63% of retailers surveyed also believe that home furnishings purchasing will increase or remain steady next year
HIGH POINT — A significant number of retailers that attended the recently concluded High Point Market are looking to expand their product offerings next year.
That’s the conclusion of a recent survey by TD Bank, which had a team on the ground in High Point speaking to retailers attending the Oct. 14-18 market. An informal poll of retailers showed that 50% of those surveyed said they plan to offer new products in 2024.
The survey also found that a majority, or 63% of those retailers surveyed, believe that consumer home furnishings purchasing will either increase or at least remain steady in the new year.
The survey offers an optimistic outlook for a year many in the industry have said will be challenging at best. Those challenges also could extend well beyond 2024, some have suggested. For example, a recent report by UBS research estimates that 80,000 retail storefronts will close over the next five years across various sectors, including home furnishings.
But a number of retailers interviewed by TD Bank remain optimistic despite some of the headwinds, which could include high interest rates and a stagnant housing market.
TD Bank also found that:
More than 25% of those surveyed expect a moderate increase in sales in line with past holiday seasons. In December 2022, furniture and home furnishings sales rose to $11.50 billion, TD Bank said.
+ Some 28% of respondents believe that higher interest rates have reduced their sales and that their customers are less interested in financing options.
+ Nearly one in five, or 19% of respondents surveyed, said they offer financing options, and another 11% are considering adding them to their offerings.