German consumer reluctance to spend is affecting the residential furniture industry, according to the Association of German Residential Furniture Manufacturers (VdDW), citing data from the Federal Statistical Office.
From January to May, the segment generated 2.125 billion euros, marking a 15.76% decrease compared to the same period last year. It's important to note that May 2023 had two additional workdays, which could influence the comparison.
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In Germany, revenues totalled 1.5 billion euros, reflecting a decline of 15.7%. Internationally, 612.6 million euros were earned, a decrease of 15.91%, with 374.4 million euros coming from the Eurozone, down by 18.24%. The export share remained stable at 28.82%.
The residential furniture segment breaks down in the statistics as follows: 40% furniture parts, 30% living, dining, and bedroom furniture, 13% furniture made from other materials, 10% small furniture, and 7% non-upholstered seating.
Source: www.moebelkultur.de