Furniture Retailers Reflect on 2020 Outlook

A recent survey of 102 furniture retailers by TD Bank found differing views on the future of retail business for the rest of 2020 after the COVID-19 pandemic. Of the survey respondents, 41.2% believed furniture purchases would increase, while 30.4% expected decreases and 28.4% expected them to remain steady. Nearly 51% of those surveyed reported the pandemic was having a “somewhat influential impact” on supply chains followed by 43.1% saying it was having an “influential impact.”

The vast majority of retailers surveyed, 83.4%, were increasing online and digital efforts to reach customers. Approximately 79% already have digital showrooms in place to support online shopping, and 71% currently have smartphone apps, with an additional 24% planning to develop one.  See Furniture Today     


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