% or more on selected products. They provide special financing options to customers, allowing them to make the most of their holiday shopping.

Nov 23, 2023 · 15:01

logo

Tempur Sealy's Compliance With The FTC, National Retail Federation's Principles For AI Use, Rising Demand For Retail Space, Liquidation Of Rosenthal Contemporary Interiors, Atlanta Market's Exhibit Category Changes, Ethan Allen's Exciting Reinvention

Furniture Industry News

Welcome to Furniture Industry News for Monday November 20,2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Tempur Sealy's compliance with FTC's request, the National Retail Federation's principles for AI use, the rising demand for retail space, the liquidation of Rosenthal Contemporary Interiors, the changes in Atlanta Market's exhibit locations, and Ethan Allen's reinvention with grand reopening events.. Tempur Sealy International has announced that it has certified substantial compliance with the Federal Trade Commission's second request for documents and information, in relation to the proposed acquisition of Mattress Firm. The certification is pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Tempur Sealy is looking forward to the growth opportunities that this acquisition will bring. Chairman and CEO Scott Thompson expressed excitement about the long-term prospects for the global company and stated that the combination with Mattress Firm will enhance their shared opportunities. Tempur Sealy believes that this merger will enable them to leverage their extensive product development and manufacturing capabilities with vertically integrated retail, allowing them to get closer to consumers and drive continued innovation. The transaction is expected to close in mid to late 2024, pending satisfaction of closing conditions and receipt of all regulatory approvals. This development highlights Tempur Sealy's commitment to expanding its presence in the mattress specialty retail market and reinforces their position as a leader in the industry.

Nov 20, 2023 · 12:07

logo

American-Made Home Decor Industry, Wood Without Compromise, Surya's Acquisition of Mitchell Gold + Bob Williams, Williams-Sonoma's Exceeding Profitability Estimates, Las Vegas Markets New Showrooms & Exhibiters

Furniture Industry News

Welcome to Furniture Industry News for Friday November 17,2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the struggles faced by the American-made home decor industry, the National Advertising Review Board's recommendation for a flooring manufacturer, Surya's acquisition of Mitchell Gold + Bob Williams, Williams-Sonoma's impressive profitability despite a challenging market, and the expansion of Las Vegas Market with new furniture and bedding showrooms.. The American-made home décor industry has faced significant challenges in recent years, with the closure of industry giants like Mitchell Gold, United, Klaussner, and Creative Metal and Wood possibly signaling tough times ahead. While economic studies indicate annual industry growth of 4%, these numbers are largely influenced by cheaper retail outlets like Amazon, Wayfair, and Ikea, which primarily sell inexpensive foreign-made products. Unfortunately, U.S. manufacturers have not fared as well. Sales have plateaued in recent years, and the rising costs of space, labor, raw materials, and financing have created significant obstacles for many companies. The industry will need to undergo substantial changes to avoid significant shrinkage. Some optimists believe that a complete "REBOOT" of sales and client acquisition tactics is the key to revitalizing the industry. However, implementing such changes requires both time and capital, commodities that are scarce for many. One potential solution is to outsource laborious manufacturing processes to Mexico. While this idea may make some uncomfortable, it is a necessary adaptation for survival. Mexican furniture and décor manufacturers have been investing heavily in modernizing their manufacturing capabilities, enhancing their supply chains, and developing highly skilled labor. With over 100,000 skilled workers available at a fraction of the cost, Mexico has become an attractive option for outsourcing. Reputable companies or partners can assist in leading this transition by first analyzing the current situation, developing a plan, and guiding the implementation. Studies suggest that outsourcing labor-intensive tasks and warehousing goods at the border could increase margins by 15% and improve liquidity by over 9%. By embracing audacity and forging a new path toward growth and innovation, the industry can cultivate untapped potential, unleash creativity, and expand horizons. Exciting opportunities lie ahead for those willing to explore new possibilities.

Nov 17, 2023 · 11:17

logo

Declining Furniture Sales, Black Friday, Furniture Manufacturing Diversification, Ocean Carrier Profit Declines, Popular Home Renovations, Highest Black Friday Furniture Discounts

Furniture Industry News

Welcome to Furniture Industry News for November 16th 2023, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the decline in furniture store sales, the expansion of Black Friday sales, the diversification of furniture manufacturing, profit decline in the ocean carrier industry, popular home renovations, and the highest Black Friday furniture discounts.. Furniture store sales in October experienced a significant decline of nearly 12% compared to the same period last year. This continued downward trend has left the industry hopeful for a turnaround as we approach the end of 2024. Notably, among the sectors tracked by the U.S. Government, the furniture segment performed the worst, with gasoline stations following closely behind with a decrease of 7 point 8%. On a more positive note, overall retail sales increased by 2 point 5% in October to reach 704 point 9 billion dollars, compared to 687 point 9 billion dollars in October 2022. However, there was a slight decline of 0 point 1% from the previous month. Year-to-date, there has been a 3 point 1% increase in retail sales. Specifically, furniture store sales amounted to 10 point 6 billion dollars in October, down by 11 point 8% in October 2022. They also decreased by 2% from the previous month and by 5 point 2% year to date. Other sectors that experienced a decline in sales since October 2022 include gasoline stations (-7 point 5%), building material and garden equipment supply stores (-5 point 6%), department stores (-4.1%), and sporting goods, hobby, musical instrument, and book stores (-3 point 8%). Conversely, health and personal care stores saw the largest increase at 9 point 6%, followed by restaurants and bars with an 8 point 6% increase. E-commerce platforms and catalogs experienced a 7 point 6% increase, while motor vehicle and parts dealers saw a 3 point 3% increase. Miscellaneous store retailers, including pet stores, florists, and religious goods stores, also reported a modest 1 point 2% increase. In terms of year-to-date performance, furniture stores had the second-largest decline, trailing behind gasoline stations (-11 point 8%). On the other hand, restaurants and bars showed an 11 point 5% increase year to date, followed by health and personal care stores (8 point 2%), e-commerce platforms and catalog businesses (8 point 1%), and motor vehicle and parts dealers (3 point 8%). Interestingly, despite the recent decline, October furniture store sales have seen steady growth compared to previous years. This suggests that although consumers are more selective in their furniture purchases due to supply chain disruptions during the pandemic, there remains a relatively high demand for furniture as people continue to furnish their homes.

Nov 16, 2023 · 12:16

logo

Declining Furniture Sales, Impact of Rising Interest Rates, Furniture Industry's Supply Chain, Suggestions for Manufacturers & Suppliers, Strategies by Big Brands, Bad Boy Filing For Restructuring, Barclay Furniture Associates Permanently Closing, Recall of Electric Fireplaces

Furniture Industry News

Welcome to Furniture Industry News for Tuesday November 14, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover furniture sales decline, US furniture imports and exports, the impact of rising interest rates on the furniture retail industry, the stability of the furniture industry's supply chain, suggestions for manufacturers and suppliers, focus on desirability in the high-end furniture sector, challenges faced by Canadian furniture retailer Bad Boy and upholstery manufacturer Barclay Furniture Associates, and recalls and new launches in the furniture industry.. According to the CNBC/NRF Retail Monitor, furniture and home furnishings sales experienced a decline in October. This information is based on real-time debit and credit card purchase data that measures activity in the retail sector. The monitor revealed that sales for furniture and home furnishings decreased by 1 point 29% compared to the previous month. This decline follows a drop of 1 point 03% in September and a decline of 0 point 81% in August. Among the nine retail sectors tracked, furniture had the second-worst performance in October, with electronics and appliances experiencing a slightly larger decline at 1 point 38%. However, online/non-store sales emerged as one of the top performers, with a 1 point 18% increase in sales compared to the previous month and a significant 29 point 1% increase year over year. Only sporting goods, hobby, music and bookstores fared better with a gain of 1 point 45% in October. Overall, the CNBC/NRF Retail Monitor indicated that seasonally adjusted core retail sales, excluding auto dealers, gas stations and restaurants, experienced a slight decline of 0 point 03% in October, following a gain of 0 point 09% in September. Year-over-year retail sales showed a growth of 2 point 63% through October. The CNBC/NRF Retail Monitor utilizes data from Affinity Solutions, which includes information from over 140 million credit and debit cards, with nearly 9 billion transactions totaling more than 500 dollars in annual spending. This data helps track and measure monthly and annual changes in U S retail sales. The National Retail Federation President and CEO, Matthew Shay, expressed that this new tool will enhance how retail sales are tracked and provide valuable insights into consumer spending behavior, demographics, and channel performance in the industry. The monthly data will be released approximately one week prior to the U S Census Bureau retail sales figures.,

Nov 14, 2023 · 20:33

logo

Holiday Season Cargo Imports, Potential Dockworker Strikes, Ocean Container Rates, Housing Rates, Retail Crime, Sleep Country Sales, Purple Innovation

Furniture Industry News

Welcome to Furniture Industry News for November 11th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover US holiday season cargo imports, potential dockworker strikes, ocean container rates, affordable housing rates, increasing retail crime, sleep country sales, challenges faced by Purple Innovation, and suggestions for retailers in a sluggish economy.. According to the Global Port Tracker report, inbound cargo volume at major container ports in the United States is expected to remain slowed throughout the rest of 2023. This is due to the holiday season and the end of the year drawing closer. However, the supply chain is running smoothly, and retailers are well-prepared to meet the expected record-setting sales during the holiday season. The National Retail Federation predicts that holiday sales will see a growth of 3% to 4% compared to last year, which is in line with pre-pandemic rates. Sales numbers are estimated to reach between 957 billion dollars and $966 billion dollars, surpassing last year's record of 929 billion dollars. While import numbers are winding down for the year, the overall economic conditions in the U.S. are better than in Europe and Asia. This is attributed to the strong job and wage growth in the U.S., as well as the ability of consumers to tap into savings accumulated during the pandemic. However, if there is a global recession in cargo trade, it could potentially affect the supply chain. In September, the U.S. ports covered by Global Port Tracker handled 2 point 0 3 million twenty-foot equivalent units, marking the first time imports reached the 2 million TEU mark since October 2022. Although the October numbers have not been reported yet, the projections indicate a 4 point 2% decrease year over year. However, November is expected to see a 5 point 8% increase compared to 2022, and December is forecasted to reach 1 point 8 5 million TEU. If the predictions hold true, 2023 is expected to close with approximately 22 point 1 million TEU, a 13 point 5% decrease from the previous year.

Nov 10, 2023 · 14:11

logo

Forecasted Increase in Retail Sales this Holiday Season, Potential 2024 Strike by Dockworkers, New Online Platform By The CIFF

Furniture Industry News

Welcome to Furniture Industry News for Wednesday November 8, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the new dynamics of this year's holiday season with forecasted increase in retail sales, the potential 2024 strike for dockworkers on East and Gulf coasts due to failed contract negotiations, and the launch of an online platform by China International Furniture Fair to connect global buyers with exhibitors.. This year's retail holiday season is anticipated to bring forth a range of new dynamics, as shared by Jack Kleinhenz, Chief Economist of the National Retail Federation. The previous holiday seasons witnessed unique circumstances for both consumers and retailers, creating an assortment of peculiarities. In 2020, as Americans stayed home, sales surged 9 point 1% year over year, coupled with a notable shift towards online shopping. Overcoming supply chain bottlenecks, the demand rose sharply, resulting in a record growth rate of 12 point 7% in 2021. While online shopping continued, more consumers returned to physical stores, leading to a 5 point 4% increase in holiday sales in 2022. Kleinhenz acknowledges that despite pressures from inflation, credit conditions, and interest rates, the average household remains financially stable. Additionally, savings act as a cushion to support spending. Consequently, the overall outlook for this year's holiday season appears promising in such circumstances. The NRF's Monthly Economic Review, published in November, provides further insight into the reasoning behind the NRF's holiday retail sales forecast. The NRF predicts that retail sales will rise by 3% to 4% over the 2022 figures. This growth rate aligns with the average annual increase of 3 point 6% witnessed from 2010 to 2019. If this projection materializes, total sales, excluding automobile dealers, gasoline stations, and restaurants, will surpass the previous record of $929 billion from last year. Kleinhenz expects the current spending trend to extend into the holiday season, with consumers continuing to spend on various products and experiences, albeit at a slower pace. Notably, there appears to be a disparity between solid consumer spending and weak consumer confidence, as shoppers continue to spend more, despite concerns surrounding inflation, interest rates, and political tension. Despite fluctuating spending patterns throughout the year, the consumer sector has displayed remarkable resilience. In the first quarter, growth rates increased rapidly, then slowed in the second quarter, followed by another uptick in the third quarter. Another moderation in growth is anticipated during the fourth quarter. Moreover, there has been a noticeable shift in spending from goods to services, which could impact holiday retail sales. Nevertheless, consumers often prioritize holiday spending and may even limit purchases earlier in the year to ensure their ability to spend during the November and December festivities.

Nov 8, 2023 · 7:08

logo

James E. Holmes III Speaking at Leadership Conference, Tempur Sealy's Q3 Financial Results, Gen Z's Research Habits & Preferences, Mattress Firm And Purple's Restore Cool Touch Collection

Furniture Industry News

Welcome to Furniture Industry News for Tuesday November 7, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover James E. Holmes III speaking at the Furniture Today Leadership Conference, Gen Z's buying habits and preferences, Tempur Sealy's Q3 financial results and progress with the Mattress Firm transaction, and the launch of the Purple Restore Cool Touch collection by Mattress Firm and Purple.. James E. Holmes III, managing director of investments at Wells Fargo Advisors, will be speaking at the 2023 Furniture Today Leadership Conference. With over 32 years of experience in wealth management, Holmes is excited to meet with conference attendees and help them navigate their financial goals. He believes in using a client's current and future objectives to develop a customized financial plan for them, focusing on wealth management planning and asset allocation. As he prepares for the conference, Holmes is also keeping a close eye on global and national issues that may impact profitability and financial stability in 2024. Despite potential concerns in the world economy, Holmes remains optimistic about the future. He highlights the resilience of the U.S. consumer, who accounts for 70% of the country's gross domestic product. Despite challenges like a global pandemic, rising interest rates, and high inflation, consumers have shown strength through record home sales, durable goods purchases, and discretionary spending. While acknowledging the potential risks of a recession, geopolitical conflicts, and election cycles, Holmes believes that our economy has performed well. He attributes this resilience to innovation and efficiency, and he sees a bright future for the United States as a global leader. Before joining Wells Fargo Advisors, Holmes held senior positions at Stephens and Alex Brown and Sons, now Deutsche Bank Securities. He also gained experience at Wachovia Bank and Trust, the Greater Winston Salem Chamber of Commerce, and the Webb Companies.

Nov 7, 2023 · 8:36

logo

Economic Uncertainty & Interest Rates Affecting Furniture Retailers, Exceeding Pre-Pandemic Levels, Consumer Reviews, Maersk Cutting Jobs, Wayfair's Q3 Earnings Report, Lovesac Q2 Results, and Beyond Inc. CEO Transition

Furniture Industry News

Welcome to Furniture Industry News for Monday November 6th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover economic uncertainty and higher interest rates affecting furniture retailers, retail furniture sales slow but some companies exceeding pre-pandemic levels, the value of consumer reviews and their impact on traffic and conversion rates, Maersk cutting jobs and reducing spending, Wayfair's Q3 earnings report highlighting loyal customer base and increased revenues, Lovesac Company's net loss in Q2 but expected growth in Q3, and the CEO transition at Beyond Inc.. According to a recent survey conducted by TD Bank during High Point Market in October, economic instability and higher interest rates are the primary concerns for furniture retailers as they prepare for 2024. Approximately 64% of the nearly 200 retailers surveyed expressed worries about economic uncertainty, while one-third of them also cited interest rates as a significant issue. Additionally, around one-fourth of the retailers mentioned price increases from suppliers and inflation-driven price increases as challenges their businesses might face in the upcoming year. The survey also showed that retailers had differing opinions on how higher interest rates affect customer financing. Around 28% of respondents believed that higher rates have resulted in reduced sales and decreased consumer interest in financing purchases. On the other hand, about 13% reported normal sales without much financing, 14% saw interest rates negatively impacting sales but fueling more financing, and 12% believed financing interest was increasing while sales remained steady. Regarding financing options, over half of the retailers currently do not offer financing and do not plan to add it in the future. Conversely, around 20% already provide payment options, while less than 3% have received customer requests for financing or installment payment options. However, 11% of retailers are considering offering financing options. Looking ahead to next year, 35% of retailers express optimism, believing that home furnishings purchases will increase, while 19% anticipate falling sales. Uncertainty surrounding current circumstances makes predicting 2024 purchasing trends challenging for 18% of respondents, while the remainder expect sales to remain steady with 2023. In terms of holiday sales, 14% of retailers expect a significant increase in sales, largely based on historical sales trends rather than increased demand. Another 47% anticipate a moderate increase, again in line with previous holiday sales, while 23% expect sales to decline due to higher prices and interest rates. To adapt their businesses in the coming year, half of the retailers plan to expand their product offerings, while 11% intend to cut back on new products. Additionally, approximately 19% are considering store redesigns, 16% intend to hire more staff, and 13% are contemplating vendor changes.

Nov 6, 2023 · 17:04

logo

Predicted Record Levels of Holiday Spending, Online Versus Instore Mattress Purchases, Rise in Spot Container Rates, The Ongoing Contraction of the US Manufacturing Sector

Furniture Industry News

Welcome to Furniture Industry News for November 2, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the predicted record levels of holiday spending, higher satisfaction scores for online mattress purchases, the rise in spot container rates, and the continued contraction of the US manufacturing sector with a specific struggle in the furniture industry.. The National Retail Federation is expecting a record-breaking holiday spending season this year. According to their forecast, spending during November and December is predicted to grow between 3% and 4% compared to 2022, reaching a total of 957 point 3 billion to 966 point 6 billion, including both online and non-store sales. NRF President and CEO Matthew Shay expressed his lack of surprise at this news, stating that the return to pre-pandemic levels of growth is to be expected. Household finances are in good shape overall and will continue to support consumers' ability to spend during the holiday season. While this year's growth rate is slower compared to the past three years, it aligns with the average annual holiday increase of 3 point 6% from 2010 to 2019, prior to the pandemic. However, the standout change has been the significant shift towards online spending. Online and non-store sales are projected to grow between 7% and 9%, reaching a total of 273 point 7 billion to 278 point 8 billion. This marks an increase from 255 point 8 billion in the previous year. NRF Chief Economist Jack Kleinhenz expects spending to continue steadily throughout the rest of the year, although at a slower pace. Factors contributing to this holiday season's growth include solid job and wage growth. Consumers will also be on the lookout for deals and discounts to make their dollars stretch further. Interestingly, Kleinhenz noted that consumer spending on services is growing at a faster rate than spending on goods. According to a survey conducted by Prosper Insights & Analytics, 43% of holiday shoppers planned to start making purchases before November. On average, consumers plan to spend 875 on core holiday items such as gifts, decorations, food, and other holiday-related purchases this year.

Nov 2, 2023 · 7:50

logo

Residential Furniture Orders in August, Top Retailers in The Wood Furniture Scorecard, Gigacloud's Acquisition of Noble House, The Credit Card Competition Act, Wayfair's Q3 Revenue Increase, Flexsteel Industries' Net Sales Decrease But Net Income Increase

Furniture Industry News

Welcome to Furniture Industry News for Wednesday November 1, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the rise in residential furniture orders in August, the top retailers in the Wood Furniture Scorecard, GigaCloud's acquisition of Noble House Home Furnishings, the Credit Card Competition Act's aim to exclude China UnionPay, Wayfair's Q3 revenue increase, and Flexsteel Industries' net sales decrease but net income increase.. New residential furniture orders showed positive growth in August compared to the same period last year, with 72% of surveyed furniture manufacturers and retailers reporting an increase, according to accounting firm Smith Leonard. The total value of orders also rose, reaching 2 point 6 billion, compared to 2 point 3 billion in the previous year. However, it is important to note that these figures may not present an accurate reflection of the industry's overall performance. August 2022 orders were down 34% from August 2021, and the numbers from 2021 were down 14% from 2020. While year-to-date orders remain stable in terms of value when compared to the previous year, approximately 40% of survey participants reported an increase. In contrast, orders year-to-date in August 2021 were down around 29% from the previous year. Shipments in August experienced a decline of 17% compared to August 2022, and there was an 18% year-to-date decrease. This drop follows a 6% year-to-date increase in 2022 versus 2021. Smith Leonard suggests that shipment results are confusing due to the accumulation of backlogs. As orders began to slow, shipments were still possible due to the large backlogs. However, backlogs have seen a significant decrease of 51% from August 2022, indicating a return to more normal levels. Regarding other indicators, receivable and inventory levels appear to be in line, with a 32% decrease in inventories. However, factory and warehouse payrolls continued to decline in August. Overall, the residential furniture business is experiencing sluggish growth at best, according to Ken Smith, founding partner of Smith Leonard. Rising costs of living and mortgage interest rates are impacting consumer budgets, leading to reduced spending on furniture. Smith warns that the leading economic indicators have been declining for over a year and a half, leading to predictions of a shallow recession in the first half of 2024. In the meantime, many parts of the residential furniture industry are already in a recession in 2023, highlighting the need for preparedness and resilience in the face of ongoing challenges. Despite these difficulties, the October High Point Market received a positive response, with attendees expressing enthusiasm for the showcased products. It is expected that consumer interest will revive once they return to the stores or receive recommendations from designers. While furniture orders continue to trend upward, shipments have persistently declined.

Nov 1, 2023 · 14:31

logo

Fears of Recession, Retail Growth Potential In Multiple US States, Leggett & Platt's Q3 Sales, Overstock's Decrease in Revenues but Increase in Customer Base, IHGF Delhi Fair

Furniture Industry News

Welcome to Furniture Industry News for Tuesday September 31,2023 from Furniture Podcast dot com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover fears of recession and declining consumer confidence, retail growth potential in multiple US states, Leggett and Platt's Q3 sales decline and weak demand, Overstock's decrease in revenues but increase in customer base, and the return of the IHGF Delhi Fair with thousands of exhibitors in spring 2024.. Consumer confidence in the economy continues to decline, raising concerns of a possible recession. In September, the Conference Board reported that the Consumer Confidence Index fell to 103 from August's upwardly revised 108 point 7. However, the Present Situation Index, which measures consumers' views on current business and labor market conditions, saw a slight increase from 146 point 7 in August to 147 point 1 in September. The Expectations Index, reflecting consumers' short-term outlook for income, business, and labor market conditions, dropped to 73 point 7 in September from 83 point 3 in August. Typically, expectations below 80 signal a recession within the next year. According to Dana Peterson, chief economist for the Conference Board, this decline in September marks the second consecutive drop in the past two months and is evident across all age groups and income levels of $50,000 or more. Consumers expressed concerns about rising prices, specifically for groceries and gasoline, along with worries about the political situation and higher interest rates. The survey also revealed that fewer consumers viewed business conditions as good, but at the same time, fewer also perceived them as bad. Regarding jobs, more consumers mentioned plentiful job availability, but more also claimed that jobs were hard to find. Expectations for the upcoming six months showed less confidence in business conditions, job availability, and income prospects. Additionally, expectations for interest rates declined in September, while the outlook for stock prices continued to fall. Moreover, the proportion of consumers expecting a recession within the next six months increased in September. Overall, this uncertainty in consumer sentiment is likely due to mixed buying plans and factors such as corporate earnings, narrowing job opportunities, rising interest rates, and more expensive big-ticket purchases.

