The Belgian furniture industry experienced a decline in sales in 2023 and the first half of 2024 due to reduced demand, according to figures released on Monday by the Belgian Federation of the Textile, Wood and Furniture Industries (Fedustria).
Revenue for the furniture industry fell by 7% in 2023 compared to the previous year, totalling €2.1 billion. Production volume also decreased by 10.9%, while production prices rose by 3.9%.
The kitchen furniture category was the only segment to maintain stable revenue in 2023, despite a 7.8% decline in production volume, due to an 8.6% increase in sales prices. Other categories, including interior furniture, office and shop furniture, and bedding, saw a drop in revenue.
A similar trend continued in the first half of 2024, with the industry experiencing a 7.8% decline in overall revenue.
Fedustria attributes the reduced demand in the furniture sector to decreased activity in the construction field, driven by high mortgage rates and increased prices.
For 2024, Fedustria predicts that the property sector will not recover and will continue to decline slightly, impacting the furniture industry accordingly.
