Daily News Archive
Brought to you by Home Furnishings Business
November 23,
2008 by in UnCategorized 
By Home Furnishings Business in Leather Upholstery on November 2008
DeCoro, which is based in Shenzen, China, announced Monday that it has reached an agreement with China Construction Bank that resolves difficulties created by reduced access to capital, which had impacted production and delivery cycles in recent weeks.
Monday’s three-paragraph announcement said the agreement removes capital constraints posed by global business conditions and allows normal operations to resume immediately.
“We are pleased by the partnership with China Construction Bank and look forward to a good relationship,” said President and CEO Luca Ricci. “We had a very good Market in High Point in October, and this allows us to move forward quickly with our customers on successful new models, especially in the motion category.”
Founded in 1998, DeCoro makes Italian-designed leather upholstered furniture at two factories that have a total of 2.9 million square feet.
November 23,
2008 by in UnCategorized
By Home Furnishings Business in Upholstery on November 2008
The “Trading Spaces” show on TV’s TLC network and Kodak have awarded a $5,000 room makeover to Jillian Nash of Upland, Ind., after examining hundreds of photo submissions for the program’s “Picture Perfect Room Makeover” contest.
Trading Spaces host Paige Davis and designer Hildi Santo Tomas will transform Nash’s living room, which has bare walls and no furniture. In an announcement, Nash, an expectant mother, said she hopes to remake the room, which is used by the family’s ministry, so it can host youth group meetings and serve as a play area for future foster children.
In addition to the room makeover, Nash received $1,100 worth of photography equipment from Kodak.
“We are so honored to be chosen and so excited for this makeover,” said Nash. “We just moved and are in the process of renovating, so this is such great timing.”
November 23,
2008 by in UnCategorized
By Home Furnishings Business in on November 2008
• Privately owned housing starts decreased 4.5 percent in October, to a seasonally adjusted annual rate of 719,000, compared with September starts of 828,000. Measured against October 2007 results, starts fell 38 percent. October housing starts continued the year-long pattern of falling starts.
Measured against September results, housing starts were up 1.5 percent in the South and 7.5 percent in the West and fell 31 percent in the Northeast and 13.7 percent in the Midwest. Year-over-year, housing starts declined 51.6 percent in the Northeast, 38.2 percent in the Midwest, 33.9 percent in the South and 39.1 percent in the West.
The number of completed privately owned housing units fell 10.2 percent in October to a seasonally adjusted annual rate of 1.043 million units compared with September figures. Measured against October 2007 results, completions skidded 25.6 percent.
Housing starts and completions are tracked by the U.S. Department of Housing and Urban Development and the U.S. Department of Commerce.
• The Consumer Price Index (CPI) slipped 1 percent in October on a seasonally adjusted basis to 216.71. Despite the decrease in overall CPI, the index for household furnishings and operations was flat, following a 0.5 percent increase in September. The index for household energy declined 0.9 percent in October as declines in the fuel oil and natural gas indices more than offset an increase in the electricity index.
CPI, tracked by the U.S. Bureau of Labor Statistics (BLS), measures the average change in prices over time of goods and services purchased by households. The index base is 1982–84 equals 100.
• The Producer Price Index (PPI) for manufacturing industries, also tracked by the BLS, stood at 177.3 in October, down 2.8 percent from September. October PPI for furniture and related products manufacturing was 174.3, up 0.4 percent compared with September and up 4.9 percent from October of last year.
PPI for furniture and home furnishings stores, however, stood at 122.5 in October, up 0.4 percent from September and 2 percent from October 2007.
PPI measures the average change over time in the prices received by domestic producers of goods and services. PPI measures price changes from the perspective of the seller.
Weekly Review of Economic News (WREN) reports are summaries of recently-released economic statistical data that affect the home furnishings industry. WREN reports are compiled by
HFB Research Editor Janice Chamberlain.
November 23,
2008 by in UnCategorized
By Home Furnishings Business in on November 2008
U.S. households are expected to spend an average of $418 on gifts during the holiday season, down from last year’s estimate of $471, The Conference Board reported Friday.
The survey, conducted in November by TNS of Christmas gift-spending intentions, covers a nationally representative sample of 5,000 U.S. households.
“Consumers are in a cost-conscious mood heading into the holiday season, and they intend to spend less this year than last year on gifts,” said Lynn Franco, director of The Conference Board Consumer Research Center. “This is shaping up to be one of the most challenging holiday seasons in years and it’s going to take more than the usual discounts and incentives from retailers to get consumers to spend more freely.”
The top Christmas spenders will be East North Central households (Illinois, Indiana, Michigan, Ohio, Wisconsin), who intend to spend an average of $550. Lowest Christmas spending will be in the West South Central region (Arkansas, Louisiana, Oklahoma, Texas) where consumers intend to spend an average of $330 on Christmas gifts.
Only 27 percent of all households intend to spend $500 or more on Christmas gifts, down from 33 percent last year. Thirty-seven percent plan to spend $200 to $500, and 35 percent are planning to spend less than $200.
This year, 39 percent of all consumers will buy Christmas gifts on the Internet. Books top the list of online Christmas buying, with 38 percent saying they will buy books as gifts. Toys and games came in second with 36 percent of consumers intending to purchase these gifts online. Apparel and footwear rank third as online Christmas buying choices, followed by movie videos and DVDs.
Of the 41 percent who said they purchased Christmas gifts last year on the Internet, 94 percent said they were satisfied with their online buying experience.
Other key findings in The Conference Board survey:
• Households headed by individuals 65 and over intend to spend the most this season, with a $469 average spending budget.
• Households headed by those aged 35 to 44 intend to spend $419 on gifts.
• Households whose incomes top $50,000 intend to spend $551 for Christmas gifts.
November 23,
2008 by in UnCategorized
By Home Furnishings Business in Las Vegas on November 2008
Interior and restoration designer Carlton Varney will be the featured speaker Friday, Dec. 5 during First Friday at the Las Vegas Design Center at World Market Center Las Vegas.
Varney will speak from 10 to 11:30 a.m. during the monthly event for the design community in the Las Vegas Design Center (C-184) of World Market Center.
Varney is president of New York-based Dorothy Draper & Co. Inc., one of the oldest established interior design firms in the United States, named after the company founder who was one of the doyennes of interior design from the 1920s to the 1960s. Continuing Draper’s tradition, his design philosophy stresses the use of bright colors and the rejection of all that is impractical, uncomfortable and drab.
Varney plans to share his history, recount stories about celebrity clients, offer design tips, and cover the topic of design as a business.
Following his presentation, attendees are invited to join Varney and his colleague, Brinsley Matthews of the European office of Dorothy Draper, in the Robert Allen/Beacon Hill showroom (C-101) where he’ll sign copies of his “illustrated memoir,”
Houses In My Heart, amidst the Dorothy Draper Collection of furniture by Kindel Furniture Company.
To R.S.V.P. or for more information on either First Friday seminar, e-mail LVDC@LVDesignCenter.com or call (702) 599-3093.