Oct 31, 2023 · 10:15

logo

SSB CEO Resignation, Furniture Industry Outlook, Gift & Home Temporary Exhibits in LV, Decline in Existing Home Sales, and the Importance of Prioritizing Cybersecurity

Furniture Industry News

Welcome to Furniture Industry News for October 30th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the resignation of Serta Simmons Bedding CEO and the appointment of an interim CEO, the positive outlook for the furniture industry based on new introductions at October's High Point Market, the upcoming Gift and Home Temporary Exhibits at Las Vegas Market and American Freight's expansion into Utah, the decline in existing home sales and rising home prices in the US, and the overlooked risks of cyberattacks in the furniture retail sector and the importance of prioritizing cybersecurity.. Charlie eyetull, the former CEO of Serta Simmons Bedding, has stepped down from his role three months after assuming the position. Mark Genender, the chairman of the board at SSB, will serve as the interim CEO with immediate effect. In a prepared statement, eyetull expressed gratitude for the opportunity to lead SSB and expressed confidence in the capable hands that the company will be left in. eyetull joined the company in July after SSB emerged from Chapter 11, initially as a board member. The board has now initiated a search process to identify and review candidates for the next CEO. Genender, filling the role of interim CEO, commended eyetull for his contribution to strengthening retail relationships and implementing leadership changes to drive the company's turnaround. As Genender assumes the interim CEO position, he vows to work closely with the management team in ensuring a smooth transition and further execution of the turnaround strategy. Moving forward, SSB remains committed to innovation, revitalizing their powerful brands, solidifying retail partnerships, and maintaining a high-performing supply chain that prioritizes product quality and customer service. Genender himself possesses extensive experience in the consumer and retail, media and technology sectors. He currently serves as managing partner at Bristol Growth Capital and has held senior investment roles at Eldridge and Guggenheim Partners. Genender has a longstanding history with SSB, previously working as a director on the Simmons Bedding board during his tenure with Fenway Partners. Furthermore, the SSB's executive leadership team includes Dominick Azevedo as chief sales officer, Rob Burch as chief operations officer, Kristen McGuffey as chief legal officer, Esther Ni as chief human resources officer, Tim Oakhill as chief marketing officer, and Lisa Wyn as interim chief financial officer.

Oct 30, 2023 · 11:23

logo

Spot Container Rates, Retailer Store Closings, Overstock's Customers, and Amazon's Q3 Performance and Q4 Sales Expectations

Furniture Industry News

Welcome to Furniture Industry News for October 27th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the decrease in spot container rates, the increase in due diligence from retailers when closing businesses, Overstock's success with "TAM New" customers, and Amazon's strong Q3 performance and Q4 sales expectations.. Slower business and challenging economic conditions do not necessarily equate to an increase in stores going out of business, according to Tom Liddell, senior vice president of Planned Furniture Promotions. While many assume that PFP's business is flourishing, Liddell explained that not every opportunity aligns with their company's goals and services. He noted that just because a store is closing down does not automatically make it a suitable opportunity for PFP. However, Liddell did mention that PFP has observed an increase in businesses conducting due diligence. When retailers reach out, PFP provides them with an exit strategy document outlining key considerations. While PFP is not actively running those events, retailers are researching and preparing for the closure of their stores. Liddell shared a variety of reasons he has heard from retailers for closing down, including factors such as lack of business, tighter margins, and staffing issues. Some retailers struggle to find loyal and long-term salespeople or delivery staff. Additionally, owning real estate can be a valuable asset and a potential centerpiece for a retailer's retirement plan. Liddell emphasized the importance of retailers knowing when it is the right time to say goodbye. Waiting too long can prove to be costly, as potential cash flow and profits may diminish over time. Liddell advised retailers not to delay if they notice a downward trend in their business, as delaying action can result in missed opportunities for financial gain.

Oct 27, 2023 · 8:24

logo

Housing Starts Rise Amid High Rates, Textile Fair Highlights, Ethan Allen's Sales & Cuts, Bed Bath & Beyond's Customer Gain vs Revenue Drop

Furniture Industry News

Welcome to Furniture Industry News for October 26th 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover an increase in single-family housing starts despite high mortgage rates, the Interwoven Textile Fair featuring the latest fabrics and trends, Ethan Allen's sales drop but expense cuts and new product introduction, and Bed Bath and Beyond's gain of new customers but decrease in net revenue. According to the National Association of Home Builders, there has been a gain in single-family home starts, despite mortgage rates averaging above 7%. It seems that more buyers are turning to new homes because the inventory in the resale market is lacking. Overall housing starts also increased by 7% in September, reaching a seasonally adjusted annual rate of 1 point 3 6 million units. This number represents the amount of housing units that builders would begin if development continued at the same pace for the next 12 months. Within the overall number, single-family starts saw a 3 point 2% increase, reaching a seasonally adjusted annual rate of 963,000. However, single-family starts are still 12 point 8% lower year-to-date due to higher interest rates. On the other hand, the multifamily sector, including apartments and condos, experienced a 17 point 6% increase, reaching an annualized pace of 395,000. Despite higher mortgage rates and persistent challenges in the market, there is still some market support for builders due to the deficit of resale inventory. In fact, 31% of homes available for sale in August were new constructions, compared to the historical average of 12 to 14%. Looking at regional data, combined single-family and multifamily starts are lower in the Northeast, Midwest, South, and West. Overall permits also decreased by 4 point 4%, with single-family permits increasing by 1 point 8% and multifamily permits decreasing by 14 point 3%. Year-to-date, single-family permits are down 13 point 4%. The NAHB predicts that the number of apartments under construction, currently near 1 million units, will decrease in the upcoming months.

Oct 26, 2023 · 8:40

logo

Klaussner Furniture's Inventory Liquidation, Overstock's Rebranding to Beyond, Port of Los Angeles' Strongest Month Ever

Furniture Industry News

Welcome to Furniture Industry News for Wednesday October 25, 2023 from Furniture Podcast dot com, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover SB 360 Capital Partners being chosen as exclusive agent for Klaussner Furniture's inventory liquidation, Overstock rebranding as Beyond and moving its stock listing to the New York Stock Exchange, the Port of Los Angeles having its strongest month ever in September, the Port of Long Beach having its busiest September on record.. SB 360 Capital Partners, a Boston-based asset disposition and advisory firm, has been chosen as the exclusive agent for the liquidation of finished goods, work-in-process inventory, and raw materials for Klaussner Furniture, a now-defunct furniture company. Following its sudden closure in August, Klaussner left nearly 900 employees unemployed. With its extensive experience in furniture inventory dispositions, SB 360 has successfully handled similar projects for renowned furniture brands such as United Furniture/Lane, Thomasville, Drexel, Broyhill, Art Van, and Loves Furniture. According to Aaron Miller, president of SB 360 Capital Partners, Klaussner's products are widely sold by major retailers and furniture dealers throughout the United States. He views this as an opportunity for these retailers to expand their offerings and provide customers with a valuable selection as the holiday season approaches. SB 360 is prepared to engage in negotiations with existing Klaussner customers, as well as national and regional furniture retailers and wholesale distributors. Klaussner announced its decision to cease operations on August 7th due to a lack of funding from its lender. Since then, various furniture companies have acquired some of Klaussner's assets. Parker House purchased the company's Vietnam office, Canadian foam and fiber manufacturer VPC Group acquired a foam plant, and Legacy Classic obtained the Trisha Yearwood license.

Oct 25, 2023 · 6:13

logo

Sherwin-Williams Q3, GigaCloud Technology's Expansion, An Arkansas Furniture Retailer's Legal Battle, Exciting upgrades to ServeCo

Furniture Industry News

Welcome to Furniture Industry News for Tuesday October 24, 2023 from Furniture Podcast dot com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover topics such as Sherwin-Williams' Q3 net sales increase, GigaCloud Technology's new warehouse lease, an Arkansas furniture retailer's lawsuit against their insurance provider, and ServeCo North America's call center and CRM platform upgrades.. Despite facing challenges due to variable demand in different markets and regions, Sherwin-Williams achieved positive results in its third quarter, which ended on September 30th. The company reported a 1 point 1% increase in consolidated net sales to 6 point 1 billion compared to the previous year. Net sales from stores in the U.S. and Canada, open for more than 12 months, also rose by 3% year-over-year. E B I T D A for the quarter surged by 12 point 6% to 1 point 27 billion, accounting for 20 point 7% of net sales. Additionally, diluted net income per share rose to 2 dollars and 95 cents, a 12 point 6% increase from the third quarter of 2022. Sherwin-Williams CEO John Morikis commented on the company's performance, acknowledging the challenging market conditions but highlighting the success achieved through strategic investments and customer-focused initiatives. He mentioned the higher S G and A costs in the quarter compared to the previous year due to these investments. The company returned $566 million to shareholders through dividends and share repurchases during the quarter. Sales growth in the Paint Stores Group was driven by selling price increases, while sales volume remained relatively flat. The Consumer Brands Group experienced a 4% decrease in net sales due to the divestiture of the China architectural business, although it observed strong growth in Latin America and Europe. The Performance Coatings Group saw a 1% decline in net sales, primarily due to volume declines but partially offset by higher selling prices. However, profit for the segment increased due to moderating raw material costs and selling price increases. Morikis expressed confidence in Sherwin-Williams' future prospects, noting the increased earnings guidance for the full year and the company's ability to navigate uncertainties. The company expects net sales in the fourth quarter to be slightly up or down compared to the same period last year.

Oct 24, 2023 · 7:16

logo

American Woodcrafters Returning to Mexico, Bridge Furniture & Props Partnering With Lily AI, Shopping Preferences of Gen Z

Furniture Industry News

Welcome to Furniture Industry News for Monday October 23, 2023 from Furniture Podcast dot com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover furniture suppliers turning to Mexico during the pandemic, Bridge Furniture and Props partnering with Lily AI and Gen Z's preference for in-store shopping over online shopping.. In response to the challenges faced during the pandemic, many furniture suppliers sought to establish sourcing operations in Mexico. This move was driven by the desire to avoid supply delays and disruptions, as well as the significantly increased ocean container rates. Four furniture suppliers, including Legends Furniture, A-America, New Classic, and American Woodcrafters, successfully launched new collections sourced from Mexico. However, as supply issues eased overseas and container rates decreased, these companies either paused or significantly slowed down their operations in the country. Interestingly, American Woodcrafters has returned to Mexico with a new collection called Santa Cruz. The decision to return was primarily motivated by better stock-keeping unit management and the flexibility to meet smaller order requirements. According to Rusty Morris, the Vice President of Sales and Marketing, Mexico allows for smaller cuttings and requires a smaller investment compared to overseas and Indonesia. This return was led by Smith Foster, the son of company president Chuck Foster, who worked closely with the factory to develop the new line. The Santa Cruz collection encompasses bedroom, dining, entertainment, and occasional furniture, providing customers with a comprehensive range. It features solid pine construction, a rustic wood finish, and natural distressing. Bedroom options include a low-profile platform bed, while dining options consist of a solid wood top table, upholstered side chairs, and a server with four drawers. The collection will be available at the company's warehouse in High Point, with the option to purchase by truckload. Overall, American Woodcrafters is experiencing slight growth compared to the previous year and is gaining business from larger retailers. In addition, the company believes it is capturing market share due to the closures of its competitors, particularly Klaussner. The return to Mexico highlights the advantages that the country offers in terms of stock-keeping unit management and flexibility, ensuring American Woodcrafters can meet customer demands effectively while maintaining a strong value proposition in the market.

Oct 23, 2023 · 8:32

logo

HomeGoods Closing Online Store, Wayfair's Upcoming Two-Day Sale, New Flagship Ashley Furniture Store In Brunei

Furniture Industry News

Welcome to Furniture Industry News for Thursday October 19th, 2023 from Furniture Podcast dot com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover HomeGoods shutting down its online store, Wayfair's upcoming two-day sale with significant discounts, and the opening of a new flagship Ashley furniture store in Brunei.. HomeGoods, the popular home furnishings retailer, has made the decision to withdraw from the competitive world of e-commerce. The announcement was made to customers via email on October 18, with the final day for online shopping set for October 21. Reports from various outlets, including Parade, confirmed the news. However, the email from HomeGoods did mention that the company will soon unveil several new store openings. This anticipated announcement may coincide with the release of Q3 results by the parent company, T J X, which is expected to be in mid-November. At the close of the second quarter, HomeGoods already boasted an impressive 907 stores. T J X , which is responsible for the management of HomeGoods, also manages the online platforms for off-price nameplates T J Maxx and Marshalls. Company executives have repeatedly emphasized that e-commerce only contributes a small portion to the overall sales. In Q2, HomeGoods saw a 4% increase in comparable sales, a notable rebound from the 7% decrease experienced in the first quarter and a significant improvement from the 13% decline in the previous year's same period. The rise in sales was largely driven by a notable surge in foot traffic. HomeGoods achieved a total sales figure of $2 billion for the quarter, marking an 8% climb. The company expressed optimism in mid-August, stating its expectation for continued positive comparable sales in the second half of the year. During a recent investor call, company CEO and President Ernie Herrman stated that the actual performance surpassed their initial expectations. As HomeGoods readies to take its leave from the e-commerce landscape, many are speculating about its potential impact on the broader home business. Could this move be indicative of a larger trend? Only time will tell.

Oct 19, 2023 · 6:13

logo

Z Gallerie's Bankruptcy Filing, Decline In September Furniture Sales, Holiday Spending Trends, The Upcoming C.I.F.F. Guangzhou Trade Show, Suggested Changes To Overstock's Board

Furniture Industry News

Welcome to Furniture Industry News for Tuesday October 17th, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Z Gallerie's bankruptcy filing and plans to market their assets, the decline in furniture and home furnishings sales in September, consumers' increased spending plans and preference for gift cards this holiday season, the details of the upcoming C I F F Guangzhou furniture trade show, and hedge fund JAT Capital Management's suggestions for changes to Overstocks board and business strategy.. Z Gallerie, the contemporary furniture retailer based in Los Angeles, has recently filed for Chapter 11 bankruptcy protection, attributing liabilities between $50 million and $100 million. The company submitted its filing to the U.S. Bankruptcy Court in the District of New Jersey, as reported by Bankruptcy company news. With a total of 21 locations spread across nine states, Z Gallerie operates under the ownership of Generation Holdings, which is part of DirectBuy Home Improvement. C.S.C. acquired DirectBuy/Z Gallerie in July 2019 for $20.3 million after the company had previously filed for bankruptcy. In the recent filing, Robert Fetterman, the Chief Financial Officer and interim CEO, expressed the company's intention to retain Stump and Company as its investment banker for the marketing of its assets. The filing also outlined the debtor's plans to propose an efficient and public auction process to facilitate sales efforts. If a viable going-concern transaction cannot be achieved, Z Gallerie will proceed with an orderly liquidation of its remaining assets and close its stores in the coming months. In addition to exploring a going-concern transaction, the company will also initiate "soft" sales at its retail locations to monetize inventory simultaneously. Fetterman's declaration highlights that Z Gallerie's difficulties are primarily rooted in severe liquidity constraints arising from a combination of underperforming retail stores, adverse macroeconomic trends, and industry-specific headwinds. These challenges include the impact of COVID-19, supply chain issues affecting profitability, and economic factors like higher interest rates, inflationary pressure, and mortgage rates impacting the housing market. To support its operations during the bankruptcy process, Z Gallerie will receive up to $1.1 million of no-interest debtor-in-possession financing through ZG Lending SPV LLC, an affiliate of C.S.C.

Oct 17, 2023 · 11:41

logo

Retailers' Priorities High Point Market, Decline In Consumer Spending On Home-Related Products, Struggles Faced By Furniture And Mattress Stores

Furniture Industry News

Welcome to Furniture Industry News for Monday October 16,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover retailers' priorities at the High Point Market, the decrease in U.S. consumer spending on home-related products, and the challenges faced by small business retailers in paying rent.. Buyers flock to the High Point Market for a plethora of reasons. After all, with around 2,000 vendors present, there's bound to be something that fulfills the needs of most retailers. Whether it's technology providers looking to showcase their latest products or transportation companies seeking to impress with their offerings, the market caters to all. But it's not just about the products; there are also ample opportunities for networking and attending educational sessions. Here's what several retailers had to say during the market: - Matt Pridemore from Badcock Home Furniture and More dealer in Valdosta, GA, is focusing on stationary living room and dining room items, as there seems to be a shift away from reclining furniture. - Alex Rubin of Bernie and Phyl's in Norton, MA, is looking to explore upholstery options after the decline of Klaussner. - Robert Van Hoose from Big Sandy Superstore in Franklin Furnace Ohio seeks custom order capabilities at a value price to replace Klaussner. - Bill Flansburg of Dunk and Bright in Syracuse New York follows a consistent strategy of identifying trends, exploring value in existing trends, and ensuring vendors can ship promptly and consistently. - Becky Greene from Furnitureland South in Jamestown, NC, prioritizes the bedroom category and hopes to find exciting new products that cater to the mid-price point. - Aaron Fisher from Furniture Mart USA in Sioux Falls, SD, is on the lookout for budget-friendly, modular, and small-scale stationary upholstery, acknowledging the increasing demand for apartment-size dwellings. - Lael Thompson from Home Collections Furniture in Aurora, CO, plans on focusing on upholstery, accents, and lighting, with an emphasis on personalization and affordability. - Eric Easter from Kittle's in Indianapolis highlights their focus on stationary upholstery and motion, as they seek to fill the gap left by Klaussner. - Gentry Prestwood from Miskelly Furniture in Pearl, MS, aims to find upholstery vendors who offer viable alternatives to Klaussner and desires a refreshing update to their product range. - Scott Bowman from Zak's Home Furnishings in Johnson City, TN, devotes himself to sourcing quality goods that provide value compared to competitors focusing solely on cheaply made items. He also searches for styles and finishes that deviate from the popular farmhouse look and seeks to stay updated on the ever-changing digital marketing landscape. These retailers demonstrate the diverse priorities and strategies undertaken by industry professionals at the High Point Market. With a wide range of preferences and goals, the market is sure to deliver a plethora of options for buyers.

Oct 16, 2023 · 7:41

logo

Walmart CEO Warning about Struggling Consumers, Possible Impact of U.S. Tariffs, VPC Group's Purchase of Klaussner, Amazon's Prime Big Deal Days Success

Furniture Industry News

Welcome to Furniture Industry News for Thursday October12, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover former Walmart CEO Bill Simon's warning about struggling consumers, the potential impact of U.S. tariffs on Chinese products, Canadian manufacturer VPC Group's purchase of Klaussner Furniture, and the success of Amazon's Prime Big Deal Days.. Former Walmart CEO Bill Simon recently expressed concerns about the state of consumer spending, noting that for the first time in a decade, consumers are facing significant challenges. Simon highlighted various factors, including inflation, political division, student loan repayments, higher interest rates, and the Israel-Hamas conflict, as major contributors to this struggle. The cumulative impact of these issues has left consumers feeling cautious and hesitant. In light of this, retailers are adjusting their strategies by offering softer bargains than usual. Instead of simply advertising a set price, they are now emphasizing percentage discounts. Simon suggests that this shift is a result of inflationary pressures, which have driven up relative price points. Simon's observations are supported by a recent report from the National Retail Federation, which revised down its expectations for the rest of the year. The NRF highlights concerns over inflation and high interest rates, particularly with regard to groceries, cars, and mortgages. As a result, discretionary spending growth is slowing, and retail cargo imports are anticipated to decrease. These challenges have already impacted consumer spending, with second-quarter growth coming in lower than originally estimated. The NRF projects that retail sales for the year may fall at the lower end of its forecasted 4%-6% year-over-year growth range. In the coming months, the ports of Los Angeles, Long Beach, and New York are expected to release their September numbers, providing further insights into the state of consumer spending.

Oct 12, 2023 · 7:07

logo

Increase in US Furniture Purchases, Decline in Imports, Anti-Tip Update, Parker House's New Warehouse in Vietnam

Furniture Industry News

Welcome to Furniture Industry News for October 10th 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the following topics: the increase in home furnishing purchases by U.S. shoppers, the decline in retail cargo imports due to peak imports at major US container ports, the potential changes in bedroom inventory including added weight and minor design changes, and the opening of a new office and showroom in Vietnam by furniture company Parker House for international operations and product development.. A recent study revealed that approximately two-thirds of U.S. shoppers have plans to purchase home furnishings within the next year. However, it is important to note that the biggest spenders are likely to come from niche demographics. Specifically, the study found that high-income individuals, parents, and Millennials make up the majority of shoppers expecting to spend $1,000 or more on furniture. Looking at the broader picture, the survey shows that 68% of respondents are planning to purchase furniture of any price range in the coming year. Interest is particularly strong among Gen Z and Millennials, as well as parents, individuals in a good financial situation, and urban dwellers. The survey also indicates a slight increase in monthly furniture purchases this fall, with 13% of respondents having made a furniture purchase in the past month compared to 12% in spring. However, inflation remains a concern for 32% of furniture shoppers, as they have noticed a price increase. Interestingly, respondents have observed this impact to a lesser extent in furniture stores compared to other retail channels such as big box/superstores, department stores, and e-commerce sites. When it comes to specific furniture categories, the leading items on consumers' shopping lists include sofa/loveseats, mattresses, bedroom furniture, and lighting. These preferences align closely with the findings of a previous spring study, where mattresses took the top spot. In terms of shopping habits, the majority of respondents (62%) continue to make furniture purchases in person, while a smaller percentage use a computer (25%) or a smartphone (15%). This preference for in-store shopping aligns with the enjoyment of browsing through store aisles expressed by half of planned purchasers. Additionally, 39% of respondents who aren't making a purchase still appreciate the window-shopping experience. Brand loyalty plays a relatively minor role in the furniture industry, with only 27% of respondents considering brand names to be very or extremely important when making a furniture purchase. Sustainability, on the other hand, emerges as a significant factor for furniture buyers, with 81% agreeing that they would be willing to pay more for sustainable items. Lastly, social media platforms are starting to influence furniture shoppers, with YouTube being the most effective for furniture ads according to 20% of respondents. Additionally, 17% acknowledged that they are more motivated to learn about a furniture brand after seeing an ad on Instagram.

