Bobby Dalheim//Senior Editor of Case Goods and Global Sourcing//February 19, 2024
HIGH POINT – Case goods companies, as with furniture manufacturers and importers overall, widely saw a challenging year in 2023. Business improved for some about halfway through the year, while others continued to report declines.
That’s generally persisted into the beginning of 2024. Some companies are flat or slightly down; others are seeing upticks over last year generally in the 10% range.
Executives are more-or-less mixed in their outlooks for the future. The weak housing market remains a top concern for most, and the presidential election is also causing fear, as executives say consumers typically hold off making big purchases in a time of political uncertainty.
Still, there are positives: A new generation that’s coming to buying power, the hope for bigger tax returns and potentially falling interest rates.
Generally, the feeling could be described as continued short-term pain, but optimism is returning for the end of the year and beyond.
Election, political turmoil
As has been the case for some time, election years cause uncertainty in consumers. With political tension continuing to run high, this could be even more pronounced this year.
“The situation in the Middle East continues to be of concern to everyone, and we are keeping an eye on the political sector given the election year in the U.S,” said Hossein Azimi, CEO of upper-mid-priced importer Bellini Modern. “That said, the real estate market is strong, the job market is strong, and all the talk of a recession has been just that: Talk. Overall, we feel very good about 2024.”
