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Furniture Shipment Growth to Slow in 2003
|Furniture Shipment Growth to Slow in 2003
Home shipments are on pace to grow by 3.8% in 2002, but growth will slow to 2.4% in 2003, according to the American Furniture Manufacturers Assn.'s new forecast.
Wood furniture shipments, however, will lag behind overall furniture growth in both years. This year, AFMA predicts virtually flat levels of wood furniture shipments, with 2.2% growth in 2003. Upholstered furniture shipments, on the other hand, are on pace to grow 9.3% this year.
The AFMA revised its predictions down sharply from its last forecast, released in October. "There are a number of uncertainties in the year ahead that dramatically affect our outlook for furniture sales," said Joseph Logan, AFMA vice president of financial services. "Once those uncertainties are behind us, we expect sales will strengthen beginning in the latter part of 2003 and into 2004." Logan also noted that third-quarter figures were weaker than expected.
For detailed AFMA shipment data back to 2000 and predictions through 2004, please see our Statistics and Forecasts page.
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