Home, family have new importance in our lives
By Jerry Epperson -- Furniture Today, October 7, 2001
I am writing this on a flight back from an NHFA Ohio chapter meeting. It was great seeing many positive retailers and reps, and I want to pass along some thoughts.
Except for the week of Sept. 11, most furniture retailers and manufacturers have been encouraged by sales. While far from record levels, sales have been better than expected.
Everyone I met in Ohio was coming to market. I cannot imagine not going, especially given the current circumstances. You do not want to miss the merchandise, the programs and the ideas you'll find in High Point.
Everywhere you look, actions are being taken to stimulate the economy. The Federal Reserve has lowered interest rates for the second time since Sept. 11 and is pumping big money into our economy. Congress and the administration are passing new tax breaks, spending initiatives and government-funded projects to boost confidence.
The flight from equities into safer debt instruments has slowed. As interest rates keep getting lower, this will reverse and stocks will come back, pumping up the "wealth effect."
Speaking of interest rates, can you guess how low mortgage rates will go? Consumers will hesitate to buy homes for a month or two, then rush back in to lock in the best rates they may see in their lifetimes. The new, larger homes and second homes for the baby boomers, and the starter homes for their children, will need furniture. It could make 2002 a rebound year like we've never seen before.
Want to be negative? Yes, we are in a recession, but we've been in five in the last 30 years, and each time our industry has recovered to new highs. We will do that again. Yes, we will lose some retailers and manufacturers, but we probably would have lost them without the horrors of Sept. 11.
Want to help? Set an example by buying something big. A new car, appliances, maybe some new furniture. Participate in local causes and charities that have been overlooked by the national fund-raising of late. Be positive.
While none of us wants to profit from terrorist attacks, they will change our lives. I expect a renewal of home-based entertaining as we bring family and friends closer to us. Layoffs may encourage a new wave of entrepreneurs starting businesses, often from the home. This especially will be true for women, minorities and anyone who feels disenfranchised in today's economy. Second homes may become a higher priority as people seek havens away from urban centers.
The net result: The home and family will have a new importance in our lives.
Finally, remember the family that we, as an industry, represent. While we are a diverse group, this always has been an industry of strong relationships and people who care about each other, who want each other to succeed. Come to High Point to do business, but take time to visit friends.
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