As part of the previous analysis of official statistical data, in which the subject of the study was data from February 2024, we made a short-term forecast of the expected result of the value of furniture production sold in March 2024. Due to the circumstances, it was pessimistic, which is a very delicate word, considering that it talked about a double-digit decline y/y. So let's check whether the official data from the Central Statistical Office confirmed this scenario.
According to the latest data from the Central Statistical Office, in March 2024, the value of sold furniture production amounted to PLN 4,911.8 million. This translated into a decline by as much as 14.1% compared to March 2023, which (unfortunately) confirmed B+R Studio's previous predictions. The difficult situation combined with last year's high base (PLN 5,720 million) resulted in a double-digit decline. The presented result from March 2024 is also weaker than that from the previous February, although in this case the decline is small, amounting to 1.5%.
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As March was the month ending the first quarter of 2024, we also looked at the data in aggregate terms and well... the result itself can hardly be called bad, but compared to last year it is clearly weaker and below expectations. The value of sold furniture production in the first quarter of 2024 amounted to PLN 14,765 million and compared to the first quarter of 2023, it was a decrease by as much as 8%.
When analyzing quarterly data, we also took into account the production volume of upholstered furniture, described by the Central Statistical Office as "seating furniture with a mainly wooden structure", which includes "furniture that can be transformed into sleeping places". In the context of the decline in the value of sold furniture production, the results of this group of furniture are very interesting. In the first quarter of 2024, 4,485 thousand pieces of "sitting furniture with mainly wooden structure" were produced. pieces, which resulted in an increase of as much as 8% compared to the same period in 2023. The situation changes when we look at the data regarding the "convertible sleeping furniture" subgroup. In the first quarter of 2024, they were produced in the amount of 677 thousand. pieces and it was 11% less than in the first quarter of 2023. Why did this happen? The answer is simple. Furniture that can be transformed into sleeping spaces is mainly sofas and corner sofas, generally upholstered furniture with the highest average price per piece. In times of crisis, such furniture by definition falls victim to customers' savings.
The article was based on the report by B+R Studio Tomasz Wiktorski "The upholstered furniture market" and official data from the Central Statistical Office.