According to a poll by the Austrian Economic Research Institute (Wifo), most companies in the furniture industry predicted that annual profits would decline as early as the end of 2008. Since 2006, the number of reservations that have been growing at a super-level has now undergone a very major transformation.
In the first quarter of 2009, most enterprises faced the problem of production decline. Due to the current economic and financial development, the company's production expectations and future business development situation are very severe.
According to the results of the Austrian Economic Research Institute (Wifo)-a second-quarter 2009 furniture industry periodic test survey attended by 32 companies, the situation will be as severe as the previous quarter; fortunately, the situation will not deteriorate substantially . Compared with the previous quarter, the total number of orders has declined, and is lower than the average year-round average; inventory will also decrease. More and more companies say that production volume is declining, but they also said that they will be able to maintain the current production level in the coming months. It is predicted that the sales price of furniture will drop sharply. The future operating conditions are expected to continue to be pessimistic. This forecast will affect the number of employees in the industry and may trigger a series of layoffs. The productivity utilization rate has dropped to 78%.
inference: Even if individual sectors are developing well in 2008, based on the feedback from furniture manufacturers, it can be predicted that the negative trend of economic development in 2009 will continue. It can be predicted that the high productivity and export quotas of previous years will not be reached in 2009. The future world economic development and the international target market of the furniture industry, especially the development of the European Economic Community and the United Kingdom, will have a profound impact on it. Taking Germany as an example, the Institute of Economics expects GDP to decline by 6 percentage points in 2009, which will be the largest decline since the establishment of the Federal Republic. It is not difficult to imagine the possible consequences of the export volume of the Austrian furniture industry to Germany. In Austria itself, the tax reform in April this year will stimulate personal consumption; so far this effect has not been felt in the furniture industry.
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