Oct 10, 2023 · 9:03

logo

New CEO of the HFA, Liquidation of Gold & Williams, Agoprene's Sustainable Foam, Closure of Winchendon Furniture

Furniture Industry News

Welcome to Furniture Industry News for October 9th 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the upcoming CEO change at the Home Furnishings Association, the potential impact of economic challenges and student loan interest rates on consumer spending, the liquidation of Mitchell Gold + Bob Williams, Norwegian startup Agoprene's sustainable furniture foam made from seaweed, and the closure of Winchendon Furniture after 84 years.. The Home Furnishings Association made an announcement recently that their Chief Executive Officer, Mark Schumacher, has decided to step down from his role, effective May 31, 2024. Schumacher expressed his gratitude for working with HFA's board and staff since 2020. Together, they tackled the challenges brought by the COVID-19 pandemic and the subsequent disruptions faced by the association members and the home furnishings industry. Under Schumacher's leadership, HFA became a strong advocate for the economic health and social impact of the home furnishings ecosystem. Now, he believes it's time for a new leader to continue inspiring and steering the association. Board President Travis Garrish expressed his appreciation for Mark's contributions to the strength of HFA and the home furnishings industry. Despite the difficulties posed by the pandemic, Schumacher's leadership promoted HFA's growth and financial stability. The entire board thanks Mark for all he has done for the HFA and wishes him well as he begins the next chapter in his life. The HFA Board of Directors has established a committee responsible for selecting the association's next CEO. Garrish assured that the necessary processes and procedures are in place to ensure a smooth transition for the new leader. The Home Furnishings Association, founded in 1920, is the largest organization in North America dedicated to the needs and interests of home furnishings retailers. As an association with over 1,400 members representing more than 10,000 storefronts globally, HFA provides its members with valuable programs, resources, services, and a unified voice in government relations. They collaborate with home furnishings industry suppliers, vendors, affiliates, and other organizations.

Oct 9, 2023 · 9:21

logo

US ranking #2 in global home improvement spending, Hispanic Heritage buying power, Tempur's new facility, Artaban Group and Elements Sleep, and High Point Market Vietnamese furniture

Furniture Industry News

Welcome to Furniture Industry News for Friday October 6th 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the US ranking second in global home improvement spending, the celebration of Hispanic Heritage Month and its influence on consumer buying power, Tempur Sealy International's new facility and community involvement, the manufacturing partnership between Artaban Group and Elements Sleep, and the upcoming High Point Market pavilion featuring Vietnamese furniture designs.. A recent study conducted by home and garden website Home Stratosphere examined global home improvement spending, specifically focusing on furniture and décor purchases. The study analyzed spending data for 149 countries since 2022 and revealed that China topped the list in overall spending, followed closely by the United States. China led the way, spending a substantial $995 billion, while the U.S. came in second with $933 billion. India secured a distant third place with $287 billion. Breaking down the spending by category, U.S. consumers allocated $65 billion towards living room furniture, $42 billion on bedroom furniture, $34.61 billion on kitchen and dining room furniture, $17 billion for office furniture, $28 billion on lighting, and $31 billion on décor. In the U.S., the largest segment of home improvement spending was on hardware and DIY tools, totaling $601 billion. Additionally, consumers invested over $5 billion in smart security products and almost $9 billion in smart appliances. Home entertainment accounted for $41 billion, major appliances for $30 billion, and small appliances for $27 billion. On the other hand, China's consumers spent significantly more on large and small appliances, totaling almost $96 billion and $52 billion respectively, but lagged behind the U.S. in furniture expenditures. Globally, consumers allocated the majority of their home improvement spending towards hardware and DIY tools, accounting for 63% of the total. Bedroom furniture and home décor held 2.9% each, while living room furniture represented 4.8% of the total spending. When examined on a per capita basis, the United States ranked second, spending $2,757.31 per person on home improvement. New Zealand claimed the top spot with $3,235.39 per person, while China was positioned in the 40th place with $697.49 per person.

Oct 6, 2023 · 12:52

logo

Amazon's Big Deal Days, Partnership Between Furnitureland South and NC Eat and Play, Erin & Ben Napier from "Home Town" at High Point Market

Furniture Industry News

Welcome to Furniture Industry News for Thursday October 5th 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Amazon's upcoming two-day sale event, including the top planned purchases and expected shopper participation, as well as how manufacturers will use the sale to clear out inventory. We will also discuss the partnership between Furnitureland South and NC Eat and Play to promote North Carolina-made furniture, and the presence of Erin and Ben Napier from "Home Town" at High Point Market.. According to a national survey conducted for online shopping platform Slickdeals, the upcoming Amazon sale event is anticipated to attract a majority of shoppers who participated in Prime Day in July. Approximately 79% of consumers who shopped during Prime Day are expected to participate in the two-day event on October 10th and 11th, while 18% will only do so if they come across a good deal. When it comes to planned purchases, furniture, household products, and home improvement items ranked fourth on the list, with 46% of consumers expressing their interest. Apparel/shoes topped the list at 70%, followed by holiday gifts at 65%, and electronics at 63%. As for spending, 27% of shoppers plan to spend over $240 during Prime Big Deal Days, with 29% budgeting between $91 and $180. Another 26% plan to spend $90 or less, and the remaining 18% fall in the $181 to $240 category. According to data and tech company Numerator, the sale is predicted to attract fewer shoppers compared to July's event but is still expected to surpass last October's Prime Early Access Sale. Around 37.3% of US households participated in Prime Day this year, while 28.4% shopped during the Early Access Sale in 2022. Numerator predicts approximately one-third of consumers will participate in the October event. Numerator also indicated that manufacturers will likely use this sale to clear out inventory ahead of major holiday shopping events like Black Friday and Cyber Monday, with toys being a particularly popular category. The Slickdeals survey revealed that 57% of consumers believe there may be better deals during Black Friday and Cyber Monday. Additionally, 39% reported feeling burned out from the extended holiday shopping season. In related news, Walmart and Target have joined in ahead of Amazon's October Prime event.

Oct 6, 2023 · 6:24

logo

Marcus Lemonis Joining Overstock.Com, Retailers Adapting To Changing Consumer Demands, Furniture Retailer Lawsuit, Decline In Manufacturing, Economy Under The Biden Administration, Supporting Local News In The Furniture Industry

Furniture Industry News

Welcome to Furniture Industry News for Wednesday October 4, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Marcus Lemonis joining Overstock.coms board, furniture retailers adapting to consumer spending changes, a furniture retailer lawsuit over a fired employee, declining furniture manufacturing, Americans' dissatisfaction with Biden's handling of the economy, and the importance of supporting local newsrooms in the furniture industry.. Overstock.com has announced the appointment of Marcus Lemonis, the star of CNBC's show "The Profit," to its board of directors. Lemonis, who currently serves as the chairman and CEO of Camping World, the nation's largest RV and outdoor retailer, and Good Sam, the world's largest RV owner's organization, joins the board as its eighth independent director. Allison Abraham, the chair of the Overstock board, expressed enthusiasm about Lemonis' addition, stating that his experience in leadership, retail, branding, and customer engagement will complement the current board's strengths and position the company for growth and success. Overstock CEO Jonathan Johnson also praised Lemonis' business acumen, believing that he will make meaningful contributions to the company during its transition period. Following Overstock's acquisition of Bed Bath and Beyond's intellectual property in June, the company's shares experienced a surge, reaching $37.86 per share on August 2. However, the share price has since fallen, trading at $14.89 on October 4, a six-month low. Lemonis, known as the "business turnaround king," has advised struggling small businesses across the country through multiple seasons of his show, "The Profit." He is also recognized for his role on HGTV's "The Renovator," where he helps homeowners improve the value and functionality of their homes. Lemonis expressed enthusiasm about his appointment to the Overstock board, noting that it merges his personal and professional interests. He is excited about the opportunities that lie ahead for the new Bed Bath and Beyond and is eager to contribute to the board as the company enters a new phase of growth with an iconic consumer brand.

Oct 4, 2023 · 13:11

logo

Rise In New Furniture Orders, Shoppers in the Us, Uk, And Australia, Sturdy Act, A High-Profile Court Case, Motion Supplier New Stocking Program, Charity Campaign By City Furniture, Wayfair's New Collection, Denver Market Opportunities, College Town Furniture Store Experiences

Furniture Industry News

Welcome to Furniture Industry News for Monday October 2, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the rise in new furniture orders, the preferences of shoppers in the US, UK, and Australia, a charity campaign by City Furniture, Wayfair's new collection, and the opportunities in Denver's furniture market.. According to the latest Furniture Insights report from Smith Leonard, new furniture orders experienced a increase in July 2023 compared to July 2022. However, it is important to note that these numbers are likely skewed by a significant drop in orders from the previous year. In July 2023, new orders totaled $2.32 billion, a notable increase from $1.82 billion in July 2022. Although there was double-digit growth, the report highlighted that July 2023 orders were down compared to July 2021, indicating that the increase is not as impressive as it may initially appear. Looking at the year-to-date figures, new orders for 2023 totaled $15.2 billion, which is a decrease from the $15.8 billion reported in the first seven months of 2022. When comparing year-to-date orders in 2022 to 2021, there was a significant decline of nearly 30%. However, it's important to consider that in 2021, orders were up compared to 2020, when the industry experienced pandemic-related shutdowns. Furthermore, these comparisons are influenced by the price increases observed from 2020 through most of 2022. The report noted that 63% of survey participants reported a decline in year-to-date orders. In terms of shipments, July 2023 saw a total of just over $2 billion, compared to July 2022's $2.54 billion. The report indicated that shipments were down for 75% of survey participants. Year-to-date shipments for 2023 amounted to $16.9 billion, representing a decrease from the $20.6 billion reported in the first seven months of 2022. The majority of survey participants reported a decline in shipments. Backlogs, while increasing slightly in July, were returning to more normal levels. In July 2023, backlogs totaled just over $3 billion, compared to $6.1 billion in July 2022. The report attributed the increase in backlogs to the dollar amount of orders exceeding the dollar amount of shipments, potentially influenced by fewer shipments due to vacations over the Fourth of July holiday. The report mentioned that backlogs for most manufacturers had returned to normal levels, except for some higher-end manufacturers. Other notable highlights from the report include a 34% decrease in receivable levels from July 2022, inventory levels that were up 3% over June but 28% below July 2022, a 1% decrease in factory and warehouse workers from June and an 8% decrease from July 2022, and a 14% decrease in payrolls from June and a 10% decrease from July 2022. Year to date, payrolls were down by 8% compared to the same period in 2022. The decline in payrolls could be attributed to shutdowns and fluctuations in business activity over the past year. In summary, the Furniture Insights report from Smith Leonard revealed a substantial increase in new furniture orders in July 2023 compared to July 2022, although these numbers were influenced by the significant decrease in orders from the previous year. Year-to-date figures showed a decline in new orders and shipments. Backlogs were returning to more typical levels, and there were decreases in receivable levels, as well as factory and warehouse workers. Payrolls also experienced declines, likely impacted by shutdowns and variations in business activity.

Oct 2, 2023 · 12:35

logo

Declining Container Rates, La-Z-Boy's Tech Revolution, and Bassett's Sales Slump

Furniture Industry News

Welcome to Furniture Industry News for September 28th 2023, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the decline in container spot rates, the launch of La-Z-Boy's 3D product configuration and Web A R OnDemand, and Bassett Furniture's substantial sales drop and CEO's optimistic outlook.. Spot container rates continue to decline for the sixth consecutive week, with a 5.1% decrease this week, reaching $1,404.38 per 40-foot container. Last week, there was also a 5.1% fall, and the prior week experienced a 7.1% drop. Drewry's container price tracker reports that spot rates from Shanghai to Los Angeles declined by 4% this week. In the past three weeks, rates on this route have plummeted by 11%. Similarly, Shanghai to New York witnessed a steeper decline, with a 7% decrease this week to $2,684. Over the course of three weeks, rates on this route have fallen by 22%. These downward trends might be stabilizing, as New York rates have dropped by 62% since last year, while Los Angeles rates have fallen by 44%. Notably, spot rates are now 1% lower than their pre-pandemic levels in 2019, marking the first time this has occurred since before March 2020. Furthermore, rates are currently down by 65% compared to the same week last year and remain significantly below the peak of $10,377 recorded in September 2021. Drewry anticipates that rates will likely remain at their current levels in the upcoming weeks.

Sep 28, 2023 · 6:57

logo

Furniture Industry News | Navigating Trends, Acquisitions, and Market Shifts for September 27, 2023

Furniture Industry News

Welcome to Furniture Industry News for September 27th, 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover VPC Group USA's plans to acquire Prestige Fabricators, the drop in consumer confidence in September, the height limitation on mattresses, Miller Knoll's Q1 financial performance, Nebraska Furniture Mart's launch of its 37B furniture collection, the thriving furniture retail market in Chicago, and the decline in container volume at various ports. Additionally, we'll discuss the slowing down of global trade and the difference in rates between East Coast and West Coast ports.. VPC Group USA, a foam and fiber material producer, has exciting plans in the works. They are looking to purchase Klaussner subsidiary Prestige Fabricators for approximately $7 million. This purchase would be part of the sale of Klaussner's assets. To move forward with the acquisition, VPC needs court approval, which they have sought. Prestige, known for its foam material production for upholstery, would see its operations continue under VPC's ownership. Before Prestige closed on August 7th, they employed around 27 people at their foam plant and 30 people at their fabrication plant. VPC intends to extend job offers to some of these workers. The closure of Prestige led to the end of operations at two foam manufacturing facilities in Randolph County, North Carolina, where Klaussner was located. Klaussner, in turn, also ceased operations, resulting in over 800 job losses. Shortly after, the defunct company went into receivership. Focus Management Group, acting as the general receiver for Klaussner, expressed confidence in VPC. They believe that VPC's reputation as a leading foam manufacturer and their sincere offer make them the ideal buyers for Prestige's assets. The court has set a deadline for objections to the purchase, and the closing date is scheduled for October 6th. According to the court filing, several parties showed interest in Prestige, with two submitting purchase offers. VPC's offer was accepted, and they provided a 10% deposit of the proposed purchase price, a portion of which is nonrefundable. Their intention is to acquire most of Prestige's assets, including machinery, accounts receivable, technology, and intellectual property, among others. The receiver's filing emphasizes that approving the sale to VPC is in the best interest of the receiver's estate, creditors, and other interested parties. They believe that VPC's purchase will yield $7 million for the receivership estate, which is substantially more than a liquidation process would bring. Additionally, VPC's experience as a foam manufacturer should help them rehire former Prestige employees who lost their jobs in August. This would not be possible in a liquidation scenario or if the assets were sold to a buyer who didn't plan to continue the Prestige business. Overall, if VPC successfully takes over the business operations, it would greatly benefit the individuals previously employed by Prestige. The impact of their job loss would be mitigated, thanks to VPC's plans to continue the business as a going concern.

Sep 27, 2023 · 14:56

logo

Drop in Consumer Confidence, Amazon's Alleged Monopolistic Behavior, Furniture Suppliers Expanding into New Categories, Big Lots' Declining Furniture Sales, Furniture Retailers Challenges with Product Returns

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the drop in consumer confidence, Amazon's alleged monopolistic behavior, furniture suppliers expanding into new categories, Big Lots' declining furniture sales, and the challenges faced by furniture retailers with product returns and how to address them.. Consumer confidence and expectations experienced a significant decline in September, according to the latest report from the Conference Board. The Consumer Confidence Index dropped to 103.0 from a revised 108.7 reported in August, and the Expectation Index fell nearly 10 points from 83.3 to 73.7, falling well below the 80-mark which indicates an oncoming recession. Dana Peterson, chief economist at the Conference Board, commented on the decrease, stating that "Consumer confidence fell again in September 2023, marking two consecutive months of decline. September's disappointing headline number reflected another decline in the Expectations Index, as the Present Situation Index remained relatively unchanged." Although the Present Situation Index increased slightly from 146.7 to 147.1, indicating that consumers perceive current labor and business conditions to remain mostly the same, the decrease in the Expectations Index highlights concerns about the future. Peterson elaborated on this by explaining that "Expectations for the next six months tumbled back below the recession threshold of 80, reflecting less confidence about future business conditions, job availability, and incomes. Consumers may be hearing more bad news about corporate earnings, while job openings are narrowing, and interest rates continue to rise - making big-ticket items more expensive." The September report also provided some additional notable points. Consumers' assessment of current business conditions showed a slight decrease in pessimism, with fewer consumers viewing business conditions as "bad." Additionally, consumers' appraisal of the labor market exhibited a small increase in positivity, with more consumers perceiving jobs as "plentiful." Nevertheless, consumers' optimism regarding short-term business conditions, labor market outlook, and income prospects all declined in September. This indicates a general lack of confidence in future economic conditions. Overall, the September report suggests that consumer confidence and expectations have decreased, likely influenced by concerns about future business conditions, job availability, and incomes.

Sep 26, 2023 · 11:20

logo

Office Furniture During the Pandemic, Financing Options Debate for Retailers, High Point Market to Attract Visitors

Furniture Industry News

Welcome to Furniture Industry News for September 25th, 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the boom and subsequent decline in sales for home office furniture during the pandemic, the varying opinions on providing financing options for furniture retailers, and the investment in infrastructure and beautification efforts for the High Point Market District.. The home office furniture category experienced a significant boost during the pandemic as millions of people started working from home for the first time. However, like the furniture industry as a whole, sales for this category have declined since then. The question now is whether it is stronger than it was before the pandemic and what its trajectory looks like. According to Rodd Rafieha, the chief sales officer at Abbyson, the home office category makes up around 5% of their total business, which is in line with the industry average for a whole home provider. While they saw a high peak in sales when COVID hit, they expect the category to remain at its current percentage of total business, with no significant increase expected for overall annual performance. Bernards, another whole home supplier, expects the market to weaken slightly in the short term as some workers transition back to the office. However, they believe it will still remain above pre-COVID levels in the long term due to the expansion of AI creating opportunities for more remote work and entrepreneurship. Century Furniture, a domestic manufacturer, expects the home office category to continue growing. However, they anticipate a decrease in the need for bulky storage and cases designed to store larger equipment and printed materials as technology evolves. Companies that specialize in home office and entertainment furniture, such as BDI and Martin Furniture, have a more optimistic outlook. BDI reports that while the category is not as booming as during the pandemic, it is stronger than pre-pandemic levels and continues to grow. Martin Furniture also believes that sales in the home office category will continue to grow, as working from home part-time remains a strategy for many companies. Regarding leading products in the home office category, Aspenhome, BDI, and Martin Furniture highlight various desk styles that are performing well, such as executive desks, writing desks, lift desks, L-shaped desks, standing desks, electric lift desks, and all-in-one solutions. Flexibility and current design trends, such as light woods and casual finishes, are also important factors. In summary, while the home office furniture category has seen a decline in sales since the height of the pandemic, it still remains stronger than pre-pandemic levels and continues to grow. The expansion of AI and the increasing trend of remote work and entrepreneurship are expected to further drive the demand for home office furniture. Companies specializing in this category emphasize the importance of flexible designs, current trends, and functionality to meet the evolving needs of consumers. Fashion-forward designs and creating individual spaces are also becoming more important to buyers.

Sep 25, 2023 · 7:58

logo

Today's Deep Dive: Consumer Sentiment, Retail Resurgence, and Industry Updates - September 22, 2023

Furniture Industry News

Welcome to Furniture Industry News for Friday, September 22nd 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! There's been a lot going on today so this episode is a little longer than usual. Today's episode covers consumers' mixed signals about the economy and their spending habits, the boost in physical retail due to the pandemic, the fluctuation in container rates, new store openings by Nebraska Furniture Mart and Joybird, The Home Depot's online sale, and Steelcase's strong Q2 earnings.. According to the latest U.S. Consumer Pulse Survey conducted by McKinsey & Co., consumers are sending mixed signals about their sentiment and spending habits amid concerns about inflation and employment security. While inflation rates are lower than last year, they still exceed the Federal Reserve's target. Despite concerns about rising prices and job security, consumers are still spending. The study found that consumers are switching to less expensive brands to save money but are also willing to splurge on certain goods and services. Spending growth has started to decelerate since late 2022, indicating that consumers are becoming more selective about their purchases. The report emphasizes that companies should not overgeneralize consumer behavior and instead focus on understanding different generations and income levels to enhance the omnichannel experience. Concerns about employment were highlighted in the survey, with many working-age Americans expressing worry. However, the report confirmed that there are more job openings than before the pandemic, and many individuals who left the workforce during the Great Resignation are now looking to rejoin it. The survey also revealed that younger consumers, especially Gen Z and millennials, are concerned about job security. While consumers still spend, they are cautious and often opt for less expensive brands. However, younger and higher-income consumers remain more optimistic about the economy and are more willing to splurge on fashion, groceries, and restaurants. Certain spending categories, such as cosmetics stores and sports apparel and outdoor stores, have seen accelerated growth throughout the pandemic. Out-of-home entertainment, travel, and fitness also continue to experience growth as consumers seek opportunities to reconnect and engage in leisure activities. The report concluded that consumers are now embracing omnichannel shopping, with older generations also adopting this approach. Omnichannel retail is flourishing across all categories, particularly for discretionary spend on items such as toys and home decor.

Sep 22, 2023 · 16:47

logo

Decline in US Home Sales, Nate Berkus & Jeremiah Brent's New Fall Line, Ashley Distribution Services Receiving Top Honors, Herman Miller and Wright Teaming Up to Sell a Collection of Vintage Pieces, Schlotzsky's Limited-Edition Home Furnishings

Furniture Industry News

Welcome to Furniture Industry News for Thursday September 21,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the decline in August existing home sales in the US, Living Spaces' collaboration with Nate Berkus and Jeremiah Brent for a new fall line, Ashley Distribution Services' first-place win in the Fleet Safety Awards, the collaboration between Herman Miller and auction house Wright to sell a collection of vintage pieces, and Schlotzsky's limited-edition home furnishings to celebrate its first sandwich in 1971.. According to data from the National Association of Realtors, all four regions of the U.S. experienced year-over-year declines in home sales. In August, existing home sales dropped by 15.3%, raising concerns about consumers' ability to access newly constructed and existing homes. The NAR reported a total of 4.04 million sales of single-family homes, townhomes, condominiums, and co-ops in August, compared to 4.77 million in August 2022. Sales also decreased by 0.7% from the previous month. Broken down by housing type, single-family home sales reached 3.6 million in August, a decline of 15.3% from the previous year and 1.4% from July. Condominium and co-op sales totaled 440,000, down 15.4% from last year but up 4.8% from July. All four regions experienced a year-over-year decrease in sales, while compared to July, sales rose in the Midwest, remained unchanged in the Northeast, and fell in the South and West. The inventory of unsold homes stood at 1.1 million units, equivalent to approximately 3.3 months of supply based on the current sales pace, according to the NAR. Median home prices continued to rise, with the national median existing home price at $407,100, up 3.9% from August 2022. Prices also increased across all four regions of the U.S. The NAR highlighted the need for increased supply to moderate home price gains, as home prices continued to rise despite lower sales. Other key findings from the report include properties spending an average of 20 days on the market, first-time buyers accounting for 29% of sales, all-cash sales representing 27% of transactions, individual investors or second-home buyers purchasing 16% of homes, and distressed sales making up 1% of total home sales. Regionally, the Northeast saw a decline of 22.6% in home sales compared to last year, the Midwest experienced a decrease of 16.4%, the South witnessed a fall of 12.4%, and the West's sales declined by 15.7%. Overall, while home sales remained stable in recent months, the NAR emphasized that mortgage rate changes and job growth would significantly impact the market in the short and long term.

