Global supply capacity is expected to recover later this year, according to figures examined by British Furniture Manufacturers (BFM) in the latest economic update.
But challenges to meet rising demand – including supply disruption and labour shortages exacerbated by the ‘pingdemic’ – are expected to continue in the near-term.
Supply chains, labour shortages and consumer confidence were all examined by BFM MD Nick Garratt as part of BFM’s Monthly Economic Review.
The report evaluates economic trends and figures from The Bank of England’s Monetary Policy Report and the Office for National Statistics as well as data from XpertHR, CBI, GfK and the Consumer Prices Index
BFM members benefit from insight into the UK economic recovery, inflation and employment trends, as well as Nick’s assessment of the risks and opportunities for furniture manufacturing over the coming months.
Nick said: ““The furniture industry continues to benefit from strong demand with strong retail sales volumes reflecting the easing of coronavirus restrictions.
“The home continues to be a major beneficiary whilst restrictions on travel and experiences limit consumer spending in these areas.
“The major threat to businesses continues to be cost and supply based - both labour and materials.”
