Abstract
Summary:
The US furniture market is facing a challenging period, with the mounting
financial crisis and falling home sales. Moreover, growing unemployment is
putting additional strain on consumer confidence. As such, a contraction of
furniture demand is expected for 2008 and 2009.
However, the USA remains the largest furniture consumer and importer
worldwide, accounting for about one quarter of total world furniture
consumption. In this respect, a number of analysts consider the current
scenario to be a temporary one, with a likely recovery of the US economy in
the medium-term. Indeed the US economy still has a strong foundation and the
resources to overcome the crisis.
The Canadian furniture industry can rely on worthy assets such as large wood
availability, relatively low electricity costs and a long established
expertise in furniture manufacturing. Yet the rapid growth of imports has
turned Canada into a net importer of furniture in 2007.
Nevertheless, today the country economy is facing a slowdown linked to the US
scenario, with likely repercussions on the furniture market. As such, a stall
in furniture demand is expected in the short run, with a recovery taking place
in the medium term
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