Sep 21, 2023 · 11:38

logo

Amazon, Walmart & Target Launching Early Holiday Shopping, CIFF Shanghai 2023, Arhaus's Plans to Double Stores, AI in Home Furnishings, Impact of the Pandemic on Retailers & Housing Market, Signs of Improvement in The Logistics Industry

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Amazon, Walmart, and Target's early holiday shopping events, the success of C I F F Shanghai 2023 with increased overseas attendees, Arhaus's plans for expanding physical stores and market growth, the role of AI in the home furnishings sector, the current inventory positions and selective buying habits of High Point Market retailers, the struggles and closures in the home furnishings retail industry, the decline in housing starts and building permits but increase in housing completions, and the signs of improvement in the logistics industry including transportation prices, warehousing prices, inventory levels, and predictions for retailers and warehousing capacity.. Amazon, Walmart, and Target are all gearing up for their fall pre-holiday promotional events. Amazon's event, called "Amazon's Prime Big Deal Days," will start on October 10th at 3 p.m. ET and run through October 11th. Walmart's "Walmart Deals - Holiday Kickoff" savings event will kick off on October 9th at 7:00 p.m. ET and last until October 12th. Target's "Target Circle Week" will take place from October 1st to October 7th, with a focus on holiday gifting and entertaining. During its event, Walmart will offer "hot deals" on a wide range of gifts across various categories, including home, electronics, fashion, and toys. The retail giant is also introducing late-night Express Delivery, available until 10 p.m., to enhance the holiday shopping experience. Target is expanding its inventory for the season, adding over 10,000 new items. Shoppers can expect thousands of new items priced under 25 dollars in categories such as home, apparel, food, and essentials. These events demonstrate the retailers' commitment to providing early holiday shopping opportunities and attractive deals for customers. Shoppers can look forward to a variety of options and discounts as they kickstart their holiday shopping. With Amazon's double-dip Prime Day event, consumers have even more opportunities to find great deals during the fall season.

Sep 20, 2023 · 17:00

logo

Closing of Louis Shanks Furniture, AI Assistants in Online Shopping, Function and Aesthetics In Home Office Furniture, Increase In Trade At The Port of Los Angeles

Furniture Industry News

Welcome to Furniture Industry News for Tuesday September 19,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the closure of Louis Shanks Furniture after 78 years, the growing demand for AI assistants in online shopping, the debate over function versus aesthetics in home office furniture, and the recent increase in trade at the Port of Los Angeles.. Louis Shanks Furniture, a family-owned and operated retailer based in Austin, Texas, will be commencing its going out of business process this week, marking the end of its 78-year history. The company, known for its renowned fine furniture selection and beautifully curated showrooms, has been recognized both locally and nationally in the industry. Louis Shanks, the founder of the stores, started his journey in the furniture industry as a factory representative before venturing into retail in 1945 when he opened the Fourth and Congress store in downtown Austin in partnership with John Stanford. After five years, he parted ways with Stanford and established Shanks-Meyers with new business partner Harry Meyers. In 1954, Shanks bought out Meyers and renamed the business Louis Shanks Furniture, located on Lamar Boulevard. Over the years, Louis Shanks Furniture experienced continuous growth and expansion. This included the conversion of the historic Hitchin' Post Restaurant into additional showroom space in 1960, the opening of a second store on Anderson Lane in 1974, and the entry into the San Antonio market in 1983. These expansions, along with the opening of new locations in Houston and Sugarland in 1995, contributed to the company's recognition in Furniture Today's Top 100 rankings. The going out of business sale will commence on September 21 at the Austin location on W. Anderson Lane and the San Antonio location on IH10 West at Huebner. Planned Furniture Promotions, a furniture promotional sales specialist, will be handling all the details and events of the liquidation across the two stores, which collectively offer 200,000 square feet of merchandise. Tom Liddell, senior vice president of Planned Furniture Promotions, expressed his honor to be part of this historic moment and praised Louis Shanks Furniture as an iconic institution in the furniture industry. He emphasized that this significant sale is a celebration of the company's decades of excellence and an extraordinary opportunity for consumers in the Austin and San Antonio areas to experience the legacy of Louis Shanks Furniture one last time. Liddell acknowledged that this marks the end of an era and conveyed his team's excitement and gratitude for the trust placed in them to handle this pivotal project.

Sep 19, 2023 · 8:26

logo

Furniture & Connected Devices, Causiously Optomistic, Trucking Consolidation, Vintage Vibes

Furniture Industry News

Welcome to Furniture Industry News for September 18th 2023, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover consumers' shopping habits and interest in virtual technology, rising interest rates and inflation affecting consumer spending, consolidations and bankruptcies in the furniture logistics industry, and the upcoming "Vintage Vibes" event at High Point Market.. According to a survey conducted by PYMTS, consumers are shopping throughout their day, thanks to the wide range of connected devices available to them. The survey, which included over 4,600 U.S. consumers, found that on average, individuals spend about one-fourth of their day multitasking. These connected devices, such as smart watches and connected cars, allow consumers to engage in ecommerce while performing other tasks. For example, among those who used connected devices while at work, 26.8% also used them for shopping. Shopping through connected devices extends into various aspects of daily life, including caring for others (29.8% shopped), doing household chores (20%), eating (24.8%), and leisure activities (32.3%). The survey also explored how people are utilizing or interested in utilizing their connected devices to enhance their shopping experiences. Around 6.4% currently use virtual technology to preview how an item will look in a room, while approximately 38% expressed great interest in this feature. Similarly, almost 41% are intrigued by the idea of taking a photo of an item with their smartphone and being directed to a product page for purchase. A smaller percentage, 7.7%, already utilize this feature. Other technologies of interest among respondents included using virtual reality to shop at a physical store from home (4.4% currently use, 32.3% interested), using video technology to interact with sales associates for assistance (4.1% currently use, 28.2% interested), and utilizing voice assistants to find products for review and purchase (5.6% currently use, 31.7% interested). The shift towards conducting tasks from home, which gained popularity during the pandemic, is continuing in daily life. The study revealed a rise in consumers shopping for non-grocery retail items from home: 18% in 2019 (pre-pandemic), 28% in 2020, and now settling at 29%.

Sep 18, 2023 · 8:50

logo

J.B. Hunt Transport's Acquisition, Noble House Home Furnishings Bankruptcy, Kingsdown's Innovative Window Displays, Importance of Digital Transformation and Automation

Furniture Industry News

Welcome to Furniture Industry News for Friday September 15, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover J.B. Hunt Transport's acquisition of BNSF Logistics, Noble House Home Furnishings' filing for Chapter 11 bankruptcy, Kingsdown's window displays in Sleep Country stores, and the importance of digital transformation and automation in the supply chain operations of retailers to meet rising demands and improve business growth.. J.B. Hunt Transport Services and Burlington Northern Santa Fe, have announced that J.B. Hunt subsidiary, J.B. Hunt Transport, has reached an agreement to acquire the brokerage operations of BNSF Logistics, BNSF Logistics is an affiliate of BNSF Railway Company and specializes in providing third-party logistics services for various transportation needs. The acquisition will include services for the movement of full truckload, flatbed, temperature-controlled, drayage, expedited, and less-than-truckload shipments. However, warehouse, retail specialty, heavy-haul, and project services will not be part of the transaction. John Roberts, CEO of J.B. Hunt, emphasized the opportunity to combine efforts and deliver value to customers by leveraging the technology platform, J.B. Hunt 360°. The acquisition aligns with J.B. Hunt's mission to create an efficient transportation network across North America. J.B. Hunt and BNSF Railway have a long-standing partnership, having made significant contributions to the transportation industry with their double-stack shipping solution. This acquisition builds on their joint efforts to enhance capacity in the intermodal marketplace. Through this agreement, the companies aim to offer efficient and value-added solutions within the North American supply chain. Katie Farmer, president and CEO of BNSF Railway, expressed their commitment to delivering industry-leading intermodal service and further integrating their joint services. Upon completion of the transaction, BNSF Logistics' brokerage operations will be part of J.B. Hunt's Integrated Capacity Solutions segment. The purchase will be funded with J.B. Hunt's existing cash balance, and the specific purchase price has not been disclosed. Brad Hicks, executive VP of People and president of Highway Services at J.B. Hunt, highlighted the synergies between BNSF Logistics' capabilities and J.B. Hunt's intermodal and J.B. Hunt 360box power-only service offerings. This acquisition is expected to provide a compelling value proposition for customers and growth opportunities for J.B. Hunt, while enhancing service capabilities for BNSF Logistics' employees and agents. After the transaction is closed, J.B. Hunt will continue to provide value-added 3PL services for BNSF Railway under a long-term service agreement between the two companies.

Sep 15, 2023 · 10:22

logo

August Results, Sleep Number Missteps, Surya Expands to Outdoor, Container Rates Update

Furniture Industry News

Welcome to Furniture Industry News for September 14th, 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the decline in furniture and home furnishings sales, shareholder concerns regarding mismanagement at Sleep Number, Surya's acquisition of RST Brands to expand their product portfolio, and the consecutive fall in container spot rates.. In August, the furniture and home furnishings industry saw a decline in sales, excluding gas stations. According to the Department of Commerce's advance monthly estimates, the category experienced a sharp year-over-year sales decline of 7.8%. This means that furniture and home furnishings stores generated an estimated adjusted $10.932 billion in sales, compared to $11.861 billion in August 2022. The category also dropped a full point compared to July's adjusted sales of $11.042 billion. Looking at the bigger picture, furniture and home furnishings sales for the year have fallen short by 4.3% when compared to the first eight months of 2022, amounting to $88.957 billion in sales. On the other hand, the retail and food services industry as a whole fared better in August. It recorded an adjusted 697.57 billion dollars in sales, representing a 2.5% gain year-over-year compared to August 2022. Additionally, there was a 0.6% increase compared to July's adjusted sales . When examining specific sectors, gas stations experienced a significant decline of 10.3% year-over-year in August. Other sectors that faced notable declines include building material, garden equipment and supplies dealers (down 4.9%), electronics and appliance stores (down 1.8%), and sporting goods, hobby, musical instrument, and book stores (down 1.4%). On the positive side, some sectors showed strong year-over-year growth. This includes food services and drinking places (8.5%), health and personal care stores (7.8%), non-store retailers (7.2%), and motor vehicle and parts dealers (4.4%). It's worth noting that the Department of Commerce's advance estimates are based on a sub-sample of the U.S. Census Bureau's full retail and food services sample. This sampling method involves selecting around 5,500 retail and food services firms, which are then weighted and benchmarked to represent more than 3 million retail and food services firms.

Sep 14, 2023 · 6:38

logo

Amazon Moves Product Anywhere, Family Owned vs. Private Equity, Spring Air Marketing

Furniture Industry News

Welcome to Furniture Industry News for September 14th, 2023 where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Amazon's new Supply Chain service, the narrative shift against private equity in the residential furnishings industry, and Spring Air's marketing campaign offering free shoes with orders for Furniture First and BrandSource members.. Amazon has unveiled a new logistics expansion called Supply Chain by Amazon, allowing sellers to move their products from Amazon's warehouses to any of their other sales channels. This includes their own physical stores and warehouses not affiliated with Amazon, offering more flexibility and reach for sellers. Supply Chain by Amazon is a comprehensive, automated suite of services that enables sellers to seamlessly transport their products around the world. Amazon will handle various aspects of the process, from picking up inventory from manufacturing facilities to shipping across borders, customs clearance, ground transportation, inventory replenishment, and final delivery. Essentially, it allows sellers to restock all their sales and fulfillment channels from a single inventory source. Dharmesh Mehta, Amazon's Vice President of WW Selling Partner Services, emphasized that the aim is to make it easier for sellers to serve customers globally. By providing a simple, fast, and cost-effective solution to the complexities of supply chain logistics, Amazon is investing in the success of its selling partners. Supply Chain by Amazon is currently in a test phase and limited to selected sellers. However, it is expected to be available to all sellers later this year. This initiative coincides with other companies, such as Walmart, Shopify, and Flexport, ramping up their e-commerce fulfillment capabilities. As competition increases in this area, Amazon is ensuring it remains at the forefront by enhancing its logistics services.

Sep 13, 2023 · 6:20

logo

California State Senate's Ban, Mattress Import Investigation, Furniture Industry Succession Planning, US Holiday Retail Sales Predictions, Signifyd's Report E-Commerce Shoppers

Furniture Industry News

Welcome to Furniture Industry News for Tuesday September 12, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the California state senate's ban on upholstered furniture and mattresses containing fiberglass and flame-retardant chemicals, the US International Trade Commission's investigation into mattress imports from 13 countries, succession planning in the furniture industry, predictions for US holiday retail sales growth, and Signifyds report on the different categories of e-commerce shoppers.. The state senate just made a big move by passing a ban on the sale of upholstered furniture and mattresses that contain fiberglass and other flame-retardant chemicals. This ban received overwhelming support, with a vote of 35 to 3. The bill, which was introduced by Assemblymember Laura Friedman, still needs to go through a concurrence vote in the state assembly. If it gets the green light there, the ban will be effective starting January 1, 2027. Friedman seems pretty confident in manufacturers' ability to meet fire safety standards without resorting to fiberglass or other harmful components. She believes they can create comfortable, attractive products without putting people at risk. It's clear that many manufacturers are already taking steps in that direction, as a lot of furniture makers stopped using fiberglass in the early 2000s, and mattress companies have been phasing it out more recently. You might be wondering why fiberglass is such a concern. Well, according to Poison.org it can irritate the eyes, skin, and lungs. Long-term exposure can lead to lung disease and pulmonary fibrosis. Luckily, the danger is limited to when the fiberglass is released into the air, typically caused by a damaged or opened cover. This isn't the first time California has taken action against fiberglass. In 2018, they banned it in the foam part of mattresses, but some components like thermal barriers were still exempt. Overall, it seems like a positive step towards safer and healthier furniture options.

Sep 12, 2023 · 10:35

logo

Declining Furniture Sales, A- America Appoints New Members, Competitive High Point Market Season

Furniture Industry News

Welcome to Furniture Industry News for Monday September 11,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the sales slump in the furniture industry due to the pandemic and other factors, the new appointments at A-America, and the competitive market season at High Point Premarket with aggressive deals.. Two furniture retailers, luxury brand RH and Virginia-based manufacturer Hooker Furnishings, are facing significant challenges as their second-quarter revenues plummeted. The trend of declining furniture sales has been observed among various other retailers, including Williams-Sonoma, Wayfair, and La-Z-Boy. This slowdown comes after years of growth fueled by the stay-at-home trends triggered by the pandemic. The decline in furniture sales is part of a larger shift in consumer spending patterns since the beginning of the pandemic. As people stayed home and halted expenditures on travel and leisure experiences, they redirected their spending towards physical goods, including furniture. However, this demand surge is now waning, leading to a drop in sales across the furniture industry. The housing market is also contributing to the decline in furniture purchases. Rising home prices, coupled with mortgage rates remaining high, have made affordability a challenge for many potential buyers. The result is a slowdown in the housing market, reducing the demand for furniture. The current environment is presenting significant challenges to the furniture industry. Luxury housing and the overall economy are expected to remain challenging, particularly due to elevated mortgage rates and limited inventory. Moreover, the end of the federal student loan repayment pause poses a potential risk to consumer spending on furniture, as individuals may have less disposable income. While some retailers are hopeful that furniture sales will rebound in the future, the industry as a whole faces uncertainty. The ability and willingness of consumers to spend, influenced by economic factors such as student loan conditions, will likely impact the furniture market in the coming months.

Sep 11, 2023 · 6:03

logo

Labor Day Sales, West Coast Dockworker Contract, Flexport CEO Steps Down, Young Consumer Furniture Purchasing

Furniture Industry News

Welcome to Furniture Industry News for Friday September 8th, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover retailers' concerns about interest rates, existing home sales, and inflation, President Biden's belief that maritime and trucking labor unions' success lowers inflation and strengthens the US economy, CEO Dave Clark's sudden departure from Flexport, and the prediction that Gen Z and millennials will dominate furniture purchases in 2023.. The Labor Day holiday sales weekend has come and gone, and retailers are reflecting on how it went. Overall, the consensus seems to be that sales were good, although not amazing. Many furniture dealers were satisfied with the results, considering it's typically a slow period. But they also realize that the Labor Day sales push is just one event in a year full of promotional opportunities. Retailers like home Furniture and City Furniture had slightly lower sales compared to last year, but they were still happy with the outcome. Home Furniture focused more on offering discounts, while City Furniture saw strong sales in mattresses and other promoted categories. Bacon's Furniture, on the other hand, faced some unique challenges due to hurricane damage. They had to heavily discount their goods to clear out old inventory and make way for new products. Looking ahead, retailers are keeping an eye on existing home sales and interest rates. The turnover of existing homes is crucial for the furniture industry to thrive. However, high interest rates and financial struggles may deter some buyers from making furniture purchases. The hope is that mortgage rates will come down in the future, making home purchases more affordable and boosting furniture sales. Despite the challenges, there are positive signs in the overall economy. Unemployment remains low, and there are job opportunities available. That, coupled with a predicted recovery of home sales in the next year, gives retailers hope for a solid future.

Sep 8, 2023 · 8:44

logo

US Economy's Slowing, Store Bankruptcies & Closures, Bed Bath & Beyond & Overstock

Furniture Industry News

Welcome to Furniture Industry News for Thursday September 7, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the US economy's slowing momentum, bankruptcy filed by Mitchell Gold and Bed Bath & Beyond's struggling sales after rebranding.. The latest data reveals a deceleration in the momentum of the U.S. economy, although it is still experiencing growth, according to National Retail Federation Chief Economist Jack Kleinhenz. Despite progress in combating inflation, higher prices persist, and consumers continue to favor services over retail goods in their spending habits. Additionally, the third quarter started with less momentum than expected. In the September edition of NRF's Monthly Economic Review, Kleinhenz stated that the Bureau of Economic Analysis revised its earlier estimate, indicating that the gross domestic product grew at a 2.1% annual rate adjusted for inflation in the second quarter, slightly lower than the previously reported 2.4%. Furthermore, the annual rate of (GDI) increased by a mere 0.5%. When combined, GDP and GDI experienced a 1.3% rise. While the economy added 187,000 jobs in August, surpassing July's figure of 157,000, this falls significantly below the average monthly gain over the past year, which stood at 271,000. Wages and salaries also experienced a slowdown, increasing by only 0.4% in July, compared to the 0.6% growth observed in June. Despite reduced consumer confidence and persistent inflationary pressures, retail sales, excluding automobile dealers, gasoline stations, and restaurants, performed better than expected. These core retail sales rose by 3.8% year over year in July. Notably, sales were bolstered by Amazon's Prime Day, as well as special deal days offered by other retailers and entertainment-related events. The NRF previously forecasted a 4% to 6% increase in retail sales for 2023 compared to 2022. However, the economy's slowdown, driven by the Federal Reserve's interest rate hikes, makes it likely that sales will land in the lower end of the forecast, if not lower, according to Kleinhenz.

Sep 7, 2023 · 6:45

logo

Banana Republic's Expansion, Home Owner Renovations, Bassett Furniture Q3, Big Lots & Conns Decline

Furniture Industry News

Welcome to Furniture Industry News for Wednesday September 6, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover Banana Republic's expansion into the home decor market, the challenges and preferences of homeowners regarding home renovation projects, Bassett Furniture's expected net loss in Q3, and the decline in net sales and increased losses for Conn's and Big Lots in the furniture sales industry.. Banana Republic, the renowned apparel brand, is expanding its horizons in the home decor market. After venturing into select soft home categories earlier this year, Banana Republic is now entering the whole-home business. The new BR Home collection offers a comprehensive range of bedroom, living room, and dining room furniture, as well as lighting and home decor items. With a dedicated website at b r home.com the collection will also be available in select U.S. stores by the end of September. Pop-up experiences in New York City and Los Angeles will give customers a chance to explore the collection in-person. The BR Home collection focuses on three key aesthetics that can seamlessly coexist. Textured Modern combines classic and contemporary looks with clean lines, mixed materials, and minimalist aesthetics. Classic Chic combines traditional forms with modern finishes for a stylish twist. Explore is inspired by global influences and showcases artisanal craftsmanship and natural elements. Banana Republic President and CEO, Sandra Stangl, explains that their brand is all about self-expression and discovery, offering customers a new way to outfit themselves and their homes. The collection offers a range of prices to cater to different budgets. For example, prices range from $150 for vases to $4,950 for sofas. Highlights from the collection include the Stinson sofa, Marquis and Savannah dining collections, Atlas Moroccan rugs, Phoenix furniture pieces, and Nova lighting. Aaron Rose, Chief Commerce and Experience Officer for Banana Republic, emphasizes the brand's commitment to craftsmanship. Whether it's through traditional global handicrafts or collaborating with small companies in the maker culture, Banana Republic values the artistry and quality of their products. With the launch of the B R Home collection, Banana Republic is ready to bring its signature style and attention to detail into customers' homes, offering them a curated selection of furniture and decor options for modern living.

Sep 6, 2023 · 12:15

logo

Is Shutdown the New Chapter 11, High Points The Point Pop Up Venue, Truth About the Truck Driver Shortage

Furniture Industry News

Welcome to Furniture Industry News for Tuesday September 5,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the abrupt shutdown of furniture companies due to financial challenges, the educational and social events offered by the High Point Market Authority at The Point, and the truck driver shortage in specific fleets and the contribution of independent operators to capacity.. It's no secret that the furniture industry has faced numerous challenges in the past few years. From the pandemic to supply chain issues, plummeting demand, inflation, and tightening credit, companies have been hit hard. It's not surprising that some have fallen in the face of this economic onslaught. What is surprising, however, is how quickly some companies have gone from conducting business as usual to shutting down completely. Take Lane, Klaussner, and Mitchell Gold + Bob Williams, for example. These companies went from operating one day to being closed the next, leaving employees with no advance notice or time to react. Lane resorted to midnight emails telling employees not to show up for work ever again. Klaussner was slightly better, as employees were informed at the end of the day that it was their last day. They at least had the opportunity to clean out their desks and lockers. Mitchell Gold + Bob Williams went the route of a hastily printed letter taped to a sign in front of the building, informing employees not to come in because they were all fired. These abrupt shutdowns were supposed to serve as the companies' WARN notifications, but it's doubtful that's how the law intended it to work. In all three cases, the companies' banks were the ones pulling the plug, leaving us wondering why the lenders believed that shutting down completely was a better option than filing for Chapter 11 or Chapter 7. This raises questions about how damaged these companies were for a lender to make the decision that closure was the only solution. It's also worth considering why the traditional reorganization methods were not pursued. Did someone, or some entity, determine that a reorganization or sale was simply not feasible? It wouldn't be surprising if the banking sector has reconsidered the traditional response of Chapter 11 or Chapter 7 for struggling companies. Perhaps there's something unique about these cases that has made shutdown the preferred option, but it remains unclear. These three companies aren't the only ones struggling in the current business climate. More companies will likely face similar choices in the months to come. It will be interesting to see if the more traditional reorganization methods make a comeback or if shutdown becomes the new Chapter 11.

