SBA furniture sales close to EUR 0.3bn this year, but growth slows

SBA Group furniture companies delivered EUR 293 million worth of furniture in the first three quarters of this year. This is 14% more than at the same time last year when sales reached EUR 258 million. However, due to the slowing economy, growth in the third quarter alone is already only a few percent compared to the third quarter of 2021, the company said in a press release.

“The energy price shock, inflation not seen in decades, rising interest rates, and the ongoing war in Ukraine are affecting consumer sentiment globally. This is slowing down aggregate demand considerably. The gloomy mood seems unlikely to fade as winter approaches, and consumer optimism and the resulting increase in production volumes in the furniture sector are also unlikely to be sustained, at least in the short term. However, the good news is that the markets are seeing a stabilisation of demand and a downward adjustment in energy prices. However, it would be imprudent to say that these trends are long-term,” says Raimonda Kižienė, CEO of SBA Home, a company uniting five SBA furniture manufacturing companies.