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Skip to main content Enable accessibility for visually impaired Open the accessibility menu Open the Accessible Navigation Menu Dictionary mode active. To define a word: Select any word on the page or hit "CTRL+M" on your keyboard Skip to Content * Subscribe * Newsletter Search for: Search Toggle search Toggle Navigation Menu * NewsShow submenu for News * COVID-19 * E-commerce * Furniture Licensing * Furniture Manufacturing * Furniture People * Furniture Retailing * High Point Market * Industry & Issues * International * Markets & Tradeshows * Obituaries * Research / Analysis * Supply Chain * Tariffs * Technology * Bulletin Board * Market Dailies * Sponsored Content * MarketsShow submenu for Markets * Market Dailies * Atlanta Market * High Point Market * Las Vegas Market * Showtime * Tupelo Market * ProductsShow submenu for Products * Buyers Guide * Photo Galleries * Rugs * Bedding * Fabric * Home Accents * Kids Furniture * Outdoor Furniture * Upholstered Furniture * Edit Invites * ResearchShow submenu for Research * Furniture Research * Research Store * OpinionShow submenu for Opinion * Furniture Everyday * Podcast: On the Record * Mattress Matters * An Insider’s View * Don’t Call Me Gen Z * Gene Marks Foresight & Insight * From A Rep’s Perspective * Logistics Logic * Outside Views * Softer Side * Sourcing Strategies * Tech Talk * VideoShow submenu for Video * Home Furnishings Education Network * Destination FT: Mexico * All Video Galleries * Reader Rankings * Classifieds * EventsShow submenu for Events * Leadership Conference * Best Places to Work * Bedding Conference * Webinars * Furniture Manufacturing Expo * Empowered * FT Conferences/Events * All Industry Events * Issues Changes in Foot Traffic by Market Powered By Cleveland 12.9% Dallas-Ft Worth 16.1% Houston 16.3% Indianapolis 9.4% Los Angeles -0.5% Memphis 9.7% Nashville 16.7% New Orleans 6.7% New York-Metro 6.1% Pittsburgh 17.9% Tampa/St. Petersburg -2.2% Washington-Baltimore Metro 8.4% Furniture Everyday BLOG: NEW YEAR, OLD STORY: PRICES ARE GOING UP Bill McLoughlin // Editor in Chief • January 15, 2022 * * * * * If you recently received a letter from a supplier indicating you were getting a price increase, congratulations. You are part of a very exclusive club. It includes … everyone. While this may seem like news, the reality is manufacturers have been confronting an ongoing series of challenges for some time now. The exact reasons change: * In 2018, it was chemical components in foam (among other raw materials). * In 2019, it was tariffs. * In 2020, it was backlogs caused by COVID-19 shutdowns. * In 2021, it was still backlogs and freight and labor costs and foam again and still tariffs. And did I mention raw materials, components and parts? Yup, them too. We’re two weeks into 2022, and none of the things that pushed prices up in 2021 have disappeared with the turning of the calendar. In fact, container pricing is set to jump yet again, and likely again and perhaps even again. You get the point. The Labor Department’s announcement last week that inflation in December rose 7% compared with the prior year was the biggest jump in 40 years. And nothing in the current business environment suggests that trend is likely to reverse or even level off any time soon. Factors that initially seemed short term and purely pandemic-related increasingly appear to be a new structural reality imposing themselves on the marketplace. The labor shortage of 2020, expected to disappear when government payments stopped, has morphed with the “Great Resignation” into what appears to be a fundamental realignment of labor force priorities. That’s been exacerbated even further with the emergence of the latest virus strain, which is causing worker outages far beyond those of the pandemic’s early days. The critical question is what happens when this latest wave recedes. Are there enough workers willing and able to fill the positions that so desperately need to be filled? In some sectors, the answer seems clearly to be no. Well before the pandemic hit, the trucking and manufacturing sectors were being challenged to find workers. Nothing that’s happened since has changed that dynamic. The historic market forces of supply and demand, while rarely predictable, more often move at evolutionary rather than revolutionary speeds. The pandemic has dramatically changed that, crashing supply, spiking demand and unleashing a maelstrom that’s been as disruptive as it has been unpredictable. At some point, equilibrium will reassert itself, and the upward pricing pressure of unfulfilled demand will recede. Presumably, at that point, pricing will level off, although at what level remains to be seen. Until then it seems likely that a steady flow of mail, e-mail and phone calls announcing new price increases and surcharges will continue. If there’s any comfort to be taken, it’s that no one is immune. Everyone is facing the same challenges, and it’s those who face them most creatively who are likely to emerge stronger on the other side. Welcome to 2022. It’s a new year, but the challenges remain the same. Bill McLoughlin // Editor in Chief I’m Bill McLoughlin, Editor in Chief at Furniture Today and Editorial Director for BridgeTower Media's Home Furnishings Division. In the more than 25 years I’ve covered retail I've seen tremendous changes in the way people shop and the way companies serve the consumer. My goal is to share that experience and the insights gained along the way. This is an industry made great by its people and I look forward to meeting and conversing with as many of you as I can. Your comments are always welcome and encouraged. EDITORS' PICKS * ‘MADE IN MEXICO’ GAINING MOMENTUM * INTERIOR DEFINE AGGRESSIVELY GROWS PRODUCT OFFERINGS, PHYSICAL FOOTPRINT * BUYING GROUP TO CONSTRUCT ITS OWN HIGH POINT SHOWROOM BUILDING PRODUCTS FROM TOTAL HOME MARKET Previous Next RELATED CONTENT 226473 SponsoredBusiness News DELIVERING BIG, BULKY ITEMS? 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