Sep 5, 2023 · 7:29

logo

CPSC Furniture Safety Meeting, Millennials and Gen Z Consumers

Furniture Industry News

Happy Labor Day and welcome to Furniture Industry News for Monday September 4th, 2023. We're here to keep you up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the US CPSC's virtual meeting with ASTM on anti-tip restraints, the closure of Gamburg's Furniture in Hatboro, PA, and how technology, nostalgia, experiential retail, and storytelling shape consumer behavior and brand loyalty.. Kristen Talcott from the Engineering Sciences division of the U.S Consumer Product Safety Commission will be participating in a virtual meeting with the Furniture Subcommittee task group. This meeting will discuss tip-over restraints used with clothing storage units, with the objective of preventing tip-over incidents. The meeting is scheduled to take place from 11 a.m. to noon eastern time on September 7th. During the meeting, participants will engage in discussions regarding potential new requirements and testing procedures for anti-tip restraints used with clothing storage units. This meeting was initiated upon the request of ASTM International. It is noteworthy that a new mandatory federal safety standard, specifically addressing clothing storage unit stability, came into effect on September 1st for units manufactured from September 2nd onwards. By focusing on product design and engineering, this safety standard aims to promote the development of more stable furniture and consequently prevent tip-over incidents. Additionally, CPSC and other stakeholders also emphasize the importance of utilizing anti-tip restraints to secure units to the wall.

Sep 4, 2023 · 3:55

logo

Nonessential Spending, August Manufacturing Levels, Customers in Search of Deals

Furniture Industry News

Welcome to Furniture Industry News for September 1st, 2023. We're here to keep you up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the high percentage of US consumers living paycheck to paycheck, the continuous contraction of the US manufacturing sector, and concerns about lower holiday spending and consumer cutbacks in response to inflation.. According to a recent report by LendingClub over 60% of U.S. consumers are living paycheck to paycheck. Interestingly, a significant number of these consumers attribute their financial strain to nonessential spending. The report, which analyzed data from 3,443 U.S. consumers, revealed that approximately 16 million Americans, representing just over 10% of those living paycheck to paycheck, cited nonessential spending as the primary hindrance to escaping their current financial cycle. An additional 21% of paycheck-to-paycheck consumers identified nonessential spending as one of the reasons for their struggles, though not the main factor. Alia Dudum, LendingClub's Money Expert, emphasizes the impact of nonessential spending on consumers' financial stability, stating, "With ongoing inflation requiring consumers to tighten their belts, nonessential spending can mean the difference between living paycheck to paycheck or not." The report also found that approximately 6% of the U.S. adult population can be classified as "discretional" paycheck-to-paycheck consumers, whose financial lifestyle is primarily influenced by nonessential spending. Additionally, 13% of consumers live on a tight budget partly due to nonessential spending. Although nonessential spending affects consumers across various generations, younger consumers appear to be more impacted. A significant 29% of Gen Z consumers living paycheck to paycheck identified nonessential spending as a contributing factor, with 15% citing it as the primary reason. In contrast, only 12% of Baby Boomers and seniors attribute their financial situations partly to nonessential spending. Dudum advises all consumers, particularly younger generations prone to indulging in nonessential spending, to regularly assess their spending habits and be mindful of the compounding effect it can have on their financial stability. Failure to do so may lead to mounting debts. Interestingly, nonessential spending doesn't solely affect those in tight financial situations. The report reveals that at least 74% of consumers acknowledge purchasing "nice-to-have" items during grocery shopping, while 70% admit to doing the same for retail purchases. Younger consumers were found to be more inclined to spend on activities, travel, and personal services compared to Gen X, Baby Boomers, and seniors.

Sep 1, 2023 · 6:06

logo

Retailers Ready for Labor Day, Container Rates Drop, Furniture Orders Up

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com for August 31st, 2023, where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the biggest sales weekend for home furnishings retailers during Labor Day, falling container rates and rising new orders for furniture manufacturers.. Labor Day weekend is a significant time for home furnishings retail, comparable to Super Bowl Sunday. As the summer comes to an end, this weekend traditionally brings the biggest sales of the year, with stores offering their best deals and promotions to wrap up the year on a high note. This year, retailers are especially motivated to make up for a slow 2023, as many consumers have been cautious with their spending due to economic concerns. Eric Easter, CEO of Kittle's Furniture, expressed the importance of this weekend, stating that they are fully prepared with attractive offers and financing deals. Their marketing efforts include a comprehensive mailer showcasing a wide range of products and promotions. They are focusing on communicating a message of style and value to meet the needs of consumers who are looking for affordability. Furnitureland South, while not typically known for holiday sales, extends their "Awesome August" promotion into Labor Day weekend. This approach allows them to finish August and start September on a strong note, with major discounts from their vendors. Interiors Home, based in Lancaster, is heavily emphasizing finance as their lead messaging for the holiday weekend. They recently held a successful private financing event and are offering attractive financing options to customers. Georgia Furniture Mart is also gearing up for a successful Labor Day weekend, expecting consumers to seek the best values during major holidays. They are offering customizable discounts based on the amount customers spend and have special buys on overstock merchandise throughout the store. Overall, retailers are optimistic, with the belief that Labor Day weekend can provide a much-needed boost in sales and set a positive trajectory for the remainder of the year.

Aug 31, 2023 · 5:43

logo

Furniture Stability Standard Goes Into Effect, Conn's Q2 Revenues, Mitchell Gold + Bob Williams Owner Responds, Zero-Emission Requirement

Furniture Industry News

Welcome to Furniture Industry News for Wednesday August 30,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the new federal furniture stability standard, Conn's HomePlus Q2 revenues decline but growth in e-commerce sales and credit applications, Mitchell Gold + Bob Williams founder's reaction to furniture company closure, and the upcoming requirement for new trucks near ports to be zero-emission and the concerns and potential impact on the trucking industry and shipping costs.. The new federal furniture stability standard is about to go into effect, and it will have an impact on all manufacturers of clothing storage furniture. This standard, which will be implemented on September 1st, applies to all products manufactured on or after September 2nd. It is based on the updated voluntary standard known as ASTM F2057-23, which was approved by the Consumer Product Safety Commission on April 19th, in compliance with the requirements of the STURDY Act. The STURDY Act, enacted in December 2022, aims to prevent children from being injured by furniture tip-overs. As part of this legislation, regulators were tasked with establishing a mandatory rule for the manufacturing, labeling, and testing of clothing storage furniture. The scope of the new standard includes free-standing clothing storage units like chests, armoires, and dressers. These units must meet three criteria to fall within the rule: they must be 27 inches or taller, weigh 30 pounds or more, and have 3.2 cubic feet of enclosed storage volume. These criteria were developed to cover children up to 72 months of age, who account for approximately 80% of all deaths related to clothing storage unit tip-overs. It's important to note that the standard does not cover shelving units, office furniture, dining room furniture, or occasional/accent furniture not intended for bedroom use. To ensure compliance with the STURDY Act, includes three stability tests. These tests simulate the weight and actions of a child weighing up to 60 pounds interacting with a clothing storage unit. The tests involve placing simulated clothing loads in drawers, applying horizontal forces, and simulating a reaction on carpeted surfaces. The approval of the updated standard by the Consumer Product Safety Commission on April 19th was widely applauded by industry and advocacy groups. The American Home Furnishings Alliance and Parents Against Tip-overs expressed their satisfaction with the CPSC's decision, recognizing the collaborative efforts and hard work that led to the implementation of these life-saving improvements. Overall, the new federal furniture stability standard is a significant step forward in ensuring the safety of children and preventing furniture tip-over accidents.

Aug 30, 2023 · 9:48

logo

Cargo Driver Strike Delayed, Consumer Confidence Takes Tumble, Classic Brands Mattress Recall ,Big Lots Q2 Results

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the postponed nationwide strike and protests by cargo truck drivers in Mexico, the decline in consumer confidence in August, the US recall issued for Classic Brands Cool Gel memory foam mattresses, and the net loss reported by top retailer Big Lots in Q2 2023.. As a follow up to the breaking news furniture podcast.com brought to you yesterday in regards to the potential strike by freight carriers in Mexico. The potential strike and protests by cargo truck drivers in Mexico have been postponed following the willingness of federal authorities to address their demands. According to officials from the Mexican Alliance of Carrier Organization, the nationwide strike and demonstrations, which were originally scheduled for Tuesday and Wednesday, have been delayed for three months. The demonstrations were intended to highlight various issues affecting truck drivers in Mexico, including cargo theft and violence, higher operating costs, complicated vehicle registration processes, excessive toll fees, and extortion by authorities. AMOTAC's president, Rafael Ortiz, expressed satisfaction with the federal government's receptiveness to their needs, stating that this prompted the decision to postpone the protest. Under the new agreement, the country's National Guard will meet monthly with AMOTAC officials to devise enhanced safety measures on the roadways, specifically targeting cargo theft. The National Guard has the responsibility of safeguarding Mexico's highways. Additionally, authorities have made concessions such as allowing free use of emergency ramps on the federal highway network, refraining from imposing fines on cargo trucks based on their model year, and validating nationally distributed digital licenses for cargo trucks in all states and municipalities. AMOTAC estimated that the strike could have involved up to 300,000 drivers nationwide and potentially disrupted both domestic and international freight shipments. However, Matt Silver, vice president of cross-border solutions at Arrive Logistics, indicated that most carriers associated with the National Chamber of Freight Transport did not plan to participate in the strike. Silver emphasized that the growth of the freight market in Mexico and the fluidity of rates make it unlikely that carriers and drivers want to further slow down the market. While the strike has been postponed, Ortiz cautioned that if the meetings with the National Guard and other authorities fail to yield satisfactory results over the next three months, AMOTAC may reinstate the call for a national strike. The agreements reached are significant and demonstrate a temporary delay rather than a cancellation of the strike.

Aug 29, 2023 · 9:04

logo

Massive Cargo Truck Driver Strike, Consumer Split Decision Spending, Bobby Berk as Keynote Speaker at October Market

Furniture Industry News

Welcome to Furniture Industry News for Monday August 28, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover a planned truckers' strike in Mexico demanding improved road safety and lower costs, a report revealing consumers' spending patterns on basics and luxuries, and interior designer Bobby Berk's upcoming presentation on design and mental health at High Point Market.. Moving furniture in and around Mexico could face increased difficulties this week due to a planned massive strike and protests by cargo truck drivers. The Mexican Alliance of Carrier Organizations has announced that the two-day demonstration, scheduled for Tuesday and Wednesday, could involve up to 300,000 truckers. This protest aims to address various demands, including improved road safety, lower operating costs, a ban on double tractor-trailers, simplified vehicle registration, protection against extortion, and more. The strike is set to commence at 8 a.m. Central Time on Tuesday and may result in blockades along major highways, potentially disrupting both domestic and international freight shipments. While AMOTAC, representing over 75% of the commercial cargo, tourism, and bus passenger vehicle fleets in the country, seeks to maintain peaceful demonstrations, they emphasize the consequences of the authorities' lack of interest and commitment to the sector. One of the major issues faced by truck drivers in Mexico is the danger posed by cargo thieves. AMOTAC officials highlight the daily instances of assaults, robberies, and even murders on carriers and drivers. Despite the increasing concerns, the necessary actions to counter this situation have not been implemented by National Guard commanders. The data from Mexico's Ministry of Security and Civilian Protection reveals a 10% year-over-year increase in cargo theft cases, totaling 5,470 from January through July. States such as Mexico State, Puebla, Michoacan, San Luis Potosi, and Jalisco have reported the highest number of cases. Road insecurity and violence have plagued the country for years, negatively impacting the trucking industry. Additional demands made by AMOTAC include reducing toll road costs and ending abuses and extortion by state and municipal police. Failure by the government to engage in negotiations during the protests may lead to an extension of the strike and blockades beyond the initial two days.

Aug 28, 2023 · 6:21

logo

Mitchell Gold Bob Williams Closing, Trisha's New Home, Minwax 2024 Color

Furniture Industry News

Welcome to the weekend edition of Furniture Industry News on August 27th, 2023 where we keep you up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode I'll bring you up to speed on the announced closure of Mitchell Gold + Bob Williams, Trisha Yearwoods transition to Legacy Classic, and Minwax's color for 2024. . Did you hear about the sudden closing of the Mitchell Gold + Bob Williams factory? It's definitely causing a stir in the luxury case goods and custom upholstery market, as well as impacting their network of high-end retail stores across the country. This company has been around since 1989 and has grown from a team of 23 to over 700 employees, with a whopping 1 million square-foot factory in Taylorsville. Not only did they have their factory, but they also had 27 Signature Store locations in the U.S., as well as stores in San Juan, Puerto Rico, and Toronto, Canada. And if that wasn't enough, they had seven outlet stores and almost 40 virtual stores connecting clients with designers in major metro areas. Unfortunately, the company's apparent demise has left many wondering about the future of the retail segment. Mitchell Gold and Bob Williams, the company's principals, were not available for comment, which only adds to the uncertainty. Some speculate that the high cost pressures of operating in exclusive markets like New York, Washington, D.C., and Beverly Hills may have contributed to their struggles. It's a shame because this brand was known for its impeccably designed furniture and premium design experience. They offered a wide selection of custom upholstery and wood furniture, including sofas, sectionals, accent chairs, and more. They even branched out into the hospitality industry, designing products for hotels and restaurants. As for the future, it's unclear what path the company will take. They cited a lack of critical funding as the reason for the closure, but it's uncertain how they plan to handle outstanding orders and support their employees during the transition. All we can do is wait and see what happens.

Aug 27, 2023 · 5:33

logo

Klaussner & Lane Options, Intertextile Attendance, Antidumping Petitions

Furniture Industry News

Welcome to Furniture Industry News for Friday August 25th, 2023. In today's episode, we'll cover multiple manufacturers offering solutions for retailers facing supply issues, the increase in visitors at the Intertextile Shanghai Home Textiles expo, and the impact of an antidumping case in the bedding industry.. Manufacturers in the U.S. are stepping up to address the product supply issues faced by UFI/Lane and Klaussner retailers due to recent shutdowns. Best Home Furnishings has been actively reaching out to existing Klaussner dealers to provide immediate assistance. They understand that these dealers were caught off guard by the news and had open and special orders from customers. Best Home Furnishings is able to offer similar styles and fabrics, thanks to their diverse lineup and over 700 cover options, ensuring that dealers can still satisfy their customers. They are also highlighting their strong financial position, domestic strategy, and fast custom-order lead times. Ultra Comfort, based in Pennsylvania, is ready to serve dealers looking for lift recliners and power recliners. They have a quick-ship program where products are shipped within 24 to 48 hours of order entry. They offer quick ship options for all their frames and have stocked models of their Ultra Cozy non-lift power recliners. Homestead Furniture in New Albany, Miss., can provide made-to-order motion upholstery in three weeks. They have retail price points starting from $899 and go up to $2,599 to $3,499 for sectionals. Homestead Furniture prides itself on being a special-order boutique motion company and has built a team with extensive experience in furniture. They use Gorilla foam, which is extremely durable and provides superior breathability. These manufacturers are dedicated to supporting the needs of retailers and are ready to serve their customers in the long term.

Aug 25, 2023 · 6:16

logo

Hurricane Hilary Causes Freight Disruptions, Art Van Bankruptcy Lawsuit, Student Loan Effect

Furniture Industry News

Welcome to Furniture Industry News from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the $8 million settlement reached in Art Van Furniture's bankruptcy court case, the warning issued by US retailers and food chains about a potential slowdown in consumer spending as student loan payments resume, and the disruptions caused by heavy rains and flooding from Tropical Storm Hilary on Union Pacific's Southern California network, leading to rail service interruptions and delays.. An $8 million settlement has been reached in federal bankruptcy court in relation to the sale of Art Van Furniture to a private equity firm in 2017. The settlement, approved by Judge Craig Goldblatt of the U.S. Bankruptcy Court in Delaware, will see the majority of the amount being paid by the National Union Fire Insurance Company. However, the agreement does not constitute an admission of any allegations made, and the defendants have been released from all claims by the trustee, Alfred T. Giuliano. Gary Van Elslander, son of Art Van Elslander, expressed his family's relief that the lawsuit has been settled. Nevertheless, he acknowledged that it remains a painful chapter for both the family and the employees of the former Warren, Michigan based retailer. He voiced his sympathy for the employees, stating that they were the heart of the company and likely suffered the most in this ordeal. According to Gary Van Elslander, the company's downfall can be attributed to the pursuit of expansion and the introduction of external leadership. He believed that the company's culture was lost along the way, as the executive team became less hands-on with the retail stores. He also noted that management brought in from outside the Detroit area did not fully understand or prioritize the legacy and brand of Art Van Furniture. The original complaint, filed in March 2022 by trustee Alfred T. Giuliano, sought to recover over $105 million in "fraudulent transfers" and over $84.7 million in certain real properties. The complaint contended that Art Van's sale in 2017 to Thomas H. Lee Partners resulted in a highly leveraged transaction that burdened the debtors with unsustainable debt while benefiting the defendants. Art Van filed for Chapter 11 bankruptcy protection in March 2020 and subsequently converted to Chapter 7 in April of the same year. Prior to the bankruptcy proceedings, the company ranked No. 14 in Furniture Today's 2020 Top 100, with $1.043 billion in sales across 192 stores in 2019.

Aug 24, 2023 · 6:54

logo

Learnings From Yellow Freight, La-Z-Boy Hits Targets, Dutch Boy Color of 2024, Future of Consumer Purchases

Furniture Industry News

Welcome to Furniture Industry News for Wednesday August 23,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the bankruptcy of Yellow and its impact on supply and prices for furniture retailers, the Q1 sales performance of La-Z-Boy and their plans for Q2, the upcoming research findings on consumer purchasing plans for home furnishings, and Dutch Boy Paints' unveiling of the 2024 One-Coat Color of the Year.. Yellow, a formerly prominent player in the transportation industry, filed for bankruptcy earlier this year after nearly a century of operation. This bankruptcy is significant not only because it is the largest in the trucking sector in the United States to date, but also because it impacts the company's 30,000 employees. Beyond the immediate repercussions, this event sheds light on underlying issues that have plagued the industry for years: financial management challenges and a lack of focus on customer experience. The closure of Yellow has had a short-term impact on the supply chain, particularly for retailers who relied on the company's affordable less-than-truckload services. With this option no longer available, furniture retailers can expect higher prices for shipping. However, there may be some silver linings in this situation. Working with other companies that offer higher-priced services could result in fewer damages and returns on deliveries. These companies tend to leverage advanced technology to mitigate such issues. Yellows focus on cost-cutting may have hindered the adoption of modern supply chain technology, potentially impacting their reputation. Furthermore, the trucking industry has faced a slowdown in recent months due to reduced online consumer spending as pandemic restrictions ease. This, coupled with the sudden unemployment of 30,000 Yellow workers, has disrupted the delicate balance that previously existed between industry fluctuations and driver availability.

Aug 23, 2023 · 6:16

logo

Panama Traffic Jam, YoY July Home Sales, Nearshoring

Furniture Industry News

Welcome to Furniture Industry News for August 22, 2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover a severe drought causing ship backup at the Panama Canal, the decline in existing home sales in the US, the importance of nearshoring and technology for the furniture industry's future, and allegations of unfair and unethical practices by American Freight.. A severe drought in Panama has caused significant disruptions at the Panama Canal, resulting in over 160 ships being backed up and impacting trade to the East and Gulf Coast ports. In response to the drought, canal authorities have implemented measures to conserve water, including reducing maximum ship weights and limiting the number of daily transits. The canal, which relies on rainwater for replenishment, requires approximately 50 million gallons of water per container ship passage, with only a portion of it being recycled. The delays caused by the backup have led to some ships experiencing delays of up to 21 days. Ship owners are now either carrying less cargo or searching for alternative routes to minimize disruption. The Panama Canal is a crucial transportation route, with over 14,000 container ships passing through in 2022, facilitating the movement of 40% of all consumer goods between Northeast Asia and the U.S. East Coast. The delays are estimated to result in a loss of $200 million in revenue for Panama and could potentially lead to price increases for groceries and parcels in the United States. Although the current water restrictions are in place until September 2, the situation remains fluid and subject to change. Tim Hansen, Chief Commercial Officer at Dorian LPG, expressed the challenges of navigating the canal amid the uncertainties caused by the delays. Droughts are not uncommon in the region and are expected approximately every five years. However, this particular drought is more severe and occurring only three years after the last one. The Panama Canal authorities have implemented water-saving measures to manage reservoir capacity during the rainy season from May to December and to meet water demand during the dry season from January to April. However, the current drought is unprecedented, leading to the driest year on record since 1950. The situation highlights the need for ongoing efforts to address water conservation and adapt to changing environmental conditions in the region.

Aug 22, 2023 · 9:51

logo

Franchise Group Acquisition, DTC Furniture Success, PE & Furniture, Are You Ready for Change?

Furniture Industry News

Welcome to todays Furniture Industry News for Monday August 21,2023 from FurniturePodcast.com where you can stay up to date on the latest news surrounding the ever-evolving furniture industry! In today's episode, we'll cover the purchase of Franchise Group, Amazon's market share leadership in the direct-to-consumer retail channel, Klaussner's shutdown due to private-equity ownership, and how technology-driven customization and consumer demand for comfort and wellness are shaping the future of the home furnishings industry.. The acquisition of Franchise Group has been successfully completed, leading to the ownership of renowned retailers American Freight, Badcock Home Furniture &more, and lease-to-own retailer Buddy's Home Furnishings. A buyer group, headed by CEO Brian Kahn and consisting of members of the company's senior management team, joined forces with a consortium that includes certain of Kahn's affiliate entities, B. Riley Financial and Irradiant Partners, to facilitate the acquisition. The approval of all proposals related to the acquisition was granted by stockholders, including those who hold a majority of the outstanding shares of common stock not held by the buying consortium. The acquisition was reportedly valued at $2.6 billion. Following the completion of the merger, the common stock and preferred stock of Franchise Group ceased trading and were delisted from the Nasdaq Global Select Market. Additionally, Franchise Group will finalize the redemption of all outstanding shares of its 7.5% Series A Cumulative Preferred Stock, which holds a par value of one cent per share, on August 22.

Aug 21, 2023 · 10:36

logo

Fall 2023 HP Market Expands, Home Improvement Boom Over?, Time For New Ideas

Furniture Industry News

Welcome to Furniture Industry News for Friday August 18th, 2023. In today's episode, we'll cover ANDMORE's Suites at Market Square showcasing over 300 temporary exhibitors, the shift in consumer spending from DIY projects to leisure activities, and the impact of tepid home sales and rising prices on first-time buyers and the remodeling market.. At this year's High Point Market, ANDMORE's Suites at Market Square (SAMS) is going all out with the largest presentation of temporary exhibitors. With 50 out of the 300 exhibitors making their debut, this is definitely something you don't want to miss. Dorothy Belshaw, ANDMORE's executive vice president and chief growth officer, couldn't contain her excitement. She emphasized how SAMS is the perfect platform to showcase the latest in home furnishings and design-driven resources. It's where innovation and fresh ideas collide with seasoned brands. Taking a closer look at SAMS, you'll find over 300 temporary exhibitors spread across the three floors of the building. SALON, the design-forward collection on the ground floor, is home to some exciting new additions. Expect to see Bodrum with their stunning tabletop linens, Domain of the Flowerings displaying visual art inspired by wildflowers, and Les Céramiques de Lussan showcasing their delicately handcrafted ceramic Guinea Hens from France. And that's just the beginning. Loll Designs will be there with their outdoor furniture and accessories, along with Maison Maison Design featuring decorative lampshades. But it doesn't stop there. Some notable newcomers are set to make their grand entrance this fall. Deluxehomeart will light up the scene with their LED candles, Get Lit will brighten things up with their table lamps, and Hasan's Rugs will showcase beautiful Oriental area rugs. Kasama Furniture will have you swooning over their luxury timber furniture, while Ledge will provide in-pool and outdoor furniture and accessories that will elevate any space. Keep an eye out for Linea Coevo Inc, bringing Canadian home furnishings to the forefront, and Mother Mohair with their ethically-sourced wool blankets and rugs. And don't miss Submaterial, who specializes in handcrafted design pieces for home interiors. And let's not forget those who are making a comeback. B. Maraffi Home will be there with their luxury throw pillows, bedding, and lifestyle accessories. Coohom is returning with their 3D interior design technology, and Olker Rugs will showcase their one-of-a-kind floor coverings. Trust me, you won't want to skip out on SAMS this year. It's going to be an unforgettable experience filled with innovative designs and fresh perspectives.

