Austrian furniture manufacturers responded to the challenging year of 2023 with restructuring and the introduction of new models, as reported by the Austrian newspaper Salzburger Nachrichten.
In 2023, the furniture industry faced challenges, marked by inflation and higher energy prices, according to Georg Emprechtinger, the chairman of the Austrian furniture industry, speaking at the International Furniture Fair (IMM) in Cologne. Despite benefiting during the pandemic, the industry experienced a downturn, with a notable decline in production value by 2.5% to €2.01 billion in the first three quarters of 2023, along with a 5.8% decrease in exports. The impact of these challenges led to a certain level of consumer restraint.
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Emprechtinger acknowledged that furniture makers had thrived during the pandemic, but now faced a shift as the travel market emerged as a significant competitor for consumer preferences. Despite the decline, he highlighted that the export value remained the second-highest in many years.
The construction sector, a crucial driver for the furniture industry, was noted to be slow in recovery. Emprechtinger expressed concerns about its pace of recovery but anticipated improvements in the situation in the coming year, with the possibility of interest rate reductions.
