The furniture market is currently buoyant, fuelled by pent-up demand and consumers’ focus on homes, but there could be difficult times ahead.
BFM monthly economic review - Spotting signals in August 2020
BRITISH furniture businesses are being urged to ‘build up their balance sheet’ in case of difficult times ahead.
National trade body British Furniture Manufacturers (BFM), has issued the message as part of its monthly economic review for the sector.
Fuelled by pent-up demand and a consumer focus on homes, the furniture industry has generally seen growth since lockdown restrictions eased. But with economy uncertainty looming, the review suggests steps are taken in the event the recovery is short-lived.
The BFM Monthly Economic Review is produced by the association’s MD, Nick Garratt. It identifies key trends across the commercial landscape, which may influence business decisions within the furniture industry.
Nick said: “Property prices did reach a record high in August and as property trends tend to correlate with furniture sales, the market is currently buoyant. “However, with further risks surrounding rising unemployment, a second wave of Covid19 and the uncertainty of a trade deal with the EU, companies need to be taking this opportunity to build their balance sheet in readiness for a difficult period ahead.”