The BFM is urging British furniture businesses to build up their balance sheet in case of difficult times ahead.
Fuelled by pent-up demand and a consumer focus on homes, the furniture industry has generally seen growth since lockdown restrictions eased, states the association. But with economic uncertainty looming, the review suggests steps are taken in the event the recovery is short-lived.
The BFM's latest Monthly Economic Review, which is produced by the association’s MD, Nick Garratt, identifies key trends across the commercial landscape which could influence business decisions within the furniture industry.
Nick says: “Property prices did reach a record high in August and as property trends tend to correlate with furniture sales, the market is currently buoyant. However, with further risks surrounding rising unemployment, a second wave of Covid-19 and the uncertainty of a trade deal with the EU, companies need to be taking this opportunity to build their balance sheet in readiness for a difficult period ahead.”
