Month: November 2018

Hall of Fame Invites IHFRA Members To Join

As a courtesy to all active IHFRA members, the American Home Furnishings Hall of Fame has extended a special offer of membership for only $100.  For that, IHFRA members receive
*A beautiful Welcome Presentation Kit outlining the Hall’s services, products and benefits.
*access to all photography from the events surround the induction
*A fully tax-deductible donation to the Hall of Fame, a federally recognized 501 © (3) charitable nonprofit organization.
*Exclusive special fee benefits that non-IHFRA cannot receive.
 
Membership also gives IHFRA members the opportunity to nominate candidates for Induction in the Hall of Fame; Purchase one Celebration ticket for $150 (non-members pay $300).
IHFRA members can also invite a retailer as their guest and purchase a pair (two) tickets for only $250. Non-members pay $600.
 
Also, IHFRA members are publicly acknowledged with Visual Brand Recognition in the Induction Celebration Journal and in the quarterly Hall of Fame newsletter.
 
Membership also brings the personal reward of knowing that you have significantly impacted the preservation of the Home Furnishings Industry’s history.
 
The Hall of Fame salutes leaders, vision and success.  As a key part of this industry, IHFRA merits a seat at this table.
 
For more information, click here: https://www.homefurnishingshalloffame.com
 

by IHFRA Developer

IHFRA Has Your Back—Launches Identify Theft Protection for members

In the event you just read this headline and wonder if there is a good reason to protect yourself and your family against identity theft, we can give you a host of reasons.  In fact, we can offer you some 60 million of them.
Those 60 million reasons represent some 60 million Americans that became victims of some form of fraud and or identity theft so far this year.
And if you were among the 60 million people impacted, it probably didn’t matter if it came at the hands of employment or tax-related fraud or credit card fraud or telephone or utilities fraud or bank fraud.
To help minimize the chance that you might be next, IHFRA has partnered with Family-IDProtect.com to help protect you and your family.
The company is offering IHFRA members—their families and their friends—a very affordable and comprehensive suite of services to help manage your personal identity and private information during various life events, including assistance in situations you may confront in natural disasters.
For less than $5.00 a month, you can have individual protection and for less than $7.00 a month, you can protect you and your family.
Benefits include:

• *Individual and family identify theft resolution
• *$50,000 ID theft expense recovery reimbursement insurance
• *Personal Disaster Services
• *Travel Identity Assist Services
• *Social Media Services
• *Document Replacement Services
• *Protection for Minors Services
• *Marriage and Divorce Identity Services
• *Medical Identity Services….and more.

For more information, visit the company at www.family-idprotect.com

The promo code to use is IHFRA10
Click here for more information
 
 
 
 

by IHFRA Developer

IHFRA Asks its Members How Tariffs Will Affect Industry

High Point, NC - With the impact of tariffs top of mind, The International Home Furnishing Representatives Association (IHFRA) asked Leflein Associates, Inc., a leading market research firm, to field a survey among IHFRA members in order to gauge their perceptions of how current and future tariffs might impact the landscape of the home furnishings sector.
Based on input from close to 340 IHFRA members, who represent independent sales representatives, suppliers, retailers and other active in the home furnishings sector, more than 40% of the respondents believe that tariffs will cause furniture suppliers to shift production to countries other than China.
Some 35% of the respondents are also predicting that manufacturers will have to adjust pricing as a result.
And when the question was asked about who would ultimately foot the bill should higher priced furniture emerge as a result of the tariffs, over half of the survey respondents said the consumer would be one paying more for goods impacted by tariffs.
According to Ray Allegrezza, Executive Director for IHFRA, “This survey underscores the volatility the industry may be facing should higher tariffs come into play in coming weeks and months.”
The challenge for the industry, Allegrezza added, is that the issue of tariffs comes at a time when furniture sales, while reasonable, have not seemed to keep pace with a steadily improving economy.
And when that is coupled with the timing and focus of the impending tariffs, that could spell more trouble for the industry, Allegrezza suggest.
“As opposed to the earlier tariffs against Chinese imports, which took hold at the end of September and targeted some $200 billion at 10%, the impending tariffs, set for January 1, 2019, will come in at 25%, he noted.
“But here is the rub,” Allegrezza explained.  “While the earlier tariffs mostly hit materials, about 25% of the planned tariffs will target consumer goods directly, making the perceptions of our survey respondents right on the money,” he said.
Based on what Allegrezza sees ahead, sales of furniture, electronics, computers are all positioned to feel the brunt of higher prices.
What follows are the top line results of the Leflein survey:
Q1. If the tariffs on China furniture imports increase to 25%, what do you believe furniture manufacturers will do? (Select all that apply)

