The furniture market is one of the many sectors that have been seriously impacted by the Covid 19 virus pandemic. Having quickly engulfed the world, the impact of this lethal virus on individuals, industries, and economies has been unparalleled. The Impact of Coronavirus on Furniture Market has been immense due to the following reasons-
Impact of Coronavirus on Furniture Market
COVID-19 has contributed to the decline of sales and revenue of furniture selling businesses in many ways.
Impact of Coronavirus on Furniture Market with Financial conflict
One major factor is that most people stay restricted to their homes on a voluntary or obligatory basis at this period. Owing to the persistent feeling of confusion about their financial prospects, purchasing only important things such as food and materials and buying furniture is not a priority for them at the moment.
Postponing of deliveries from China
The second reason is that the delivery of furniture items from China has been postponed or interrupted due to difficulties in the production and shipping of goods on behalf of Covid-19. China is the world’s leading producer and exporter of furniture products. Impact of coronavirus on furniture market has resulted in companies all over the world huge damage.
Impact of Coronavirus on Furniture Market with heavy toll on Italy
Third, the impact of Covid on Italy, a nation located in Europe that exports some of the finest furniture in the world, has been immense. This led to the postponement of Salone del Mobile, the largest furniture shows to be held earlier in the month of April, but has now been postponed to a later date in 2020. At this gathering, leading furniture designers from around the world are showcasing their goods to an international audience.
Apart from China, Covid-19 also led to a significant decline in the export of furniture goods from Italy.
In this way, the convergence of all these associated Covid-19 factors has influenced the operating and profitability of furniture retailers worldwide.
Impact of Coronavirus on Furniture Market can be minimized by making certain changes mentioned below.
- Changing marketing message
With people staying indoors they prefer furniture that would enable them to be more productive while being comfortable,therefore, companies could strategically change their message to convey this.
- Customer Safety
Prioritizing and reassuring customer safety must be of utmost importance in times of Covid-19. This can be done by clearly mentioning the prevention and protective measures that are being taken by the company.
- Resilience Plan
To avoid the effect of scenarios like Covid-19, the furniture company should plan out a detailed strategy which would enable them to reduce hits to the business. This strategic resilience plan can involve monitoring and assessing any crisis-laden situations and gaining an enhanced understanding of the challenges involved with them, which can disrupt one’s business. Looking from vendors that are not concentrated from one geographical area should definitely be an option for furniture companies.
The covid situation has left all businesses around the world grasping onto their last strands but none of us are giving up and neither should the furniture industry. With time the furniture industry will improve and this could be easily done by implementing the above mentioned points.
Read More: How to Increase Furniture Sales in 2020