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Luxury Furniture Market Could Be 'Better-than-feared' in 2024, Report

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A panel of top executives hosted by TD Cowen concluded that despite inflation and economic uncertainty, solid demand is seen in the first half of next year.

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Following the post-COVID-19 boom in sales, a slowdown was largely expected by top players of the luxury furnishings sector in 2023. Looking ahead to 2024, the sector is expecting “a better-than-feared” performance, according to the outcome of a conversation between five executives hosted by TD Cowen for a virtual panel on the high-end and luxury retail and manufacturing industry.

Companies executed price hikes this year, with increases between 15 and 25 percent on products, as a result of cost increases incurred during the pandemic. “Gross margins are flat to slightly down because price increases only covered the inflationary cost dynamic,” TD Cowen said. In 2024, however, panelists are planning on flat pricing for the coming year, which they are aware could hurt margins. “They are comfortable with that impact,” analysts concluded.

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