• 44% of IHFRA members cite if the tariffs on China furniture imports increase to 25%, furniture manufacturers will move their production facilities to other countries.
• More than one-third (35%) believe manufacturers will adjust their pricing to compensate for the tariff.
• Only one in ten (10%) believe manufacturers will build plants or expand facilities in the US

 
Q2. Who will be most impacted by furniture tariff increases? (Select One)

• The majority of IHFRA members (51%) predict consumers will be the ones to experience the biggest impact by the furniture tariff increase. Here’s some explanations for why & how:

“Consumers don't really understand the costs of furniture now. They always want the lowest price products unless they are of the top earners in their respective markets. Many of the top volume producing products are made in China. That much capacity cannot be reasonably spread to Vietnam, Malaysia, India, and Mexico. The logistics of shipping alone make that impossible. So, consumers will have to pay more of their money to get product in their home, even at the low end of the market.”
“Everyone will be impacted. I am a sales rep and I already feel the pinch as the stores are holding back buying or if they are still purchasing they are absorbing the 10% increase. I think that furniture will become a lower priority as everything in the whole country is going to increase 25%. Customers make the ultimate decision and come Jan- Fall.”
“Furniture is the first of the big ticket items to be affected by cost increases.  With no effective long term consumer financing, furniture is a cash sale 75% to 80% of the time.  The vast majority of sales thus are dependent on how much cash a consumer has available people don’t have the cash to afford the level of quality they desire.
 

• Three in ten (29%) foresee manufacturers experiencing the most impact. Here’s some explanations for why & how:

“I think Manufacturers will bear the brunt of tariff increases because consumers can always shop other choices, reps can grab other lines, and retailers can adjust their assortment on their floor to create the best value for their customer. This is why Manufacturers will have to be agile and move some production, eat some of the tariff, and possibly look at expanding in the U.S.”
“The ones whose products are made mostly in China will be forced to move production to other countries. This will take time to get established. The most obvious choice is Vietnam which is much smaller and has much less capacity and fewer raw materials than China. All relative factors will drive costs up in Vietnam and create long lead times. It will be a trickle down affect impacting all parties involved but manufacturers will struggle for a long time and some will probably go out of business. For smaller manufacturers it will be like starting all over again which will be a real struggle considering the competition in the industry. Retailers and consumers will shop differently by selecting products not impacted by the tariffs. Overall for a while furniture sales will take a dip. The question is "How long will it take to recover?"”
 
Q3. Which merchandise category is most affected by increases in tariffs? (Select One)

• Two-fifths of IHFRA members (43%) cite case goods as the category most affected by increases in tariffs.
• More than one-third (35%) believe upholstery will
• Only one in ten (10%) believe accessories will be most affected, only 8% cite outdoor or bedding (4%) as being impacted most.

Q4. Which price point is likely to be least impacted by tariffs?

• 67% of IHFRA members believe high end items will be least impacted.
• 13% cite mid-range, and nearly two out of ten (19%) cite low end

Q5. Which manufacturers stand to benefit most from new business as a result of the new tariffs (Please name specific companies)
Top 5 companies mentioned (among those who mentioned a company):
Ashley 30%
Southern Motion 9%
Amish-made Furniture* 8%
Vaughan Bassett 6%
Catnapper/Jackson 6%
*represents Amish mentions in general, not a specific manufacturer
 
Q6. Will companies selling products not impacted by tariffs benefit?

• Virtually all IHFRA members (96%) believe those companies not impacted by tariffs will benefit from sales increases.
  • While more than half of IHFRA members (54%) believe companies will benefit somewhat, two-fifths (43%) assume those companies not impacted will benefit a great deal.

 
Q7. If you are an independent rep, have your suppliers empowered you to answer your retailer’s questions about possible pricing changes as a result of tariff increases?

• Eighty-six percent of independent reps have been empowered by suppliers to answer questions from retailer’s regarding possible pricing changes.

 
For more information, contact: Ray Allegrezza, Executive Director, www.IHFRA.org.  rallegrezza@ihfra-cloud.flywheelstaging.com.
 
IHFRA PR charts FINAL[1]

by IHFRA Developer