Furniture retailers are looking forward to a solid finish to the year, according to a new survey from TD Bank.
In a survey of 104 retail furniture executives attending the Las Vegas Market conducted by TD Bank, 75% of respondents said their business either met or exceeded expectations for the first half of 2017, and 72% maintained that they expect furniture purchasing volume to remain steady or increase in the second half of 2017. Just about 82% of executives polled said they anticipated that their employee base would grow or remain the same over the next six months, with only 12% expecting to make cuts.
Of course, risks always weigh on expectations, and the polled furniture retailers identified the top chances they face as: inventory restraints, 38%; decrease in consumer demand, 33%; technology disruption, 30%; rising interest rates, 23%; rising employee wage requirements, 21%; regulation, 20%; and cyber crime, 6%.
Of the respondents, 53% reported that their company’s annual revenue fell between $500,001 and $5,000,000, 33% reported revenues of less than $500,000, and 13% reported revenues of more than $5,000,000.