The German furniture industry and the furniture trade closed the entire year 2020 better than had been expected following the outbreak of the corona crisis and the associated restrictions. Since August, the Association of the German Furniture Industry (VDM) had been anticipating a 5% decline in sector turnover. Based on the figures so far available up until November, the association now expects a turnover decline of approximately 4% to €17.2bn. This correction is based on the improving development recorded over the last months of the year. In October, sector turnover increased by 2.3% vis à vis the comparative period of the preceding year; this growth already more than doubled in November.
The rate of the turnover decline for the accumulated period was gradually reduced as a consequence. As at the end of October, according to figures compiled by the VDM on the basis of data from the Federal Statistics Office, sector turnover amounted to €14.1bn - still 5.7% below the preceding year’s figure. As at the end of November, a decline of 4.7% to €15.8bn was recorded.
