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As the Housing Market goes, so goes the Furniture Business

By: Steve Johnson

5/16/2008 - 13 Comments

For the last decade, people were buying furniture with credit cards and then refinancing their debts onto their home equity loans.

But that is no longer an option with falling housing prices and rising food and energy prices. Housing and food are the priority, and furniture can wait. As the housing market goes, so goes the furniture business. Well-known brands like Levitz and Wickes Furniture have called it quits in recent months, liquidating their inventories, while other major brands are struggling to hang on.

Reference Article: Distressing time for furniture retailers

The falling dollar is also increasing prices as most furniture is now imported. Twenty years ago, furniture was made in the good old USA, but today most furniture is imported. The falling dollar increases prices as the value of furniture is converted into dollars upon entering the country. Rising oil prices are also increasing shipping and delivery costs.

Wholesale prices of furniture from China and India have gone up 10-14% in recent months. And with rising prices of commodities and raw material, furniture prices are probably going to continue increasing for years to come.  Garage sale furniture just may become a hot item.  If you're selling old furniture, be sure to put a good price on it.

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