Survey Finds Furniture Retailers Optimistic about 2018 Sales

October 27, 2017  by Larry Thomas in Business Strategy, Economic News, Industry   

The poll, taken during this month’s High Point Market, also found that 40% of respondents are expecting sales to remain steady next year, and only 1% are expecting a decline in furniture sales.

In addition, roughly two-third of respondents (65%) said they plan to incorporate new technologies or strategies next year. Of that group, 33.3% said they would be implementing a new or updated website, while 21.5% said they will be utilizing virtual showrooms.

And some 13.3% said they would be adding augmented reality capabilities, and the same number said they would be improving point-of-sales systems for inventory.

In addition, 6.7% said they would be incorporating 3D printing.

And with all the focus on technology, it should come as no surprise that 35.3% of the respondents said a technology disruption posed the greatest threat to the furniture industry next year – easily outdistancing other potential threats.

Inventory restraints were the second-most cited threat (25.6% of respondents), and decrease in consumer demand came in third at 17.9%

Rising employee wages was the top threat in the eyes of 7% of respondents, while rising interest rates were cited by 6.4% and regulation was cited by 4.5%.

TD Bank conducted the survey on Monday, Oct. 16 and Tuesday, Oct. 17.