Not since the Covid-19 pandemic have we headed into a High Point Market with so much uncertainty about the economy and consumer demand. (Oh, to reach a time when we can fully recover from one calamity before the next one hits!)
As I write this on Monday, the Dow, S&P and Nasdaq have had another down day, falling more than 2.48%, 2.36% and 2.55%, respectively. Meanwhile, the U.S. dollar index, a measure of its strength against six other currencies, fell to its lowest level in three years.
Consumer confidence is on a similar slide. Earlier this month, the University of Michigan reported that its Index of Consumer Sentiment fell nearly 11% from March and more than 34% from April 2023. Its related Index of Consumer Expectations took a similar plunge, falling more than 10% since March and nearly 38% when compared with the same month last year. The indexes measure consumers’ attitudes about their personal finances and the economy at present and in the future. (These are preliminary numbers; final results from the University of Michigan are expected Friday, April 25.)
It’s bleak.
When a natural disaster strikes, we rally together, helping our neighbors, sharing resources, offering emotional and financial support.
We strengthen our relationships.
I think that’s the attitude we need to take into High Point Market, officially April 25-30, but with plenty of events and showroom meetings planned in the days leading up to the opening.
Connect with others
This is the time for designers to touch base with their go-to vendors, to have honest conversations about pricing, about product availability — and about contingency plans. I used to work with an event planner who had not only Plan A and Plan B for the many facets of every event she organized, but also Plan C and Plan D, too. Now is a good time for Plan Cs and Plan Ds.
It’s also the time to connect with other designers — and the opportunities for that are ample in High Point, whether after a panel discussion, during a party or while riding a trolley. Ask: How are you adjusting your business plan for 2025? How are you preparing your clients for uncertainty? Which vendors are great to work with right now? Who is locking in prices and shipping rates?
As you make new contacts, vow to stay in touch to commiserate and solve problems; maybe create a new group chat for quick, easy communication going forward.
Keep shopping
Vendors have been working on their product introductions for months and years, and there’s going to be much in High Point showrooms that will delight and inspire you. Vendors are excited to show it all off.
Uncertainty doesn’t mean you should only browse and not buy. It does mean being extra judicious, seeking out the best values and unique, “can’t live without” pieces that will excite your clients and customers and reinforce why they are working with you to transform their homes.
I don’t think anyone really knows what’s ahead for the U.S. or global economy in the coming year, but I know that fostering strong relationships can help make even the most difficult times easier — and that going it alone can make things all that much harder.
Let’s reach out and rely on one another. And let’s have a great market.