Aug 18, 2023 · 7:26

logo

July Sales & Housing Starts, Franchise Group Sale, Container Rates

Furniture Industry News

Welcome to Furniture Industry News for Thursday August 17,2023, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the July retail sales increase and its impact on the back-to-school shopping season, the rise in overall US housing starts with a decline in total permits, the approval of the Franchise Group acquisition valued at $2.6 billion, and the increase in spot container rates with variations in Shanghai to New York and Shanghai to Los Angeles rates.. According to the National Retail Federation, retail sales in July showed an overall increase compared to both the previous month and the same period last year. However, experts from Circana, formerly known as IRI and the NPD Group, have a different perspective. They argue that despite the positive news about rising retail sales, consumer purchasing is actually declining. Circana's report states that in July 2023, U.S. retail sales revenue, including discretionary general merchandise and consumer packaged goods , increased by 2 percent compared to the previous year. However, unit sales saw a decline of 2 percent. Discretionary general merchandise spending continued to decline, with a 4 percent decrease in dollar sales and a 7 percent drop in unit sales compared to the previous July. On the other hand, CPG spending remained elevated, with 4 percent growth in food and beverage and a 3 percent increase in non-edible revenue. Nevertheless, the impact of increased prices on demand is evident, as unit sales in both edible and non-edible segments fell by 1 percent and 3 percent, respectively. Marshal Cohen, chief retail industry advisor for Circana, emphasizes the need for retailers and manufacturers to identify the trigger points that will motivate consumers to start spending, despite challenges and reprioritization in the current economic climate. The decline in discretionary general merchandise spending has continued into the first week of August, with a 5 percent year-over-year decline in sales revenue and an 8 percent drop in unit sales. Changes in consumer spending behavior have resulted in a delayed start to the back-to-school shopping season. Traditionally, the first week of August is a peak period for back-to-school shopping. However, sales revenue for back-to-school general merchandise has dipped, falling below both last year's levels and pre-pandemic levels from 2019. Cohen notes that consumers are postponing their purchases, which means that a significant portion of back-to-school retail sales will occur after the traditional shopping period. While back-to-school shopping hasn't disappeared entirely, the season will be delayed, with more sales expected in late August, September, and even October.

Aug 17, 2023 · 7:34

logo

West Coast Dockworkers Vote, Shanghai Turns Gen Z, $787 Millon Bunk Bed, Behr 2024 Palette

Furniture Industry News

Welcome to Furniture Industry News for Wednesday August 16, 2023, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the topics of labor agreement vote at the ports, upcoming furniture design events, a legal case involving a bunk bed manufacturer, and the announcement of Behr Paint's Color of the Year.. Dockworkers at the ports of Los Angeles and Long Beach are currently in the process of voting on a labor agreement that was tentatively reached earlier this summer. The Pacific Maritime Association and the International Longshore and Warehouse Union had been engaged in negotiations and faced numerous disruptions for nearly a year before finally reaching a tentative six-year contract in June. The agreement, which would apply to approximately 22,000 workers across 29 West Coast ports, has not yet had its full terms disclosed. However, according to the Daily Breeze, it includes a 32% pay increase until 2028, as well as a one-time "hero bonus" for those who worked tirelessly during the pandemic. The voting process began on August 15 and will continue until August 17. Once the contract is ratified by the dockworkers, it will then be subject to final approval by the PMA. The labor contracts for the dockworkers had originally expired in July 2022. Over the course of nearly a year, negotiations took place, but a resolution could not be reached regarding wages, safety, and automation. The ongoing tensions resulted in multiple incidents of walkouts and disruptions, causing significant shutdowns and delays. In fact, the Port of Los Angeles reported operating at only 70% capacity in June, with half of the missing capacity attributed to labor disruptions by port director Gene Seroka.

Aug 16, 2023 · 7:59

logo

DOC's July Estimates, AI Forklifts, Big Box Traffic, New Lovesac Silhouette

Furniture Industry News

Welcome to Furniture Industry News for August 15,2023, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the decrease in July furniture and home furnishings sales, Arauco's purchase of autonomous electric forklifts, the analysis of customer visits to Walmart, Costco, and Target, and Lovesac's introduction of Angled Sides to its Sactionals portfolio.. According to the latest advance monthly estimates from the U.S. Department of Commerce, the sales of furniture and home furnishings in July experienced a decline of 6.3% compared to July 2022, amounting to an adjusted $11.039 billion in sales. This figure is significantly lower than the $11.781 billion generated in the same period last year. Furthermore, when compared to the previous month, furniture and home furnishings sales fell by 1.8%. For the first seven months of 2023, furniture and home furnishings sales reached $77.532 billion, marking a 3.8% decrease compared to the same period in 2022. In terms of the overall retail snapshot for July, it amounted to an adjusted $696 billion, showing a 3.2% increase compared to July 2022, and a 0.7% increase from June. When examining year-over-year trends, only gas stations experienced a more substantial decline (20.8%) than the furniture and home furnishings category. Building material, garden equipment and supplies dealers (down 3.3%) and electronics and appliance stores (down 3.1%) also fell behind. Conversely, food services and drinking places saw a noteworthy increase of 11.9%, while non-store retailers witnessed a growth of 10.3% compared to 2022. Health and personal care stores and motor vehicle and parts dealers also displayed considerable gains. The Department of Commerce's advance estimates are derived from a sub-sample of the U.S. Census Bureau's full retail and food services sample. The selection process involves a stratified random sampling method, resulting in approximately 5,500 retail and food services firms whose sales are then weighted and benchmarked to represent the complete universe of over 3 million retail and food services firms.

Aug 15, 2023 · 8:55

logo

AI-Enhanced Shopping, Why Consumers Buy, The Home of Tomorrow

Furniture Industry News

Welcome to Furniture Industry News for August 14th 2023, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the use of ChatGPT by consumers, the importance of understanding furniture trends with a holistic view, and the future of homes focusing on physical and emotional recovery, nature, sustainable materials, and personalized technology.. A recent consumer survey conducted by Constructor, based in San Francisco, explored the adoption and potential usage of ChatGPT in online shopping. The survey included 462 individuals aged 18 and above and was conducted in April. Results indicated that approximately one-third of the participants had used ChatGPT either at work or in their personal lives, with the highest percentage of users (43%) falling within the 18 to 44 age group. The survey uncovered that consumers' tech-savviness extends not only to their use of the latest technology but also their willingness to utilize it during their online shopping experiences. Among the respondents, 29% expressed interest in having ChatGPT assist them in asking questions or explaining their preferences, while 25% were open to using other artificial intelligence programs to receive personalized search results based on their feedback. Furthermore, 65% of the participants desired personalized service, which would factor in their brand preferences, color choices, price range, and more. When focusing specifically on e-commerce, the survey found that 42% of the respondents would either be very or somewhat comfortable using ChatGPT on a retail site to help them discover the right products. For the age group of 18 to 44, this number increased to 48%. Conversely, 22% of the shoppers expressed some level of discomfort with the idea of using ChatGPT in e-commerce. Their concerns centered around potential biased results, privacy issues, and fears of inaccuracy. Courtney Austermehle, the Chief Marketing Officer at Constructor, noted that consumer sentiments regarding ChatGPT in e-commerce varied greatly, suggesting that shoppers are still uncertain about the technology's capabilities. Austermehle emphasized the importance for e-commerce companies to demonstrate ChatGPT's value to consumers and their own revenue before making significant investments.

Aug 14, 2023 · 8:13

logo

Inventory Leveling?, Fall 2023 Market Styles, The Next Few Months for Imports

Furniture Industry News

Welcome to the weekend edition of Furniture Industry News released on August 13th, 2023. Furniture industry news is your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover inventory issues in the retail industry, efforts to stabilize inventories, Andmore's Fall 2023 TrendWatch exploring Brights & White and Middle Ground trends at High Point Market, and a group of US mattress manufacturers filing a petition against 13 countries for importing mattresses at lower-than-normal prices.. Inventories have been a significant concern for months now, tying up vast amounts of cash in both retail and wholesale warehouse facilities. Imagine having too much product when the demand is low, and then not having enough of the right product when customers are ready to buy. Quite the conundrum! Now, this situation varies greatly from dealer to dealer, but the U.S. Department of Commerce has given us some consistent insights. Their latest report shows that inventories at furniture and home furnishings stores were $30.8 billion in May. That’s down from earlier months, and it's part of a broader trend, with most categories seeing a fall in inventories since the year began. If we travel back to 2019, pre-pandemic times, those numbers ranged from $27.2 billion to $28.8 billion. And adding to this complexity is the fact that much current inventory was bought when container prices were sky-high. So, retailers may have to take a loss to move some of these products, especially the ones that were bought out of desperation during supply chain disruptions. But there's good news. New merchandise is arriving in lower-cost containers. That means those extra transportation costs won't be passed on to the customer. A crucial shift, considering the potential losses on goods purchased when containers were as high as $20,000! On the wholesale side, inventories peaked at $19.5 billion this January and have been falling. While still higher than pre-pandemic levels, it's a sign that retail and supplier sides are gradually returning to more normal business conditions. Now, I also want to share some insights from the recent quarterly Furnishings Digest Newsletter and Smith Leonard's Furniture Insights for May. They point out that after being bumper to bumper with goods, massive efforts have been made to normalize these inventories. Today, over half of furniture and mattress retailers have reached some equilibrium, and it looks like that trend will continue. It's been quite the journey, but it looks like the industry is taking strides towards stabilization.

Aug 14, 2023 · 8:27

logo

Purple Innovation's Q2 Revenue Decline, Furniture Maker's 5-Year Journey into Employee Ownership,

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode Friday August 11th, we'll cover Purple Innovation's decline in net revenue and net loss, their optimism about the future, and the rising popularity of selling businesses to employees through Esops as an exit strategy in the furniture industry.. Omnichannel mattress brand Purple Innovation reported a 16.1% decline in net revenue for the second quarter, falling from $144.1 million to $120.9 million compared to the same period last year. The company attributed this decline to five key factors. Firstly, there was a decrease in demand for home-related products, impacting overall sales. Additionally, inflationary pressures led to reduced consumer spending on discretionary items. Furthermore, consumers engaged in pull-forward buying during the pandemic, which resulted in a temporary decrease in sales. Moreover, price reductions on new mattress and adjustable base floor models to wholesale partners, in line with industry standards, also contributed to the decline. Lastly, increased discounting on discontinued models sold through direct-to-consumer channels further impacted revenues. Purple's wholesale revenue saw a 15.5% drop, while direct-to-consumer sales fell by 16.6% compared to the same period last year. The company explained that the decrease in direct-to-consumer revenues was partially offset by growth in branded showroom sales, which were supported by the opening of 16 new showrooms in the past year. Purple's CEO, Rob DeMartini, stated that despite the mid-quarter launch timing and broader industry pressures, the company's refreshed product lineup and premium brand positioning showed positive indications for future growth. The company experienced strong momentum in June, with revenue up by 18% compared to the first five months of the year. DeMartini also mentioned the continued rollout of new products with additional wholesale partners, which positions the company for improved results in the second half of the year. For the second quarter, Purple reported an earnings loss of $31.3 million, compared to a loss of $8 million in the same period last year. Adjusted earnings, which excludes certain expenses, showed a loss of $18.5 million, compared to a loss of $300,000 in the prior year period. Considering a more cautious outlook for industry demand, Purple adjusted its 2023 net revenue guidance to be in the range of $560 million to $590 million, with adjusted earnings projected to be a loss of $10 million to breakeven. To support its operations, Purple secured a new $25 million loan with Callodine Commercial Finance, as well as a revolving credit line of up to $50 million led by the Bank of Montreal. This financing replaces the company's previous plan with KeyBank and provides greater flexibility.

Aug 11, 2023 · 6:43

logo

Klaussner's Closure, Acceleration of Case Goods, J.B. Hunt's New Furniture Shipping Services in the Pacific Northwest

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the abrupt closure of Klaussner Home Furnishings, the challenges faced by the furniture industry during the pandemic, and the benefits of J.B. Hunt's new terminal in the Pacific Northwest for furniture delivery and distribution services.. Earlier this week, Klaussner Home Furnishings, a company that had been in business for 60 years, unexpectedly closed its doors, leaving the town of Asheboro, N.C. and its employees in a state of shock and sadness. Chuck Welch, a former regional vice president who had dedicated 38 years to the company, expressed his deep disappointment. He had joined Klaussner at the request of the retired President and CEO, J.B. Davis, who saw potential in him fresh out of college. Welch became enamored with the industry, the people, and the company itself, remaining loyal throughout his career. He expressed empathy for all those who lost their jobs and for the community. Nearly 880 employees across seven locations will be affected by this sudden shutdown. Welch admitted that for several weeks, he had sensed that something was amiss with Klaussner's business, but he held onto hope that the situation would improve. It was only when he heard about the closure of the Vietnam office that he realized the severity of the situation. The news of Klaussner's collapse without warning has left many in the industry wondering how a company that used to be valued at $500 million could meet such a fate. Welch attributed the downfall in part to the company's sale to Monomoy Capital Partners, a private equity firm unfamiliar with the home furnishings industry. He felt that the firm did not fully grasp the complexities of manufacturing in this sector. Given today's competitive marketplace and evolving consumer demands, Welch believed that successful domestic furniture manufacturers should adopt Klaussner's original business model of providing special ordered, domestic upholstered furniture in a timely manner without burdening retail partners' inventories. In the aftermath of the closure, local companies in Asheboro have been stepping up by posting job openings on social media to accommodate those who lost their jobs at Klaussner. This response by the community reflects the tight-knit and familial culture within the company during the time of J.B. Davis and even when Bill Wittenberg took over as president and CEO in 2010. Welch expressed that after the sale of the company in 2017, the cherished company culture began to deteriorate.

Aug 10, 2023 · 7:05

logo

July 2023 Furniture Insights, Florida Shipper's Victory, and Emerald Ash Borer Spread

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the mixed economic indicators and potential recession in the furniture industry, the ordered payment from Hamburg Süd to OJ Commerce, and the devastating spread of the emerald ash borer in North Carolina leading to the probable death of millions of ash trees.. The July 2023 Furniture Insights Report sheds light on various aspects of the residential furniture industry in the context of the broader economy. Analyzing the report reveals both reasons for optimism and caution. Let's take a closer look at the key findings. The report highlights mixed results in monthly figures. While new orders experienced a 15% growth in May 2023 compared to the previous year, the overall year-to-date decline stands at 13%. The decline in shipments by 18% and the substantial 61% decrease in backlogs further contribute to the complexity of the situation. However, there is a marginal increase in receivables, along with a 23% drop in inventories, indicating alignment with the present conditions. Workforce dynamics show a 9% decrease in employees and a 13% reduction in payrolls, primarily due to attrition. In terms of national consumer confidence, optimism prevails with the Consumer Confidence Index rising to 117.0. Although mixed feelings toward current business conditions persist, there is a positive assessment of the labor market. Encouraging signs for the short-term business and labor market also point towards a rising tide. However, there are warnings on the horizon regarding leading economic indicators. Consecutive monthly declines in the LEI hint at a potential economic slowdown, with forecasts suggesting a recession from Q3 2023 to Q1 2024. Stagnation in the Coincident Economic Index showcases a mixed economic picture. The housing sector shows fluctuating trends, with both existing-home and new residential sales declining in June. However, new sales remain 23.8% higher year-over-year. Housing starts and completions, especially in single-family dwellings, are on a downward trajectory. Other national indicators provide incremental gains. Retail sales indicate modest growth with a slight increase of 0.2% in June. The Consumer Price Index shows a minor rise, particularly in shelter, food, and energy. Employment numbers remain robust with a stable 3.6% unemployment rate. Durable goods orders also display growth, with transportation equipment orders increasing by 4.7% in June. In conclusion, the July 2023 report presents a landscape of uncertainty and opportunity. While there are positive indicators such as consumer confidence and retail sales growth, there are also concerns about a potential recession and varied trends in the housing market. The furniture industry needs to remain vigilant, adapt to changing conditions, and seize opportunities while preparing for potential shifts. By navigating these uncertainties with a proactive approach, the industry can ensure continued growth and stability in the ever-changing economic landscape.

Aug 9, 2023 · 8:00

logo

The demise of Klaussner, Klaussner employee reactions, August Import Volume up

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the closure of Klaussner Home Furnishings, the surprise it brought to employees, and the expected increase in import volumes at US ports for the winter holidays after resolving supply chain issues.. The recent news of Klaussner Home Furnishings, a 60-year-old company, going out of business has sent shockwaves through the industry. With a history of sales exceeding $500 million, retailers are now left searching for alternative resources and questioning how such a successful company could falter. Originally founded as Stuart Furniture in 1963 by Stuart Love, the company made the announcement of its closure through an open letter on its website. The letter revealed that the lender was no longer willing to provide funding for the company's operations. Klaussner Home Furnishings had gained recognition as an upholstery powerhouse, particularly known for its quick-delivery sofa programs, which became a staple in the industry. Love's innovative approach involved shipping finished products to retailers just a week after receiving orders, allowing retailers to reduce their inventory loads. Under Love's ownership, sales reached $90 million. However, over the years, the company experienced fluctuations in sales. Furniture Today estimated that in 2020, Klaussner's sales were around $270 million, a 10% decline from the previous year. In 2019, the estimated sales were $300 million, while in 2009, sales were as high as $500 million. Executive J.B. Davis played a significant role in the company's growth, having joined in 1970 and serving as president and CEO until his retirement in 2010. Love later sold Stuart Furniture to Hans Klaussner in 1979, and the company was renamed Klaussner Furniture seven years later. In 2001, the company expanded its product line to include case goods, introducing the Dick Idol collection, a licensed offering featuring the renowned wildlife artist and sculptor. Klaussner Furniture continued expanding through strategic acquisitions, such as Stylecraft and JDI, securing substantial floor space in major furniture retailers. The company also ventured into high-end upholstery with the Comfort Design line in 2009 and launched its Enso Bedding brand a year later. Bill Wittenberg took over as president and CEO in 2010, leading a management buyout with Dave Bryant. The ownership change prompted a relocation from Asheboro to a new 90 thousand-square-foot showroom at 101 N. Hamilton St., situated in the heart of the market district. Klaussner then diversified its offerings once more in 2014 by entering the outdoor furniture category but decided to exit the market during the height of the COVID-19 pandemic in 2021. The company made further expansions by entering into a licensing agreement with Trisha Yearwood in 2015, resulting in the design of a whole home collection. To date, Klaussner has introduced nine collections in collaboration with Yearwood. In 2017, private investment firm Monomoy Capital Partners acquired Klaussner, reassuring that the current management team would remain intact and maintain a minority equity stake in the business. Back then, the company employed over 1,800 individuals, but as of recent estimates, its total employment had decreased to approximately 1,100. Following the Monomoy investment, Terry McNew assumed the role of CEO after Bill Wittenberg transitioned to a strategic advisory role on the board of directors. However, last July, McNew left the position, leading to David Cybulski's appointment as CEO in August. Cybulski had previously served as the company's chief financial officer and interim CEO.

Aug 8, 2023 · 8:59

logo

Latest Advancements in Climate Controlled Bedding, Americas Top 10 Best Retailers, Consumer Confidence In The Housing Market

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover manufacturers showcasing innovative climate-controlled bedding and sleep solutions, Ethan Allen ranking among America's Best Retailers with high customer satisfaction and innovative practices, and consumer confidence in personal finances rising while pessimism about purchasing a home remains.. The fall selling season is approaching, and manufacturers have unveiled a range of innovative products that aim to attract consumers back to the stores. These products cater to evolving consumer needs and focus on wellness and sustainability. Let's delve into the latest bedding trends that will keep you and your shoppers ahead of the curve. One prominent trend is climate-control technology, which addresses the demand for cooler sleep experiences. Kingsdown's K2 line of all-foam beds incorporates heat-wicking centigrade technology, featuring graphene strips and ventilated layers that effectively disperse body heat. Similarly, Spring Air International presented their Four Seasons collection, a two-sided mattress line that provides a cooling side for summers and a warm side for winters, ensuring year-round temperature regulation. The pillow category has also embraced climate control with products like Bedgear's Night Ice Performance pillow, which incorporates cooling gel and a Ver-Tex cover for maximum coolness. Moreover, health and wellness took center stage at the market. M Llily USA's ChiroPro collection, developed in partnership with the International Chiropractors Association, offers extra spinal alignment for active lifestyles. Restonic's HealthRest mattress combines cooling technology with multiple foams to enhance joint and spinal support. Therapedic's Agility line of hybrid mattresses focuses on rejuvenation and readiness for the day ahead, while King Koil's Wellness+ retail program blends their top-selling collections into a merchandising program that promotes health, wellness, and sustainability. In summary, the Las Vegas Market showcased an array of new sleep solutions that address evolving consumer needs. With a focus on wellness, sustainability, and innovative technologies, these products are set to shape the future of the furniture industry.

Aug 7, 2023 · 6:35

logo

Unloading RH Stock, Haverty's Growth, Why RTG Bought Great American

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover Janney Montgomery Scott and Berkshire Hathaway selling their shares in RH, RH's Q1 earnings decrease, Havertys' plans for new store openings and investments in infrastructure, and Rooms To Go's acquisition of The Great American Home Store to enter the Memphis market and experiment with larger stores.. According to a report from BestStocks.com Janney Montgomery Scott, an institutional investor, has disclosed in a filing with the SEC that it has sold approximately 90% of its shares in the Top 100 retailer, RH. Specifically, in the first quarter, Janney Montgomery Scott sold 90.7% of its holdings in RH, reducing its ownership from 29,700 shares to 3,051 shares. Notably, Berkshire Hathaway also divested itself of its entire 2.36 million shares in RH shortly before the retailer filed its first quarter earnings report in May. RH recently published its most recent earnings report, which revealed a decline in net revenues. The company reported net revenues of $739 million for the quarter, depicting a 22.79% decrease from the same period in 2022 when it recorded $957 million. Additionally, RH's net income for the quarter reached $41.8 million, equivalent to $1.76 per diluted share. This represents a significant drop of 79.13% in comparison to the prior year's earnings. Looking ahead, RH is expected to report its Q2 earnings either later in August or early September.

