Wood – furniture and Covid-19

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• The wood-furniture supply chain is broad and complex, it includes all the activities that see the raw material, wood, transformed into the finished product, in its various forms, from the simplest up to designer items.
• The global furniture market reached a value of over 730 billion dollars in 2019 and has seen a highly positive upward trend in recent years.
• The European furniture industry accounts for over a quarter of global production and is the world leader in the high-end segment. Almost two out of three high-end furniture products sold worldwide are manufactured in Europe.
• Italy is the leading country of the Community market, with a production value of more than 23 billion euros for the furniture sector alone.
• The Italian wood and furniture supply chain is marked by its focus on exports, especially to outside the EU (46%) and on its sustainability. The Italian furniture production sector is the European leader in recycling and circular economy, and the lowest producer of climate-changing emissions.
• Due to the pandemic, the global wood-furniture market is expected to contract by 3.6% this year, falling to a total value of less than 700 billion dollars.
• In Italy, a 20% loss in turnover for the entire wood-furniture system is forecast, equal to around 8 billion euros.
• To deal with the crisis, Italian companies will need to review their strategies, aiming for consolidation and opening up to the capital market, to overcome their structural weaknesses.
• The furniture of the future must be eco-friendly, tailor made and multifunctional. The companies that will be able to produce and market this kind of product will be centred on creativity and research into materials, with a particular focus on sustainability, digitisation of production and commercial processes and investments in training and human resources.