Global supply capacity is expected to recover later this year, according to figures examined by British Furniture Manufacturers (BFM) in the latest economic update.
However, 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 the association's Monthly Economic Review. He says: ““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.”
The BFM Monthly Economic Review can be accessed here.
