The latest survey from the British Furniture Manufacturers shows confidence across the sector has risen to a significant new level. Business optimism in the BFM’s January 2020 State of Trade & Price Trends Survey stands at +61%, a significant jump forward from October’s +22% result.
Nick Garratt, MD of the BFM, says: “The figure of +61% represents an optimism not seen since October 2008. This optimism has been fed by a better-than-expected order book over the last four months and increased output.”
The positive result aligns with the feedback from BFM members recorded at the January Furniture Show, where the trade body produced a podcast to capture the mood of the industry. Now, the BFM is waiting to see if the global implications of the coronavirus will impact on the sector’s confidence.
Nick adds: “Most responses to the survey came in the first half of February and since then there has been a considerable shift in business confidence as a result of the coronavirus. At this stage it is very difficult to predict the full economic outcome and we are keeping a watching brief.”
The full report is available to the association’s members.