After two years of exceptional growth, the furniture sector still seems to have the wind in its sails also in 2023, although the positive trend tends to slow down. This was revealed by the sample survey conducted by the Mediobanca Research Area and contained in the Report on furnishings for the home, office and community spaces, which analyzes the economic-financial data of 286 national manufacturing companies with turnover more than 10 million euros in 2021, which together generated an aggregate turnover of 14 billion euros in the same year, of which 55.2% referred to exports.
The growth continues also in 2023
The Report contains the analysis of the 2021 financial statements, which we will see in detail later in this article) but also the estimates for 2022 and 2023. The sales growth trend already recorded in 2021 seems to have continued last year as well, reads the study, “with an increase in nominal turnover of 18%, more marked on the foreign market (+20%) and less on the domestic one (+16%)”. And despite the many uncertainties due to the geopolitical context and the inflationary push, 57% of companies expect an increase in turnover and exports also in 2023, albeit more limited than in the previous two years, while 32% estimate a drop and 11 % expect stable levels compared to 2022.
All in all, therefore, a scenario that is still positive, although there are many challenges that these companies must face if they want to remain competitive on a global level.
The first concerns supply chains and the procurement of raw materials: the years of the pandemic, with the consequent crisis of supply chain and the out-of-control increases in raw materials and basic components has prompted Italian furniture companies to further shorten their supply chains, which are already among the shortest in Italian manufacturing. In fact, 58.3% of the companies interviewed by Mediobanca have an increase or diversification of suppliers on their agenda, which is combined with their national (41.7%) or even local (37.5%) proximity.
The second concerns human capital, an element considered central by companies: 23.7% of the sample place it in first place in the ranking of areas in which to invest, followed by the company’s technical and knowledge assets (both at 19.6% ), from the financial one (19%) and, lastly, from the organizational capital (18.1%).