28 May 2024, 11:24
By Furniture News Jan 27, 2021

BFM outlines hopes for swift economic recovery

The British Furniture Manufacturers’ (BFM) latest Economic Review outlines the impact of a third Covid-19 lockdown and the challenges posed by Brexit – but pinpoints indications of a speedy recovery in the spring.

BFM MD Nick Garratt says: “The third lockdown had resulted in a rapid fall in consumer spending and our members are reporting order intake levels being 40-60% of the levels experienced a year ago. Members are reporting a challenging short-term position, but most still have a strong order book from the Q4 bounceback last year.

“As Britain’s Covid-19 vaccination programme - one of the fastest in the world so far - is rolled out and restrictions are gradually lifted we are hopeful that the recovery, supported by high household savings levels, will be swift.”

Nick examined figures released by the Bank of England and the ONS, as well as reporting from the EY Item Club and Capital Economics, to gauge the national economic picture and how it might impact the furniture manufacturing sector. He also considered research from Springboard and GfK to gain insight into consumer spending. Read the full review here.

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