ITALY  — In its most recent monitor report, FederlegnoArredo, the Italian federation representing woodworking and furniture industries, revealed a significant 8.1 percent decline in turnover within the wood furnishing sector for 2023, totaling EUR 52.6 billion.

These initial figures, released by the FederlegnoArredo Study Center during a recent press conference in Milano , were based on data compiled by the Italian statistics bureau Istat.

This 8.1 percent decrease was slightly more severe than the previously forecasted 7 percent decline announced in December.

FederlegnoArredo president Claudio Feltrin highlighted the broader downturn across the supply chain, attributing it in part to a natural reduction in domestic demand following two years of exceptional growth. He pointed to inflation as a significant factor contributing to the sector’s negative performance. Feltrin noted that sales within the domestic market fell by 10.1 percent to 32.7 billion euros, while revenue from exports saw a 4.5 percent decline to 20 billion euros. He emphasized the uncertain macroeconomic environment facing the Italian furniture market in 2024, with Germany and the U.S. experiencing difficulties.

Feltrin also underscored the substantial impact of the ongoing Suez Canal crisis, affecting both exports from the wood supply chain and imports due to recent terrorist attacks on foreign container ships.

According to the FederlegnoArredo Study Center, France emerged as Italy’s top export market for wood furniture, followed by Germany, the U.S., and China.

Despite global challenges such as falling consumer confidence and restrained spending patterns, Federlegno expressed cautious optimism regarding a slight rebound in Italian furniture exports for 2024.