26 May 2021
Surge in demand for furniture ahead of shift to social spending
A large surge in demand from consumers could be followed by a shift to social spending among consumers, according to the latest economic update from British Furniture Manufacturers (BFM).
Consumer confidence and spending are among the figures examined by BFM Managing Director Nick Garratt as part of June’s BFM’s Monthly Economic Review.
This latest report evaluates economic trends and figures from The Bank of England and the Office for National Statistics as well as data from the BFM Trade Survey, IHS Markit, Reuters, GfK and Capital Economics.
BFM members benefit from insight into the UK economic recovery, inflation and supply chains as well as Nick’s assessment of the risks and opportunities for furniture manufacturing over the coming months.
Nick said: “The rising retail sales volumes reflecting the effect of easing of coronavirus restrictions and the reopening of all ‘non-essential’ retail has created another large surge in demand for member companies.
“But it is likely that supply side shortages and price increases will continue for a long time.
“Longer term, the threat of consumer spending rotating back to social and experience-based activities is likely to put a brake on demand later in the year.”
The BFM Monthly Economic Review is available for members and those with an interest in the furniture sector here.