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Thread: The Furniture Industry for 2023

  1. #11
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    Default Re: The Furniture Industry for 2023

    Prices I have, and the item numbers. What I don't have is dimensional specs and additional photos.
    Duane Collie
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  2. #12
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    Default Re: The Furniture Industry for 2023

    July 2023 and the Covid Shortages are DEFINITELY over, don't let anyone tell you otherwise. Suppliers to the factories that cannot get parts to the makers have been replaced with those who can. Everyone is getting out of China as fast as they can for all things, its now a pariah in the furniture industry (and others as well). Markets are shifting, though few jobs are coming back to the USA that were already outsourced.

    The companies that catered to lower-end furniture are collapsing and closing doors. Why? Inflation and cost of living (groceries, fuel, interest rates) have taken that customer out of the market, they are not purchasing discretionary goods, focusing on buying only essentials. Better companies that sell to higher income groups are doing OK, because their customer is spending as long as their stock portfolio is decent and their home values hold up, and their employment is steady. Mid-level companies are so - so, not in trouble, but not doing well, either.

    Sale promotions are everywhere. You may or may not see them as consumers, but they are definitely there to the dealers. And they are different sale promotions too, not what we used to see. A lot of them are clearing out accumulated product, or have to do with getting out of China-made goods. For example, Hooker Furniture just sent me a promo sheet this morning with 15% off all in-stock recliners through the end of the month. Hooker does not produce domestically, everything is built in the Pacific Rim. I counted up their inventory and they have 4,249 recliners in their warehouse ready to go, and who knows how many units on the water that will arrive this summer? A lot of companies figured that demand they saw during Covid would keep going, the smart ones cut their orders back in 2022, the not-so-smart ones kept ordering and warehouses are full to the brim. 15% off is really nearly the entire profit margin on these units from Hooker, I was pretty shocked by that one. They may have left themselves 5% remaining, but manufactures don't make much more than 20%, if that. Being a publicly traded company, that is going to hurt their quarterlies. I've never seen a company have that many recliners in a box, ready to go. Stunning.

    But customers are not reacting to sales, I think they are all traveling. Videos from many popular attractions abroad show record crowds at popular destinations, and crowds look like a World Cup Soccer match just let out.....I posted that killer sale deal from Hancock & Moore / Jessica Charles last week and nothing.....not even one inquiry. And that's a heck of a deal on those items, so I have to conclude many are traveling or spending on other things.

    To be sure, there is not talk of price increases, I have not heard of any in the works. Savvy manufacturers know better than to do that in this consumer climate. Cut margins if needed, but don't raise prices!
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  3. #13
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    Default Re: The Furniture Industry for 2023

    Do you have the specifics on the new program leathers and styles from H&M yet?

  4. #14
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    Default Re: The Furniture Industry for 2023

    I’m interested in the Jessica Charles chairs, but every fabric I like online is not in the promotion. Is there any savings to select a fabric not in the list that was attached? Thanks!

  5. #15
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    Default Re: The Furniture Industry for 2023

    Quote Originally Posted by Shirley View Post
    I’m interested in the Jessica Charles chairs, but every fabric I like online is not in the promotion. Is there any savings to select a fabric not in the list that was attached? Thanks!
    No, the promotional fabrics are all on the list I scanned in, all others are at regular price.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  6. #16
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    Default Re: The Furniture Industry for 2023

    Quote Originally Posted by SueCT View Post
    Do you have the specifics on the new program leathers and styles from H&M yet?
    Specs are on the H&M website, those items begin with an "H" (which stands for Home)

    https://www.hancockandmoore.com/Products/NewProducts
    Duane Collie
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    My Private Messages are Disabled - Please ask questions here in the forum.

  7. #17
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    Default Re: The Furniture Industry for 2023

    Since the fabric I loved is not on the sale list, I was thinking maybe of doing chair in the neutral and using the bright fabric as an accent pillow. Can you buy Jessica Charles fabrics by the yard for this purpose or not? I don’t see any info on their website. Thanks!

  8. #18
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    Default Re: The Furniture Industry for 2023

    Yes, and they can make the pillows for you as well.
    Duane Collie
    Straight answers from thirty-six years in the business.
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  9. #19
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    Default Re: The Furniture Industry for 2023

    Another manufactuer closes down.

    Click image for larger version. 

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    Mitchell Gold / Bob Williams abruptly closed with no notice to employees, they are just a few miles from Taylor King / Hancock and Moore. Another sign of stress on the industry as consumers spend money on vacations and travel, and have slowed down on home furnishing purchases. This was not a low end company, however I always thought their products priced on the high side for what they were. They have a retail store front in Tysons Gallleria Mall that i would go into from time to time (very expensive retail space) and I would just shake my head at the prices on items that were not particulary unique or built to a high level. I assume that store will be closing as well.

    This is a very competitive industry. Very much a game of chess as to your market niche, efficencies in production, getting the word out about your products and controlling costs while trying to give dealers and consumers what they want. Link below to read the story.

    https://www.taylorsvilletimes.com/20...bruptly-close/
    Last edited by drcollie; 08-27-2023 at 09:13 AM.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  10. #20
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    Default Re: The Furniture Industry for 2023

    Terrible news for their employees. No notice and there you are with no income and the need for a new job! Its the way of the world these days, but it has to be hard for their employees.

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