Stump Reports on Fall 2023 High Point Market
Charlotte, NC, October 20, 2023-The Stump & Company issued the following report about the fall High Point Market.
“Most exhibitors will privately admit that revenues are down significantly over last year. Consumers continue to be moving away from durable goods and redirecting their dollars towards travel, hotels, and experiences ($2,000 Taylor Swift concert tickets, anyone)?! By the way, we will be in New York in two weeks for the BDNY hospitality show-that part of the furniture market is booming.
“As is often the case, the higher-end of the market is performing better than the lower-priced/promotional world, and designer/trade-focused businesses are outperforming their peers that sell retail stores.
“Political Risk-Of course, the Middle East strife was top of mind. Many believe the turmoil in Israel could affect consumer confidence well into 2024. China was frequently mentioned as manufacturers continue to seek production elsewhere. Vietnam and India are the common names, and we heard about several fantastic new factories in Cambodia. Mexico was a clear focus for sourcing one to two years ago during the supply chain crisis, but dramatically lower ocean container rates has caused an abatement there, for now. And our own US political turmoil and election noise is not helping consumer confidence.
“When will our industry get its mojo back? Early in the year, we thought Q4-2023 would be the rebound time; then shifted that expectation to Q1-2024; now we hear more skepticism, and most are looking to 2025 as the breakout year.”