The North American furniture industry continues to face headwinds, with FDMC 300 data showing a decline in combined 2024 sales to $32.8 billion from $34.5 billion in 2023. Residential firms were affected by housing market slowdowns, high interest rates, and inflation. Commercial furniture makers encountered ongoing economic uncertainty and changing office trends, though a partial return to in-office work offers some hope.
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Despite the challenges, many companies maintained or slightly grew sales. Ashley Furniture invested over $2 billion to expand production and strengthen supply chains. Other firms grew through acquisitions, such as Sauder Woodworking, Kewaunee Scientific, and Stevens Industries. Strategic partnerships were also formed, including Haworth and MiEN in the education sector, and Fellowes with Unika Vaev in acoustic design.
Several manufacturers announced cost-cutting moves, with Dorel and Bassett Furniture closing plants and streamlining operations. Still, optimism persists. Events like NeoCon and High Point Market drew large crowds, reflecting industry resilience.
Major players such as HNI, Steelcase, and Ethan Allen remain cautiously optimistic. Leaders cite strategic integration, design innovation, and domestic production as key advantages in navigating tariffs and demand volatility. The evolving market continues to test the sector's adaptability and long-term vision.
Source: www.woodworkingnetwork.com