Tips & Insights
Ringing in a Rousing Recovery
2021 economic outlook: continued consumer confidence to drive high levels of demand
Less travel, more time at home, and increased new home construction compel optimism for 2021. “Our share of wallet is gaining. Demand is strong with a big lift in living room, home office, and outdoor,” said Andrew Koenig, President of City Furniture. “Internal improvements in areas like marketing, supply chain, and technology make us bullish.”
With 21 showrooms across Florida and an expansive e-commerce site, City Furniture is among many retailers across the country anticipating a profitable new year. “The demand created by the COVID-19 shutdown has lasted longer than we thought, and it isn’t showing any signs of slowing down,” said Ken Smith, Assurance Partner and Editor of Smith Leonard Accountants and Consultants’ Furniture Insights newsletter. “Home furnishings and appliance retailers aren’t catching up with their backlogs as quickly as they had hoped. Sales are good, which is drawing prices up, but inventories for most are way down.”