E-commerce continues to rise in the furniture industry as many brick and mortar stores are searching for strategies to compete with giant online retailers.
Organized jointly by the China Foreign Trade Guangzhou Exhibition General Corporation (CFTE) and Red Star Macalline, these two furniture sector giants achieved new quality levels at CIFF Shanghai 2018. The exhibition gave international and Chinese operators new concepts of living and working, as well as new opportunities for acquiring information and doing business.
Data from the Bureau of Labor Statistics supports the growing need facing companies to attract and retain employees, while adapting their training methods and introducing technology that fills the gap of a smaller workforce.
The U.S. exports $1 in furniture products for every $10 in imported furniture. After rising over 45 percent from the recession (2009) to $3.4 billion in 2015, U.S. exports of household furniture have decreased by 7 percent in 2 years to $3.15 billion in 2017, according to data from the U.S. Census Bureau.
In recent years, growing wages, higher employment, a boost in consumer confidence and a healthy housing market have propelled import growth. The U.S. Census Bureau gives a breakdown of the major furniture imports by material type.
Historically, wood products are the largest material category among furniture imports, but the share of upholstery and metal furniture imports is increasing yearly, according to data from the U.S. Census Bureau.
Despite profits declining 2.3%, retailer Williams-Sonoma (NYSE: WSM) said revenues jumped 6.1% to $1.28 billion in the second fiscal quarter. Overall, strong results from the first half of 2018 has caused the company to raise its full-year guidance.