Is It Too Late for Furniture? Furniture Manufacturers Face New Challenges and Opportunities: New Industry Report Details Sweeping Changes
GREENSBORO, N.C., Oct. 21, 2013 /PRNewswire/ -- While the U.S. economic recovery continues, the American furniture industry is struggling to get its bearings. Consumer trends have fluctuated wildly, offshore manufacturing hasn't been the answer many predicted it would be, and the industry as a whole has been slow to adopt cost-saving tactics or to embrace a new eco-friendly paradigm.
But with the challenges have come opportunities. For those willing to invest the time and effort, export markets may be opening up. New media offers targeted marketing opportunities. And compelling reasons to bring manufacturing home have gotten manufacturers looking at reopening plants and hiring workers.
These are some of the findings released today by Anderson Bauman Tourtellot Vos (ABTV), a professional turnaround management firm, in its 2013 Furniture Industry Update, an ABTV Industry Watch Report that details the current state of the furniture industry. The report offers insights on manufacturing issues, economic statistics, consumer trends and more, including statistical comparisons to the industry in 2009 when the last report was published.
In many respects, the furniture industry is much stronger in 2013 than it was in 2009. Although most manufacturing has remained overseas, many furniture companies have seen consistent increases in sales and profits during this period. In 2012, furniture imports rose 9%.
After a 13% drop in sales in 2009, new orders have increased 4-6% every year. As of 2012, orders were up 16.5% from 2009 and up 1.38% from 2008. This steady increase is expected to continue in the coming years.
"The furniture industry impacts and is impacted by many other industries," said ABTV Managing Director Peter Tourtellot, "which makes the health of the furniture industry relevant to the entire manufacturing sector. This report provides information of interest to anyone related to furniture or its impact on the recovery of the economy."
Anderson Bauman Tourtellot Vos, with offices in Greensboro, Charlotte, Atlanta, Jacksonville and Richmond, provides turnaround consulting, interim executive management, planning, fraud investigation and bankruptcy and liquidation services. www.abtv.com. 336-275-9110.
For more information:
Peter Tourtellot, CTP
Managing Director, Anderson Bauman Tourtellot Vos
SOURCE Anderson Bauman Tourtellot Vos