Aug 4, 2023 · 6:09

logo

Quarterly Results For Matt Firm, Tempur-Sealy, Wayfair plus STURDY Act, Container Rates

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover Mattress Firm's Q3 financial results and pending acquisition, Wayfair's Q2 performance with a decrease in net revenue and increase in orders delivered, Tempur Sealy's successful sales growth driven by its multi-channel strategy and global presence, the call for furniture industry compliance with the new STURDY stability standard, and the recent rise in spot container rates followed by Drewry's predictions for stability in the coming weeks and a significant decrease in 2024.. The largest sleep retailer in the industry, Mattress Firm, has reported a net income of $18.8 million for the third quarter ending on June 27. This represents a 6% decrease from the net sales of $1.05 billion recorded in the same quarter last year. In anticipation of its acquisition by Tempur Sealy International, which is expected to take place next year, Mattress Firm will now begin reporting selected quarterly and annual financial information. For the nine-month period ending on June 27, the retailer reported a net income of $70.5 million. Currently, Mattress Firm operates a total of 2,326 stores. In the past, Mattress Firm's financial results were released alongside Steinhoff International's financial reporting. However, with the pending acquisition by Tempur Sealy, Mattress Firm will soon become a wholly owned subsidiary of Tempur Sealy. Tempur Sealy also announced its earnings for this morning. The acquisition of Mattress Firm was announced in May as a 4 billion dollar deal, with the closure of the transaction expected in 2024. It's worth noting that Mattress Firm's fiscal year will end on October 3 and will consist of 53 weeks.

Aug 3, 2023 · 10:53

logo

Logistics Index Info, RTG Enters Memphis, BB & BY Increases Furniture Offering

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the Logistics Manager's Index hitting a record low, transportation prices and employment decline, warehousing capacity growing but market slowing, top 100 retailer Rooms To Go acquiring The Great American Home Store to expand into the Memphis market, and Overstock.com rebranding as Bed Bath & Beyond and launching an ecommerce site with expanded home furnishings and deals.. The Logistics Manager's Index reached another all-time low in July, marking a continuous decline since March and recording its worst reading in six and a half years. July's reading came in at 45.4, a decrease of 0.2 from June. The decline in transportation prices, a critical factor contributing to the index's downward trend, continued in July, albeit at a slower rate compared to May and June. Prices for the month recorded 35.6. While this reading is still low, it shows a notable improvement from May's figure of 27.9. The report highlights the contrasting outcomes observed between the overall economy and the logistics industry. Employment figures exemplify this dichotomy, with 209,000 workers added in June but 14,000 positions cut in freight and parcel carriers, along with 6,900 lost jobs in warehousing and storage. Traditionally, late summer sees increased hiring in transportation and warehousing in anticipation of the peak season. However, there appears to be less urgency towards hiring in the logistics industry this year. Freight and storage markets are somewhat affected by high interest rates, leading to suppressed conditions. Paradoxically, this contraction, along with a softening market, has contributed to a reduction in supply costs, enabling certain prices to decrease and alleviating labor pressure. In essence, the slowdown in logistics costs is promoting a more sustainable pace of growth. According to the report, there was a decline in wage growth within the logistics sector in July. Wages increased by 1% in the second quarter, compared to a 1.2% rise in the first quarter, and 4.5% year-over-year. Inventory levels reached their lowest point in the history of the index, registering 41.9. Wholesalers remain the main drivers of this decline, while downstream firms, such as retailers, reported modest inventory growth in July, and wholesalers experienced a more significant decrease . In July, warehousing capacity experienced its fastest growth rate on record. Although warehousing prices are still increasing, the rate of growth has slowed down. Overall, the warehousing market is showing signs of deceleration. The decline in the warehousing market is evident through changes in hiring trends. In June 2022, there were approximately 1.96 million warehouse workers in the U.S., but this number has decreased by 41,000 positions in the past 13 months. This decline has also corresponded with a cooling in wages and the cessation of hiring incentives, such as signing bonuses, which were previously used to attract talent. Some of the lost warehousing jobs have been replaced by enhanced automation, as exemplified by Walmart's recently upgraded facility in Brooksville, Florida. Despite the contraction, it is worth noting that there are still 275,000 more warehousing positions in the U.S. compared to two years ago, with an 8% increase in pay.

Aug 2, 2023 · 8:34

logo

Furniture Order Turnaround, China's Manufacturing Activity, Seamless Financing, Las Vegas Market

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the rise in furniture orders despite negative year-to-date numbers, the contraction of China's manufacturing activity and its impact, the need for innovative strategies in furniture retail to attract customers, and the significance of the Las Vegas Market for retailers and designers seeking new trends and products.. According to the monthly furniture insights survey conducted by Smith-Leonard, there has been a significant increase in new orders for furniture manufacturers and distributors in May. The survey reveals that 64% of respondents reported a rise in new orders, which is a substantial improvement from April when 84% reported a decline. Compared to May of the previous year, new orders were up by 15%. Additionally, orders experienced a significant boost from April, rising by 24%. However, when examining year-to-date figures, the numbers continue to display a negative trend, with 78% reporting lower orders compared to the previous year. On the other hand, an unfavorable outlook is observed in terms of shipments. Approximately 71% indicated a decline in shipments compared to the previous year. Year-to-date numbers also showcase a decrease, with shipments down by 15%, and 63% reporting a decline. Backlogs slightly decreased as well, with shipment dollars slightly surpassing the dollar amount of new orders. Backlogs were down by around 61%, which is consistent with the 64% decline reported in the previous month. Inventories also saw a decrease, falling by 23% from the previous year and declining by 5% from April. April itself witnessed a 12% plunge in inventories. The survey indicates that inventory levels for manufacturers and distributors appear to be somewhat aligned with current business conditions, considering the reported price increases. Smith, from Smith-Leonard, noted that there has been a decline in employment for manufacturing and warehousing employees, with a 9% drop compared to May of the previous year and a 1% decrease from the previous month. In terms of the overall economy, there seems to be uncertainty regarding expectations. Although consumer confidence is rising, there are mentions of a possible recession, despite positive employment numbers. The second-quarter GDP report was encouraging, returning to a more normal range. Yet, the leading economic indicators report predicts a recession starting in the third quarter through the first quarter of 2024. The consumer price index continues to retreat, despite rising gas prices. There are concerns about inflation when the price of a 10 dollar item increases by 8%, leading to 8% inflation.

Aug 1, 2023 · 9:27

logo

Yellow Shutdown, Tempur Sealy Cyber Attack & Hooker Furniture aquires BOBO

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the bankruptcy of Yellow, one of the largest trucking companies, due to failed negotiations with the Teamsters, the cybersecurity event experienced by Tempur Sealy which caused temporary interruptions, and the acquisition of BOBO Intriguing Objects by Hooker Furnishings, expanding their portfolio into lighting, accessories, textiles, and décor.. Did you hear the news? One of the country's biggest trucking companies just shut down over the weekend. Can you believe it? Yellow, the third-largest less-than-truckload carrier, couldn't reorganize and refinance over a billion dollars of debt. That's a huge setback for them. Now, word has it that Yellow is expected to file for bankruptcy today. And get this - if they do, it will be the largest trucking bankruptcy in U.S. history! Can you imagine? With over 30,000 employees, this is a major blow not only to the company but also to the workers. The Teamsters' General President, Sean O'Brien, didn't hold back his disappointment. He said, "Today's news is unfortunate but not surprising. Yellow has repeatedly shown that it couldn't manage itself, despite massive worker concessions and bailout funds from the government. It's truly a sad day for the workers and the American freight industry." Just last Friday, Yellow had to lay off a big chunk of its non-union employees, mainly in customer service and sales. And to make matters worse, they even had to stop making pickups earlier in the week. This is hitting some of the country's biggest retailers too. Yellow is known for serving giants like Walmart and Home Depot. I can only imagine the ripple effect this is going to have. Overall, this is a tough blow for Yellow and the trucking industry. Let's hope they find a way to recover from this setback.

Jul 31, 2023 · 5:40

logo

Mattress Antidumping, More AI News, Navigating 2023 and into 2024

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover U.S. bedding manufacturers and unions filing petitions against imported mattresses, Ashley Furniture's CEO and his son discussing the role of technology in boosting productivity, and leaders in the furniture and mattress industries sharing strategies to navigate challenges in 2023.. A coalition of U.S. mattress manufacturers, foam suppliers, and labor unions has filed antidumping and countervailing duty petitions against mattress imports from 13 countries. This marks the third time in recent years that domestic producers have taken collective trade action to address injurious unfairly traded imports. The current petitions were filed on July 29, 2022 with the U.S. Department of Commerce and U.S. International Trade Commission by Cassidy Levy Kent on behalf of Brooklyn Bedding, Carpentee, Corsicana Mattress, Elite Comfort Solutions, FXI, Innocor, Kolcraft Enterprises, Leggett & Platt, the International Brotherhood of Teamsters, and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO. The petitions cover unfairly traded imports of mattresses from Bosnia and Herzegovina, Bulgaria, Burma, China, India, Indonesia, Italy, Kosovo, Mexico, Philippines, Poland, Slovenia, Spain, and Taiwan. Notably, Mexico was included due to increased mattress production there following previous trade cases against Asian countries. U.S. manufacturers contend that dumping and unfair subsidization by these countries has caused material injury to the domestic mattress industry. They are seeking relief in the form of antidumping and countervailing duties to remedy the alleged trade violations. The ITC will now investigate to determine if there is reasonable indication of material injury. Key issues will be import trends, pricing, and the health of the U.S. industry.

Jul 30, 2023 · 7:05

logo

Yellow Preps for Bankruptcy, Combatting Sales, AI Freight Fulfillment, Consumer Confidence

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover Yellow's potential bankruptcy, furniture retailers' adaptive strategies, the benefits of FlowspaceAI for logistics management, and the rise in consumer confidence in July.. Multiple sources, including the Wall Street Journal and FreightWaves, have reported that Yellow, a major less-than-truckload freight carrier, is on the verge of filing for bankruptcy. The company has been facing significant challenges, such as mounting debt, customer attrition, and a potential worker strike that could have led to its permanent closure. Yellow has not yet publicly confirmed the decision to file for bankruptcy, but it has acknowledged that it is preparing for various contingencies. The company's executives have a fiduciary responsibility to plan for such eventualities. Recently, Yellow narrowly avoided a strike by its majority workforce, represented by the Teamsters, when Central States Funds agreed to extend the benefits owed to workers. However, the company must now pay its employees the outstanding amount within 30 days. Yellow's struggles are not new, as it received a $700 million pandemic-related loan from the US government in 2020, with the federal government acquiring a 30% stake in the company. Reuters reports that Yellow has not made significant repayments on the loan and is urgently seeking to refinance its $1.2 billion debt. Morgan Stanley reveals that Yellow has suffered a significant loss of customers in recent weeks, with 97% of surveyed shippers intending to redirect their shipments to other carriers. Uber Freight has also publicly announced their suspension of issuing freight to Yellow. According to a research report by TD Cowen, Yellow's freight volumes have plummeted by 80% in recent days. Notably, some of the largest retailers in the country, such as Walmart and Home Depot, rely on Yellow for their transportation needs. In summary, Yellow is facing a precarious financial situation, impending bankruptcy, and substantial challenges in its operations and customer base.

Jul 28, 2023 · 11:17

logo

Work-From-Home Revolution, Product Imagery, & Spot Container Rates

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the work-from-home revolution caused by COVID-19 and its impact on the home furnishings industry, the importance of accurate product imagery for e-commerce success, and the recent increase in spot container rates.. "The Work-from-Home Revolution: A Study of Workplace Flexibility in the Home Furnishings Industry" explores the profound impact of the COVID-19 pandemic on remote work and its implications for the home furnishings sector. This transformation in work practices has attracted the attention of various stakeholders, ranging from industrial psychologists to city planners, as they seek to understand and analyze the consequences of this massive shift. Research, including a remote work report from the Harvard Business Review, indicates a crucial disconnect between managers and employees concerning remote work productivity. Managers often believe that remote work hinders productivity, while employees strongly assert that it enhances it. The McKinsey & Co.'s American Opportunity Survey reveals that a significant portion of individuals, 58%, have the option to work remotely at least once a week, with 35% having the opportunity to work remotely five days a week. Remarkably, 87% of individuals choose to work flexibly when given the chance. This trend extends to the home furnishings industry, with 40% of manufacturing employees working on-site, 14% working remotely, and a substantial 61% preferring a hybrid setup. On the retail side, 64% of respondents work on-site, 5% completely remotely, while 30% work using a hybrid arrangement. These statistics suggest that there is a misalignment between current work arrangements and employees' preferred models. To adapt to the evolving work landscape, several companies in the home furnishings industry have introduced flexible work options. HOM Furniture, for example, has implemented a hybrid approach for corporate team members, while Nebraska Furniture Mart (NFM) offers different work designations to cater to employee preferences. While remote work offers advantages such as accessing a broader talent pool and promoting work-life balance, there are challenges companies face, including maintaining company culture, fostering creativity, and ensuring effective communication. Some companies, like Aico and Century Furniture, advocate for the productivity and efficiency of on-site work, while others explore various options to accommodate their workforce's preferences. Remote work has revolutionized hiring practices, enabling companies to tap into talent beyond geographical limitations. However, this shift necessitates revised training and standard operating procedures to support this more complex work environment. Ultimately, remote work is becoming a standard option for job seekers, and the opportunity for workplace flexibility can be a deciding factor when candidates are considering multiple job offers. As the home furnishings industry continually adjusts to the evolving work landscape, companies strive to strike a balance between employee preferences and organizational needs. In this ever-changing landscape, organizations must find ways to maximize productivity, foster collaboration, and support their workforce while embracing the benefits and challenges of remote work.

Jul 27, 2023 · 8:46

logo

Showrooming Solution, Swipe Fees, TikTok, Wayfair AI Room Planner

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the rise of internet in furniture shopping, the Credit Card Competition Act and its impact on swipe fees, TikTok's venture into e-commerce in the US, and Wayfair's A.I. model, Decorify, that enhances the shopping experience with photorealistic room images and product suggestions.. In the ever-changing landscape of furniture shopping, retailers have had to adapt to meet the changing expectations of customers. In the past, traditional methods such as newspaper ads, television commercials, and radio commercials were relied upon to reach customers. Furniture shopping itself was done in person or through printed catalogs. However, with the rise of the internet, customer expectations have shifted, necessitating a new approach. One challenge that furniture retailers face is showrooming. This is when customers visit physical stores for inspiration but ultimately make their purchases online at lower prices. To combat this, retailers need to engage customers throughout the entire buying process. On the other hand, consumers themselves can face frustrations when shopping for furniture. While they now have access to a multitude of options and pricing information through their smartphones, they can also feel overwhelmed by the choices available. Furthermore, visualizing furniture based solely on 2D pictures or floor samples can be difficult, leading to mistakes and costly returns. Additionally, the waiting time for appointments and delays in the buying process are universally frustrating. To address these challenges, innovative technologies such as the 3D Cloud Room Scanner have been introduced. This tool offers an interactive and immersive experience that bridges the gap between physical showrooms and online shopping. It allows retailers to capture precise floorplan measurements, design 3D projects, generate product lists, and facilitate checkout. By keeping customers actively engaged and reducing showrooming distractions, retailers can create a more seamless and enjoyable shopping experience. In addition, personalized recommendations based on customer preferences and past purchases can enhance engagement even further. By leveraging customer data and advanced algorithms, retailers can curate a tailored shopping experience that makes decision-making more manageable and enjoyable for customers. The introduction of the 3D Cloud Room Scanner marks a significant evolution in the retail furniture buying experience. It empowers customers to visualize and purchase furniture with greater confidence. By embracing immersive technologies, personalized recommendations, and seamless integration of physical showrooms and online platforms, retailers can create an environment where customers feel inspired and empowered in their choices. In conclusion, the furniture retail industry has undergone a transformative shift with the introduction of the 3D Cloud Room Scanner. This technology offers a more engaging and streamlined customer experience, helping retailers stay relevant and profitable in the ever-changing landscape of furniture shopping.

Jul 26, 2023 · 8:54

logo

Yellow Corp Strike, Serta Simmons Bedding & Barenaked Ladies Band

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover Yellow reaching an agreement to avoid a strike and extend worker benefits, Serta Simmons Bedding appointing new executives after emerging from bankruptcy, and the upcoming performance by the Bare Naked Ladies at High Point Market.. Yellow, a prominent less-than-truckload and transportation company, managed to prevent a large-scale strike that could have had catastrophic consequences for the future of the company. Approximately 22,000 members of the Teamsters union at Yellow had planned to go on strike due to the company's inability to meet its obligations of over $50 million in worker benefits and pension accruals. However, Central States Funds, the entity responsible for managing the funds, reached an agreement on Sunday to extend these benefits, resulting in the strike being called off. Yellow now has a 30-day grace period to fulfill its financial obligations. Negotiations between Teamsters leadership and Central States Funds played a pivotal role in convincing fund trustees to reverse their previous decision to terminate health care benefits on July 23 if Yellow remained delinquent. The Teamsters expressed confidence that Yellow will fulfill its payment within two weeks. Yellow is the third-largest LTL shipper in the United States and serves prominent retailers such as Home Depot and Walmart. However, the company has encountered significant challenges in recent years. In 2020, the previous administration intervened by providing a 700 million dollar loan to support the company during the pandemic, resulting in the federal government acquiring a 30% stake in Yellow. Regrettably, the company has yet to make substantial repayments on this loan and is actively seeking to refinance $1.2 billion in debt. To preserve liquidity, Yellow deferred over $50 million in worker benefit payments, equivalent to two months of payments. Consequently, the company has experienced a substantial loss of customers, prompting many shippers to redirect their loads to other carriers. It was reported that 97% of surveyed shippers intend to switch carriers, and even Uber Freight publicly announced its decision to cease providing freight services to Yellow. Reuters informs us that Yellow's competitors are expected to selectively attract the company's customer base, further exacerbating the company's challenges.

Jul 25, 2023 · 6:18

logo

Job Satisfaction, Home Remodeling & Deal Days

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the high job satisfaction but lower compensation in the home furnishings industry, the expected decline in annual spending on homeowner improvements and repairs, and the consumer sentiment of holiday shopping deals not actually saving money.. According to the results of the second-annual salary survey conducted by Strategic Insights for Furniture Today and Home Accents Today, the home furnishings industry appears to have a relatively high rate of job satisfaction. The survey collected responses from over 370 participants, including manufacturers and retailers in the furniture, bedding, and home accents sectors. Among the respondents, job satisfaction was highest among those in retail positions, with 78% expressing contentment with their current roles. However, those on the manufacturing side were not far behind, with 75% reporting similar high levels of satisfaction with their jobs. While the majority of participants were satisfied with their jobs overall, a slightly lower percentage felt equally content with their compensation packages. Two-thirds of respondents, including 66% of retailers and 64% of manufacturers, expressed strong satisfaction with their pay and benefits. It is worth noting that retailers experienced a slight decrease in satisfaction compared to the previous year, while manufacturers saw a modest increase. The survey also revealed gender differences in job satisfaction. Male participants generally expressed higher levels of satisfaction with their compensation compared to their female counterparts. In the manufacturing sector, 39% of men reported being very satisfied with their compensation, while only 14% of women felt the same. However, a higher proportion of female respondents checked the "somewhat satisfied" box, bringing their overall satisfaction levels closer to those of men in the manufacturing sector. A similar pattern emerged in the retail sector. 41% of men were very satisfied with their compensation, while only 16% of women felt the same. However, more women expressed being somewhat satisfied, which balanced the overall satisfaction levels to some extent between genders in retail positions. Longevity in the job varied between retailers and manufacturers, with a higher percentage of retailers claiming tenure of 20 years or more with their current employers compared to manufacturers. The majority of participants in both fields held salary-based positions. Examining specific job titles, CEOs, partners, and owners of retail businesses reported a wide range of salaries, with some earning less than $50,000 per year and others making between $2.5 million and $3.9 million. Among manufacturers, those with the same titles reported salaries ranging from $100,000 to $1 million, with 40% falling between $150,000 and $199,999. Managers, both in retail and manufacturing, generally saw salaries concentrated below $200,000, with the majority below $100,000. Regarding pay increases, a larger percentage of retailers reported that their companies lacked a process for yearly raises compared to manufacturers. However, both figures had decreased slightly from the previous year's survey. Amid ongoing concerns about rising inflation, most respondents indicated that their companies did not make accommodations for inflation during 2022. For those who did receive adjustments, a higher-than-average wage increase was given to some participants, while others were given a cost-of-living increase to offset the inflation spike.

Jul 24, 2023 · 8:20

logo

More Global Suppliers, Furniture M&A, Click to Order

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the stability of the US furniture market despite uncertainties, the evolving nature of the furniture industry due to M&A, and the shift of the furniture retail industry to online shopping driven by technology advancements and changing consumer preferences.. The U.S. furniture market remains stable and robust, making it one of the most lucrative markets globally. Despite the uncertainties and recent disruptions, even a small portion of this market represents a significant slice of business in comparison to other countries. While sales may not be as high as during the pandemic, there is still ample opportunity for furniture companies. In contrast, the Eurozone, encompassing 19 member countries of the European Union, officially entered a recession at the end of the first quarter. Individual EU members, including Greece and Ireland, had already met recession criteria, with Ireland experiencing a nearly 5% economic contraction in the first quarter of this year. Germany, the EU's largest member economy, was declared to be in a recession, and other major European players like France and the U.K. are also facing flattening or contraction. These economic challenges have been further intensified by the war in Ukraine, causing Russia to become a challenging market for European furniture companies. Consequently, several countries, particularly in Europe, are actively seeking a share of the U.S. market. Although international participation was hindered throughout 2020 and even into 2022 due to the pandemic, there has been a significant resurgence of European companies expanding their presence in the United States. The number of companies exhibiting in High Point Exhibitions' Global Sourcing Pavilion has more than doubled in the past five years. At the most recent High Point Market, around 70 global companies aimed to establish connections with American buyers, an increase from 63 the previous fall and nearly triple the pre-pandemic average of 20 to 30 exhibitors. While some may dismiss this competition as stylistically out of sync with U.S. tastes or potentially overpriced, there are companies that have already proven their ability to compete in the U.S. market. These companies have catered to the needs of Ikea or served as OEM suppliers to American distributors and retailers. Moreover, the digital marketplace has revolutionized access to consumers, analogous to how the internet has democratized content creation. This new, fragmented, and digital landscape provides great opportunities for newcomers while posing challenges for established players trying to protect their market share. As we continue moving forward, it is evident that we are in for a tumultuous journey.

