LAS VEGAS — The majority of retailers surveyed by TD Bank at last month’s Las Vegas Market are expecting steady or improving business this year, though the impact of the trade war still lingers as a wild card.
Ninety-four of the 102 retail executives surveyed — or about 92% — are looking for steady or increased sales this year. Contrast that to 85% who said they were expecting the same for the second half of last year (from an October High Point Market survey).
Asked about their biggest concern over what could impact business in the next 12 months, about 40% chose, “The impact of the trade war on my business supply chain and bottom line.” A little over 26% are more concerned about maintaining customer loyalty, and about 22% said a “looming economic downturn,” was the top concern.
Seventy-three percent of those surveyed believe the 2020 election will impact the furniture industry though the survey didn’t elaborate on what ways it will do this.
Responding to a question about the impact of Millennials on their business,44% said they have implemented new technology in the sales process (such as virtual showrooms and updated websites); 34% said they have include more affordable product and about 17% said Millennials haven’ impacted their business. Just under 5% said they’ve incorporated more financing options.
Fifty percent of respondents (51 of the 102 retailers) said they didn’t know what waterfall financing is, when asked if they offer it. (It’s a system that moves consumer credit application through second- and third-tier financing options if initially turned down).
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