The sharp decline in new home construction, rising interest rates on loans and high inflation have seriously curbed Austrians’ desire for new furniture. Last year, industry turnover fell by almost ten percent to 4.75 billion euros. Now they want to grow again – which is good for the customers.
The domestic furniture trade has had turbulent years. After increases in the Corona years 2021 and 2022 because people improved their homes (keyword:“Cocooning”), business fell back to the level of just above 2019 last year. “In the best case, the market will continue to develop sideways this year,” says industry expert Andreas Kreutzer.
The retailers XXXLutz, kikaLeiner, Ikea & Co. are still optimistic. The aim is to stimulate demand through advertising and price promotions.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
