Furniture Industry News – November 18, 2024 Import & Export Trends Show Growth U.S. furniture imports reached $12.6 billion in the first half of 2024, a 5% increase from last year but still 26% below 2022 levels. Top Import Partners: Vietnam leads with $4.4 billion in imports (+19% YoY), holding 35% market share. China follows at $3.2 billion (+2%), with 26% market share. U.S. Export Growth: Exports increased by 10%, totaling over $1.2 billion. Canada remains the largest market (+12% to $782M), followed by Mexico. Notable growth: Netherlands (+88%) and Saudi Arabia (+48%). Mattress Industry Recovery Outlook Manufacturers anticipate recovery starting in 2025, citing longer sales lulls and shorter peak periods. Industry innovation is ramping up: Ashley Furniture: Focused on value products with the new "Peak" hybrid and foam mattress lineup. Mlily USA: Promotes complete sleep systems (e.g., power bases, pillows, accessories) to boost sales. Housing market challenges, driven by high interest rates, are slowing mattress sales. Experts predict improvement as interest rates drop. Royal Furniture’s Major Retail Expansion Acquired 14 former Badcock Home Furniture stores across Tennessee and Alabama. New locations in McMinnville, Cookeville, Columbia, Florence, Montgomery, and more. Key Strategies: Retain existing staff for local market expertise. Launch in-house financing programs to attract customers. Impact: Expansion more than doubles Royal Furniture's footprint, growing from 12 to 26 locations.