The ongoing global economic uncertainty continues to impact the furniture and interior design industry, according to TMF's annual report, presented at the Stockholm Furniture Fair.
Key findings from TMF's report
The report indicates a continued decline in production, exports, imports, and consumption within the furniture and interior design industry. This marks the second consecutive year of decline following the sharp increase during the pandemic years.
'It is clear that the economic downturn has now caught up with the furniture industry as well—we already saw signs of this last year. The situation is influenced by both global instability and the recession that has taken hold,' says Cecilia Ask Engström, Head of Industry at TMF.
The weak Swedish krona had long been beneficial for exporting companies, but already in 2023, exports declined by just over 1%. Preliminary figures for 2024 show a further 6% decrease, bringing total exports down to SEK 20.8 billion. Between 78% and 84% of Swedish furniture production is exported.
Erik Haara, CEO of TMF.
Internationally, the Swedish furniture industry is a leader in circular production, which provides a competitive advantage for Swedish companies, according to Ask Engström. TMF is highlighting this strength during Industry Talks, a series of knowledge seminars organised in collaboration with the Stockholm Furniture Fair.
Last year, the Swedish government introduced a new trade strategy that emphasised improved support for small and medium-sized enterprises (SMEs). TMF advocates for targeted initiatives to enhance export opportunities for the furniture industry. This issue will be discussed with Minister for Foreign Trade, Benjamin Dousa, during a roundtable conversation at the fair, led by TMF.
'We want to see a clearer commitment from policymakers to support Swedish furniture exports. The government should instruct Business Sweden to establish a dedicated export programme to promote the Swedish furniture industry as part of the national export strategy. For inspiration, they could look at Norway's Hele Norge eksporterer initiative,' says Erik Haara, CEO of TMF.
Over the past three years, TMF has worked on export-related initiatives for the furniture industry. Last spring, the organisation launched a handbook outlining the requirements and regulations for exporting to the USA, the UK, Germany, and France.
More information:
TMF
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www.tmf.se