‘Unprecedented’ raw material costs will see prices rise

Retailers face higher costs from manufacturers in the face of ‘unprecedented’ increases in raw material costs.

The BFM has warned that companies are paying record prices for so goods, with prices for others on the rise.

‘Polyurethane foam, which was the subject of product shortages in late 2020, is now only available at a record price. The cost of most components and materials used in furniture making including springs, mechanisms, fabrics and board materials – as well as materials such as feathers and fibres and packaging goods – are also intensifying,’ says Nick Garratt, BFM md.

‘The furniture industry is facing unprecedented price increases in the key materials used in the manufacture of goods. The trend started in Q4 last year, predominantly with foam, but in recent weeks the situation has escalated. We have written to those in the supply chain to build a clear picture of the issue. Our objective is to understand and assure our members when we can get back to normality and previous prices.’

‘We are being inundated with large price increases from all of our major suppliers. It looks like we will have no choice but to pass some of that cost on,’ says Mike Aramayo, Buoyant md.

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