Just as fine clothes make the man, furniture makes the home. The only problem is the high price tag of […]
Australian Furniture Industry: Ways To Increase The Demand For Furniture
The Instable Financial Markets’ Impact On Australian Furniture Industry
The 5 year period from 2010/11 – 2015/16 has been challenging for the Australian furniture industry due to large market changes. The industry numbers show incredibly small growth of industry revenue, only 1.4%. The instability of the global financial markets, that were shaking the entire world of economic trade, had a huge role in this situation by affecting the industry’s trading conditions. Moreover, the small, almost insignificant growth of incomes during this period, plus the concerns about the growing household debts, has additionally weakened the demand for furniture. Every Australian furniture store, as well as all manufacturers have suffered from this situation.
As part of the strategy for helping the furniture industry, the Australian Department of Industry has visited a few furniture manufacturers to see first-handed how hard are they hit by the new shattering market conditions, what are their get-out strategies are and how can the Department help. The Department’s conclusions are three major points:
Some of the strategies the manufacturers have implemented include: