Low business sentiment and high unemployment adversely affected the industry during the recession. As a result, demand for office furniture remained low. In addition, because China is able to produce goods at a much lower cost, rising import penetration from the country has further hurt industry revenue. Nevertheless, demand will revive slowly over the next five years, in line with the improved job market, spurring growth for office furniture manufacturers. For these reasons, industry research firm IBISWorld has added a report on the Office Furniture Manufacturing industry to its growing industry report collection.
Los Angeles, CA (PRWEB) July 22, 2012
The Office Furniture Manufacturing industry has suffered through tough economic conditions during the five years to 2012. Weak corporate profit and high unemployment following the recession significantly reduced demand for new office furniture. Meanwhile, rising import penetration from China, which can produce comparable goods at a much lower cost, has further hurt industry revenue. Consequently, industry revenue is expected to decline at an average annual rate of 6.5% over the five years to 2012, says IBISWorld industry analyst Sean Windle. Fortunately, demand conditions are slowly improving as the US economy recovers from the recession and businesses expand operations. As the number of businesses increases and companies hire more employees, industry revenue is forecast to rise 3.6% to $20.6 billion in 2012.
Volatile input prices have adversely affected the industry. From 2007 to 2012, the price of steel has risen at an average annual rate of 3.6%, with increases of 16.0% and 12.7% in 2010 and 2011, respectively. While certainly high, the price increase in 2010 was coming off the back of a 25.1% price drop in 2009. In contrast, the price of steel is expected to rise only 1.2% in 2012. These price fluctuations have made it difficult for manufacturers to anticipate future spending and control costs, continues Windle. As a result, profit margins have decreased. In the face of diminished demand, high overhead costs and falling margins, many firms were forced to merge or exit the industry completely. During the five years to 2012, the number of manufacturers is estimated to decrease at an average annual rate of 1.1% to total 3,697 businesses. The Office Furniture Manufacturing industry has low market share concentration. IBISWorld estimates that the industry’s largest players Steelcase Inc., HNI Corporation and Herman Miller Inc. The remainder of the market is captured by a large number of small and privately owned businesses that successfully supply the local community's retail demand. In the five years to 2012, industry concentration has increased because many office furniture manufacturers have gone out of business. High unemployment rates and low business sentiment after the downturn of the US economy have created an intensely competitive environment for existing players. Faced with eroding profit margins and volatile input costs, many underperforming operators were forced to exit the market.
Despite recent declines, the industry is expected to return to growth over the next five years. However, some mitigating factors will remain. Higher import penetration will likely constrict growth, lowering domestic demand and increasing price pressures on domestic manufacturers. Also, raw material prices are projected to continue increasing and will adversely affect profitability over the period. Manufacturers can pass the additional costs on to buyers, but in doing so they risk losing business to lower-cost foreign imports. Still, as economic conditions improve, the number of businesses and office-based jobs is projected to rise through 2017, further driving industry demand and revenue growth. For more information, visit IBISWorld’s Office Furniture Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
The Office Furniture Manufacturing industry produces a wide range of office furniture, including bookcases, cabinets, chairs, desks and filing cabinets. It also manufactures office and store fixtures, such as cafeteria countertops (except kitchen and bathroom), furniture parts and partitions. Furniture may be ordered predesigned or customized, and may be sold assembled or unassembled.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith
IBISWorld
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Source: news.yahoo.com
Making money out of high tea - Stuff
Two Wellington women love having high teas so much they've turned throwing tea parties into a full time job.
Tea drinkers and professional china collectors Halina Smith and Katherine Jourdain found the perfect reason for their husbands to excuse them expanding their extensive china collections.
The best friends and mums to three childrean each started the china hire company Vintage Tea last year.
They provide tea sets, tiered cake plates, vintage linen and cute antique silver cutlery for functions. They even do the washing up afterwards.
Events they have decked out in the delicate charm of hand painted china include baby showers, bridal showers, weddings and birthdays.
Baby showers are their most common jobs. Working with caterers, they choose finger food and china to match colour themes - often pink and yellow for girl babies, blue and green for boys.
They have also provided china to a photo shoot for bridal wear designer Sophie Voon, and to brighten up some corporate events.
''We've done a lot of 60th, 30th and surprisingly 21st birthday parties and also weddings. It's just so cool to be a small part of those special moments in people's lives,'' Smith said.
''A few people who have hired us have had high tea parties at home just for the fun of it.''
The pair's shared fondness for the ritual and indulgence of high teas turned into a full time job after Smith's sister in England suggested she capitalise on the growing trend.
''We had been to a whole bunch of high teas because we just love it. I was speaking to my sister in England and when she asked what I'd done for my birthday I said a high tea. She said it's really huge over there and if I love it that much I should go for it,'' Smith said.
They did some research and discovered that while companies with a similar concept operated out of Auckland and Christchurch, no one was doing it in Wellington.
The dozens of cup, saucer and side plate sets Vintage Tea owns have come from relatives overseas, and from fossicking through New Zealand's second hand shops.
They know almost every op shop in the country, having cleaned most of them out of their prettiest teacups.
''Broad Bay China shop - is that the one that's absolutely chocka full and it has an upstairs and downstairs. We just bought a beautiful set the other day from the little antique shop at the top of Tinakori Rd which was Royal Albert china - we're getting better at recognising the different brands and times when things were made.''
Customers pay a bond to cover any breakages but so far, only two pieces had been damaged.
Smith admitted that most of the time she and Jourdain were the ones breaking china while washing up.
''It's the best job - it's not difficult at all, it's a real joy.''
- © Fairfax NZ News
Yes, I'm with those griping about the difference between "afternoon tea" and "high tea".
Afternoon tea is the thing with the cakes and the dainties.
High tea was a substantial meal, with a meat course - in modern times in the colonies, it's now often an hour or two (or more) later and called "dinner" or simply "tea". High tea was traditionally at around 6pm, and then "supper" was a small snack/sweet at around 10pm (just before bed).
The term 'High tea'is often mistaken as involving "ritual and indulgence", but has nothing to do with fancy cakes and afternoon tea - it is a British term for a light,cooked, evening meal that is often accompanied by bread and butter, and ...tea.
Throwing a vintage tea party sounds like a lot of fun. However, the choice of drinks and cakes is not naïf, as different options open up different scenarios. According to Catalan writer Joan Coromines, in Barcelona a rabidly Wagnerian bourgeoisie used to have Viennese coffee and Berliner cakes for breakfast until the end of WWI, only to change to Indian tea & English cookies the very day after Germany surrendered in 1918. Coffee is just so 18th century and reminiscent of boulevard comedians, political casinos, Bohemian artists and idle games of chance -in words of writer Eugeni d'Ors- embodied in the triad "coffee, spirits and cigar" with a similar taste to the "Liberty, Equality, Fraternity". In comparison, tea is typically a 19th century drink.
But way before the coffee bean and the tea plant were introduced in Europe, the first part of the tilogy had been served on Spanish tables since the 16th century: this is, chocolate. American chocolate & fresh figs was a regal breakfast, and it was believed to heal migraine and foster libido. Of course, original chocolate wasn't the sugar and fat-rich mix we know today, but rather a somewhat bitter and odorant spice scraped from a tablet of pressed cocoa powder and disolved in milk. To day chocolate and sponge finger is a common Sunday breakfast in Spain. It is as well an apt drink -along with coffee and tea- for any crisp chocolate party.
Good on these two enterprising women. I wish them success in their venture. Tea should be drunk from the right sort of cup, so I hate when I'm served tea in a thick-rimmed coffee cup. So many cafes do not have the right cup for us tea drinkers and I don't think they really care.
For more info go to www.vintagetea.co.nz
There is a mint new cafe/restaurant in Lincoln called The Teahouse that does high tea, really pretty place! A neat idea
It would be nice it people would stop calling it 'high tea' when they mean afternoon tea. Just because you think it sounds fancier doesn't mean you can alter the meaning. High tea is a substantial meal, this is afternoon tea.
Tea Mr Shifter?
Source: www.stuff.co.nz
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