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Industry analyst Jerry Epperson is convinced that it is. Speaking during the April High Point Market, he said that he expects a 2 percent growth in the last half of this year and 3 percent growth in 2009.
Epperson equated a lavish number of market introductions as one way to justify price increases. He said, “The price increases are good for you,” noting that they offer the opportunity to return to profitability.
Citing statistics from NHFA’s Retail Performance Report, Epperson said over the past seven years, retailers have not been able to command unit prices to cover the costs of doing business. He predicts a price increase of as much as 20 percent on foreign-produced goods and 2 to 8 percent on domestic products.
These dramatic price rises in the not-too-distant future make today the perfect time to promote furniture to consumers as a great buy, according to Epperson. He advised, “Tell people this is the best time to buy furniture. If you want value, buy now.”
The industry analyst is firmly convinced that aggressive steps to turn the economy around such as the stimulus package and lowering of interest rates, will succeed, very good news for the retail community.