Jul 23, 2023 · 9:25

logo

Furniture Industry News for July 21, 2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover experts discussing catering to ideal customers, maintaining brand identity, and diversifying experiences in retail, GhostBed's raffle to give away Air Jordan sneakers, Magniflex's promotional calendar to drive sales, and Bassett Furniture's strong position and plans for growth despite the economic slowdown.. During a panel discussion at Atlanta Market, industry experts underscored the significance of comprehending customer needs and brand identity in order for businesses to adapt and succeed in the constantly evolving retail landscape. The panel consisted of Cheryl Kees Clendenon of In Detail Interiors, April Warner of Oakland Home Store, and trend and lifestyle expert Tom Mirabile. They emphasized the importance of catering to the ideal customer rather than following fleeting trends. Mirabile encouraged businesses to create an "avatar" of their regular and target customers, while emphasizing that independent retailers draw customers through their brand personality, atmosphere, and experiences. Clendenon stressed the need to identify and cater to ideal customers, setting themselves apart from big-box retailers. Warner shared that the majority of her store's customers fit their "avatar," and highlighted their commitment to providing a unique, ever-changing experience for an eclectic mix of customers. A significant concept discussed was the SWOT analysis, which helps businesses identify their strengths, weaknesses, opportunities, and threats, enabling them to recognize competitive advantages and areas for improvement. Maintaining a strong brand identity while remaining flexible and responsive to changing circumstances was also deemed vital. Warner provided an example of her store introducing more outdoor living items during the pandemic to meet the demand for outdoor lounging spaces. The panelists agreed on the importance of diversifying products and experiences, ensuring stores remain fresh, and avoiding adherence to mass trends. Instead, they focus on carefully curating products and experiences specifically for their customers. Mirabile highlighted that trends are more about experiences, such as the at-home cocktail movement. The panel further recommended standing out by offering in-store events like wine tastings and workshops. Oakland Home Store has achieved success with events such as the ABCs of Decorating, which educates customers on how to decorate their homes using store items. Smart marketing strategies were also discussed as vital for retail success. These include working with local charities, utilizing the store as a free event space, incentivizing customers for reviews, and engaging in co-op advertising through local partnerships. Kees Clendenon emphasized the effectiveness of "residential currency" in boosting profits, such as implementing branding strategies like sending notecards with gift cards to customers.

Jul 21, 2023 · 7:21

logo

Furniture Industry News for July 20, 2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the rise in ocean container rates and warnings from Hapag-Lloyd and Zim, the anticipated business growth in Q3 2023, the increase in newly built homes and the potential sales opportunities for retailers, the imposition of higher tariffs on certain imported hardwood plywood, and Ashley Furniture's store refresh and rebranding efforts to attract a younger demographic.. According to Drewry's World Container Index tracking indicator, spot ocean container rates have increased by an average of 3.3% this week, reaching $1,536 per 40-foot container. Notably, rates to Los Angeles and New York experienced higher hikes in comparison. Specifically, spot rates from Shanghai to Los Angeles saw a significant increase of 10%, reaching $1,965 per 40-foot container. The previous week also witnessed a rise of 9.2%. Additionally, rates from Shanghai to New York rose by 7% to $2,906, following a 5% climb the previous week. Nevertheless, it is important to consider the overall trend. Rates remain substantially lower, experiencing an 85% decline from the peak that was recorded in September 2021. Furthermore, they are 43% lower than the 10-year average of $2,685, yet still sit 8% higher than the pre-pandemic average. Interestingly, outside of routes originating from Shanghai, rates appear to be decreasing. For instance, rates from Rotterdam in the Netherlands to New York fell by 7%. It is worth noting that the decline in spot rates has been consistent for the most part over the past several weeks. In May, industry leaders Hapag-Lloyd (the world's fifth largest ocean carrier) and Zim (ranked as the 10th largest) expressed their belief that low rates are not sustainable due to the excessively high costs involved.

Jul 20, 2023 · 11:14

logo

Furniture Industry News For July 19,2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the increase in US retail sales for June 2023, the partnership between Steelcase and Luminosity Gaming, the importance of innovation in the home furnishings industry, and Landscape Forms' acquisition of Summit Furniture to expand its portfolio of brands.. According to a recent report from Circana, retail sales revenues in the United States for June 2023 showed a 1% increase compared to June 2022. This includes both consumer packaged goods and discretionary general merchandise. However, unit sales actually declined by 3%. One of the contributing factors to these numbers is a decline of 4% in dollar sales and a 9% decline in unit sales specifically for discretionary general merchandise when compared to last June. Marshal Cohen, the chief retail industry advisor for Circana, noted that a new sales performance baseline has been established for discretionary general merchandise, with sustained decline levels throughout the second quarter of the year. On the other hand, demand movement has started to develop in consumer packaged goods. The downward trend in spending for discretionary general merchandise continued into the first week of July, with a 3% decline in sales revenue compared to the same period last year, and a 7% drop in unit sales. Since 2022, there has been a pattern of flattening retail peaks. Traditional peak selling days such as Valentine’s Day, Easter, Mother’s Day, and Father’s Day have not met expectations in terms of year-to-date totals. There have been some similar shifts in consumer packaged goods, but it remains unclear if the same trends are forming with the ongoing price elevation. Cohen highlighted that economic challenges have reinforced behavioral shifts that emerged from the pandemic. Consumers have become more thoughtful about how and what they spend their money on, which ultimately impacts the timing of their spending. As we approach major retail holidays like the back-to-school season, Black Friday, and Christmas, retailers and manufacturers need to recognize and adapt to the changes happening in the retail landscape.

Jul 19, 2023 · 9:14

logo

Furniture Industry News For July 18,2023

Furniture Industry News

Welcome to Furniture Industry News. Your go to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the decline in June furniture and home furnishings sales, the successful debut of Casual Market Atlanta at Atlanta Market, the upcoming launch of Homee AI technology for room redesign and furnishing, and the details and registration process for the fall High Point Market, including assistance services and various options for registration.. According to the latest advance monthly estimates from the Department of Commerce, furniture and home furnishings sales in June experienced a decline of nearly five points compared to the same time last year. Adjusted June sales representing a 4.6% decrease from June 2022. However, there was a 1.4% increase from May's sales. In May, sales were reported to be 6.4% lower, so the gap narrowed somewhat in June. Year-to-date, the Department of Commerce estimates that furniture and home furnishings sales showed a 3.2% decrease compared to 2022. Considering all measured retail categories as a whole, June had a 1.5% increase compared to June 2022 and a 0.2% rise from May. The Department of Commerce estimates that total retail sales for the first six months of 2023 were up 3.2% compared with 2022. While furniture and home furnishings experienced a decline compared to the previous year, other categories also faced challenges. Gas stations reported a 22.7% decline, building material and garden equipment and supplies dealers were down 3.2%, and sporting goods, hobby, musical instrument, and book stores saw a 1.3% decline. On the other hand, non-store retailers, food services and drinking places, health and personal care stores, and motor vehicle and parts dealers showed the highest year-over-year gains in June.

Jul 18, 2023 · 10:43

logo

Furniture Industry News For July 17,2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the weak state of U.S. manufacturing, the strong performance of the furniture sector, the growth of the global home office furniture market, the launch of Flexsteel Outdoor Living, the success of Diamond Mattress' Gel Grid collection, and the advancements being made in adjustable bed bases with sleep-enhancing technology.. The latest report from the Institute for Supply Management (ISM) reveals that U.S. manufacturing continues to face challenges, as the sector contracted for the eighth consecutive month in June. The manufacturing index dropped to 46%, indicating a quicker rate of contraction compared to the previous month. This decline reflects companies scaling back production and a decrease in demand. New orders also contracted, although at a slower pace, and new export orders moved into contraction as well. The order backlog remains at a level not seen since the early stages of the pandemic. Despite the overall weakness in the manufacturing sector, the furniture industry stands out as a bright spot. For the second month in a row, furniture outperformed other industries, reporting an increase in new orders. In fact, furniture was one of only three industries to see growth in May and also experienced the largest increase in new orders among all the industries recognized by ISM. It also demonstrated growth in production and employment. Furniture saw improvements in supplier delivery speeds and was among the industries reporting lower inventories. Additionally, the industry joined other sectors in benefiting from reduced costs of raw materials. While the manufacturing sector as a whole struggles, the furniture industry's performance proves resilient. Despite the challenges, it has shown growth and stability, positioning itself for potential opportunities in the future.

Jul 17, 2023 · 11:29

logo

Furniture Industry News For July 16, 2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com. We'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the impact of student loan bills on discretionary income and the furniture industry, the challenges faced by retailers and wood furniture sales due to deflation and high imports in 2023, the trends in health and wellness, natural and sustainable materials, and creative merchandising showcased in the latest furniture market in Las Vegas, and the 70% increase in overseas orders by a Chinese furniture manufacturing giant driven by pent-up demand and innovative designs.. Beginning next month, millions of Americans will face the resurgence of student loan bills after a three-year hiatus. Regardless of personal opinions on student loan forgiveness, the fact remains that this change will have a practical impact on the financial well-being of approximately 17% of the U.S. population, equivalent to 43.5 million individuals. This could pose significant challenges for an already struggling furniture industry, as the demographics of primary furniture purchasers and those with student loans largely overlap. The statistics reveal that 28% of those burdened with student loan debt fall within the 30 to 39 age range, commonly known as Millennials. In addition, 13% of borrowers belong to the 40 to 49 age group, which constitutes Generation Z. These two age groups are crucial constituencies for the furniture industry, and their diminished buying power may result in a considerable blow to the industry's sales. According to Experian's analysis, when student loan payments resume, the average monthly payment is projected to be around 200 dollars. While this amount may not rival a car payment, it still represents a significant portion of the average household budget. This concern arises at a time when discretionary spending on home-related purchases is already low, and inflationary pressures persist despite attempts at mitigation. Interestingly, consumer perception of the economy, despite favorable indicators such as low inflation rates, a strong job market, and rising wages, remains pessimistic. Wage gains have failed to outpace inflation, and non-discretionary household purchases continue to be costly. As a result, consumer spending is expected to remain constrained for the foreseeable future. However, amidst these challenges, there may be an opportunity for enticing consumers who are about to face interest on their student loans with attractive finance terms for discretionary purchases. Recent holiday sales have demonstrated the effectiveness of aggressive financing strategies in driving sales. Despite the seemingly counterintuitive nature of offering appealing financing options when consumers face new financial burdens, the allure of no interest and deferred payments could be persuasive to those who are waiting for improved economic conditions before making purchases. Although there is no one-size-fits-all solution, seizing smaller opportunities until larger ones materialize could be key in overcoming the industry's challenges.

Jul 17, 2023 · 9:37

logo

Furniture Industry News July 14, 2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover SCA Promotions bringing back summer and holiday promotion services, Spring Air International partnering with Furniture Leaders, American Leather introducing a new retail concept called Shop-in-Shop, and the results of IHFRA's survey on reps' visits and the retailers' expectations for improving communication and embracing technology.. SCA Promotions, a prize coverage and marketing company, is reintroducing services that were traditionally offered during the summer and holiday sales seasons. These promotional marketing campaigns are aimed at boosting sales and driving in-store visits. They include event-based conditional rebates, instant win digital experiences, and the universal jackpot. SCA will be present at the upcoming Las Vegas Market event. Conditional rebate promotions provide customers with the opportunity to receive a refund on their purchases based on specific trigger events. For example, if a customer buys a qualifying sofa during the World Series, they would get a full refund if a designated team wins the championship. SCA emphasizes that instant-win digital experiences are highly engaging and attention-grabbing, as nothing generates excitement quite like the chance to instantly win money. The universal jackpot is SCA's latest promotional offering. At a fraction of the usual cost, users can advertise the opportunity for qualifying players to win $1 million or more in whatever manner they choose. SCA also highlighted the ninth anniversary of one of their most notable sweepstakes, in which an Ashley dealer in College Station, Texas, offered a full refund if the Texas A&M Aggies football team won by at least 10 points within 11 days. SCA guaranteed the full amount, and the promotion garnered millions of dollars in free publicity through media outlets like ESPN, Fox Sports, Yahoo, and Good Morning America.

Jul 14, 2023 · 10:30

logo

Furniture Industry News For June 13,2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover discounts on mattress brands in Amazon's Prime Day sale, the record-breaking sales on Prime Day with Home Goods as the most popular category, interior design trends discussed by Timothy Corrigan including the rise of Maximalism and the return of dining rooms, and the current state of the home furnishings industry with signs of improvement due to a decline in inflation and a return to stability.. Discounts from Amazon's Prime Day provided customers with substantial discounts on various mattress brands. Leesa offered a 9% discount, while Zinus provided a significant 54% off. Renowned mattress brands such as Ashley, Casper, M lily, Nectar, Leesa, Serta, Sealy, and Sinomax joined the selling frenzy by offering exclusive deals to Amazon's Prime subscription customers. In the lead-up to the event, news outlets have been highlighting the sale, creating a buzz on social media platforms as people eagerly shared the deals with their friends and acquaintances. Amazon's venture into the mattress-selling business is not recent, as the company has long offered its own line of mattresses under the Amazon Basics brand. Additionally, Amazon has established partnerships with other mattress manufacturers who sell their products through the platform. Prime Day served as an excellent opportunity for customers to take advantage of significant discounts on a wide range of mattresses from reputable brands. Whether seeking a Leesa mattress at a reduced price or a considerable discount on a Zinus mattress, customers found enticing deals during this annual event.

Jul 14, 2023 · 7:50

logo

Furniture Industry News For July 12,2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover StyleCraft's collaboration with artist Austin Allen James, Naturepedic's retail expansion strategy, Legacy Classic Modern's new venture into upholstery, PlushBeds' partnership with Kathy Ireland for sustainable mattresses, and the successful lease bids by retailers for former Bed Bath & Beyond locations.. StyleCraft is pleased to announce the upcoming release of a new lifestyle collection developed in collaboration with renowned artist and product designer, Austin Allen James. This exciting partnership brings together diverse artistic talents to create a truly exceptional collection. Rodney Leath, from StyleCraft, expressed enthusiasm about the collaboration, stating, "We are eager to engage with buyers at the summer markets and showcase our new venture with Austin. His lifestyle collection displays sheer craftsmanship, and we are eagerly anticipating the response from buyers during our launch party at the opening day of the Las Vegas Market." The highly anticipated Austin Allen James x StyleCraft Lifestyle Collection will debut at the Las Vegas Market, featuring a special Meet and Greet Event with Austin on July 30 at 3 pm, in showroom A-352. StyleCraft's launch party will offer delectable hors d'oeuvres and a unique Signature Cocktail, named "The Jazzy James," in honor of Austin's outstanding collection. Guest RSVPs can be made through Eventbrite. Austin Allen James, an accomplished artist and product designer, described the influence behind the collection, saying, "My furniture and art draw inspiration from my daily life on the Gulf Coast. I aim to capture energy and color in harmonious compositions. My ultimate goal is to create pieces of art and furniture that grow increasingly beautiful and valuable over time." During the Las Vegas Market, each of the new designs developed in collaboration with Austin will be on display for buyers to appreciate. To provide buyers with a preview of the Austin Allen James x StyleCraft Lifestyle Collection's 70+ designs, including furniture, case goods, lighting, accessories, pillows, artwork, mirrors, and wall decor, advanced online registration is available. Furthermore, as an added incentive for buyers to visit the StyleCraft showroom A352, Austin will be hosting a special drawing, giving away $2500 worth of exclusive original artwork. Buyers are encouraged to visit the showroom for more details on participating in the drawing. The collaboration between StyleCraft and Austin Allen James began in 2018 with a limited collection of original artwork. Throughout the challenges posed by the pandemic, Austin and StyleCraft have cultivated their relationship and expanded their collaboration to create an all-encompassing lifestyle collection that will debut in the summer of 2023. Austin shared his pride in their achievements, stating, "I am immensely proud of what we have accomplished and how we have transformed our collaboration into a comprehensive lifestyle collection. The entire StyleCraft team has been extraordinary to work with, and I cannot wait for the industry to embrace our furniture designs; they are sure to be adored."

Jul 13, 2023 · 13:02

logo

Furniture Industry News For July 11, 2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover Furniture of America's shared container program, the ongoing Amazon Prime Days and other retailers' competitive deals, the High Point Market Authority's search for design influencers, the implications of slowing employment growth, and the latest additions to the Las Vegas Market's mattress and bedding resources.. Furniture of America has recently expanded its mixed container program to include a shared container program, with the aim of helping customers streamline their product flow and maximize value. Previously, individual customers had the option to ship products on mixed containers, which could contain multiple stock keeping units or multiple sets of a specific bedroom or dining room item. While this option is still available, the company now allows up to three dealers to flow product directly from their bonded Vietnam warehouse on a single container. Last year, the company began developing and testing this program with a select group of key accounts, and it is now accessible to a wider range of retailers, from smaller, single-store dealers to larger multi-store accounts. This means that dealers of any size can participate and enjoy the benefits of purchasing smaller quantities of product at a time, thereby avoiding the accumulation of excess inventory. The available product categories for this program include master and youth bedroom furniture, dining room furniture, living room furniture, and upholstery. Containers are shipped directly to the FOA headquarters and distribution facilities in California, where they are offloaded, sorted, and then shipped directly to retailers. By taking advantage of this program, dealers can benefit from FOB pricing and lower freight costs. They can also source factory direct without having to meet minimum order quantities or maintain their own on-site quality control team. One of the advantages of this program is that it allows dealers to rely entirely on FOA for sourcing, quality control, and product flow. This alleviates any concerns about the security or credibility of a factory, lead times, or shipping logistics. Jodi Brookshire, the Vice President of Sales and Marketing at FOA, emphasized that this program provides dealers with a simple, seamless, and secure transaction process, with FOA handling all quality control measures. Furthermore, dealers can access real-time information on available products from the warehouse, and the FOA team can assist with cost-savings analyses to facilitate informed buying decisions tailored to each dealer's needs.

Jul 11, 2023 · 9:21

logo

Furniture Industry News For July 10,2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover some retailers experiencing an increase in sales during the July 4 holiday period, the need for retailers to adapt to changing consumer preferences, Flexsteel entering the outdoor furniture market, the high expectations of Baby Boomers for e-commerce, Therapedic showcasing their Agility hybrid collection at Las Vegas Market, Vanguard Furniture appointing a new CEO, Hooker Furnishings expanding into new product categories through an acquisition, and Bed Bath & Beyond ending attempts to find a buyer for Buy Buy Baby.. While traffic during the July 4 holiday sales period didn't reach levels seen in 2022 for many retailers, some did report increases in sales. Hometrends, the owner of Ashley stores in Nebraska, saw a 25% boost in sales despite a 3% drop in foot traffic. According to Co-CEO Carson Rowh, the stores' one-day sale generated approximately 5.7% more sales than the previous year, though slightly lower than expected. However, Rowh noted that the event started off strongly, with an early turnout for steep discounts on Saturday morning that resulted in nearly half of the day's business being done within the first hour. Standout items included various upholstery groups and the Tempur Pro Breeze mattress, while the offer of free curbside shipping also proved popular. In the Carolinas and Georgia, Broad River Retail, a Top 100 retailer that operates Ashley stores, achieved its first $1 million Memory Maker of 2023 during the sales period. Communication Manager Tyler Trill mentioned that several locations surpassed sales projections for the end of June, despite slightly softer sales and store traffic compared to the previous year. Trill attributed this to the timing of July 4 on the calendar and the ongoing macroeconomic pressures. In Minnesota and surrounding states, HOM Furniture's Director of Merchandising, Kyle Johansen, admitted that furniture shopping was softer than desired due to unfavorable retail weather. However, HOM's promotion offering a free cornhole set with qualifying outdoor furnishings purchases received positive response, leading the retailer to extend the offer. Johansen also acknowledged that July 4 doesn't have the same significance as other major summer events like Memorial Day or Labor Day, but emphasized the importance of maintaining perspective. Overall, while some retailers experienced sales increases during the July 4 holiday sales period, others faced challenges such as lower foot traffic and external factors like weather and economic conditions.

Jul 10, 2023 · 19:23

logo

Furniture Industry News For July 7, 2023

Furniture Industry News

Welcome to Furniture Industry News, your go-to source for staying up to date on all the latest happenings in the furniture industry. Brought to you by FurniturePodcast.com we'll bring you the latest news and insights so you can stay in the know on everything that's shaping the world of furniture. In today's episode, we'll cover the HFA Resource Center at the Las Vegas Market, the success of the Dallas Total Home & Gift Market, the US economy's performance and inflation, Mike Robertson's new role as national sales manager at UltraComfort, and the impact of the stock market on furniture stocks and the jobs report.. Home Furnishings Association (HFA), the premier association for home furnishings retailers, is thrilled to announce an array of new resources and opportunities available at the upcoming Las Vegas Market from July 30 to August 2. The HFA Resource Center, accessible to all market attendees, will host a series of 15 live seminars. Additionally, there will be over 30 exhibitors offering one-on-one meetings, complimentary breakfast, and a wide selection of specialty coffees and snacks throughout the day. Located in Building B, space 1050, the HFA Resource Center will be open from 8:00 am to 5:00 pm. Kaprice Crawford, HFA Content Development Manager, expresses her delight, stating, "Retailers shared their preferences for our market seminars." She goes on to announce the diverse seminar topics, which include Social Media, Streaming Advertising, Customer Experience Strategies, Marketing Trends, and other exciting subjects. Regardless of business size, retail companies are sure to find ideas they can immediately implement. Visitors to the HFA Resource Center can also take advantage of a special dealer rate offered by Synchrony. With payments/deferred interest for 12 months, retailers can benefit from a remarkable 1.99% rate. Final funding must be completed before August 31, and this promotion is available exclusively from August 15 to September 17. Beyond its educational offerings, the HFA Resource Center provides a unique space for market attendees to unwind, reconnect with colleagues, and network with fellow retailers while enjoying complimentary breakfast, coffee, and snacks. The Home Furnishings Association (HFA) Resource Center serves as a platform for retailers to stay informed about the latest trends and strategies essential for business growth. By partnering with industry-leading vendors and experts, and fostering community-driven interactions among furniture retailers, the HFA Resource Center aims to create an immersive showroom experience. For further details, please visit www.myhfa.org/event/high-point-market.

Jul 7, 2023 · 12:35

logo

Furniture Industry News 07/07/23

Furniture Industry News

Welcome to "The Furniture Podcast", your essential guide to the latest news in the furniture industry. In today's episode, we'll cover the Federal Trade Commission's proposed rule to combat deceptive advertising, King Koil's new retail design concept focused on health and wellness, Bedding Industries of America's new visco foam collection for adjustable bed bases, the recliner industry's new safety standard, the decline in furniture orders and shipments leading to potential layoffs, GhostBed's improvements to their Ghost Massage Bed, and Tokens acquisition of Startup Slang and its Shoppable metaverse technology to enhance gamified shopping experiences.. So, there's some news from the Federal Trade Commission (FTC) that might interest you. They have come up with a new rule to crack down on deceptive advertising and misleading practices. Specifically, they want to tackle the issue of fake reviews, the suppression of genuine negative reviews, and the buying of positive reviews. You know how we often rely on online product reviews to make decisions about purchasing items? Well, the FTC wants to ensure that these reviews are genuine and honest. If this proposed rule becomes finalized, companies found guilty of using dishonest reviews could face penalties of up to $50,000 per violation. That's quite the deterrent! The FTC's proposed rule targets seven deceptive practices that some marketers have been using. These practices include selling or obtaining fake reviews, repurposing reviews for different products, buying positive or negative reviews, allowing insiders to post reviews without disclosure, controlling review websites, suppressing negative reviews, and selling fake social media indicators. The commission is currently seeking comments on these measures and will consider them before making a decision on whether to implement the final rule. So, if you have any opinions or feedback, you can submit your comments within 60 days of the proposed rule's publication in the Federal Register. Samuel Levine, the director of the FTC's Bureau of Consumer Protection, expressed that this proposed rule is their way of combating deceptive advertising in the digital age. It aims to ensure fair competition among companies and protect consumers from misleading practices. And that's the latest update on the FTC's efforts to tackle fake reviews and deceptive advertising. Stay informed, folks!

Jul 6, 2023 · 16:13