In many ways, the recent High Point Market felt like a “normal” market. I use that in quotes because to call anything “normal” given conditions over the past three years feels like a bit of a stretch. However, in terms of major industry events, parties and, yes, even traffic, this market had the look and feel of pre-pandemic times.

According to High Point Market Authority, this fall’s market was up 5.3% over April and 8.7% over last year’s October market. International attendance, which had dropped dramatically during the pandemic, came back strongly and was up more than 45%. This included delegations from Italy, Mexico, Ukraine and others, all looking to enter or expand within the U.S. market.

Changes in costs out of Asia and events in Eastern Europe have altered the global marketplace, making the U.S. a more attractive outlet for manufacturers that have historically focused on other regions. Expect that continue heading into 2023 and beyond.

How good was the market?

It was so good that some people actually complained about traffic. During the pandemic, that time-honored tradition had gone on hiatus as even the most curmudgeonly among the exhibiting community were grateful just to have warm bodies in their showrooms. Only in a market where streets were bustling, food trucks had lines and massive numbers of new products were on display, could someone say with a straight face, “Traffic seems a little light.”

Full disclosure, traffic has not returned to pre-pandemic levels. According to HPMA, traffic was off about 15% from 2019. However, given current retail inventory woes, getting 85% of pre-pandemic traffic should be considered a major victory. Particularly when you factor in that the 65% of international traffic that has not come back yet is factored into that count. It means that domestic retail and designer traffic is pretty darn close to “normal.”

It was also good to see the return of the time-honored clichés that accompany every market. You know the ones I’m talking about:

“It’s not the quantity, it’s the quality.”

“We didn’t see everyone, but we saw the people we needed to see.”

“Traffic was down, but orders were up.”

That return to normal also included the return of “market creep.” For those newbies that read this, “market creep” is the unofficial extending of market as major retailers come to town early to get a leg up on the competition. Many exhibitors reported having buyers in their showrooms by the Wednesday before opening day, and some even said they had requests to open the showroom on Sunday and Monday (six days before the official opening day).

By almost all accounts, it was a good market, definitely better than anyone’s seen since before the pandemic. And reports both from retailers and manufacturers is that buying activity is picking up again, and the appetite for new products is strong and getting stronger. If you’re looking for signs of what 2023 may hold, this fall’s High Point Market provided cause for optimism.

Source: https://www.furnituretoday.com/