There have been many changes to the furniture market these lase couple of years which have made things tough. The 1.4% growth in revenue has been virtually nonexistent because of the unstable global economy which affected nearly every industry and the annual turnovers each trade would make.
The demand for furniture supplies has definitely been put on a hold thanks to this unstable economic period and growing household debts, meaning big and small furniture businesses have suffered greatly. The industry, however, is about to change for the better as the Australian Department of Industry recently made a few suggestions on how furniture manufacturers should work to improve and stabilize the economy. This included manufactures collaborating with each other to increase the efficiency of operations, focusing on the export markets, developing new technology for all aspects of the industry, using online marketing to reach out to new clients, switching to lower cost manufacturing countries, and by focusing on a high quality standard.
In the last few months alone, the results have been clear with the furniture industry making a total of $8 billion in revenue, selling indoor and outdoor furnitures continuously, running 4,538 businesses, and providing a job for over 25,996 people alone. It has been expected that the furniture industry along with many other industries that may have suffered will continue to rise at impressive rates and the economy will continue to stabilize well into 2016 and further into the future.