In the first half of 2020, NKBA members predicted negative sales for the year, but Q3 brought better news for the industry, which now expects a 1.1% increase in YOY sales compared to 2019. In fact, Q3 sales in 2020 were up 2.1% from 2019, and sales grew 5.9% since last quarter overall — ranging from designers, who saw a smaller 3.2% increase, to manufacturers, who experienced a significant 9.6% rise.
More than half (62%) of all companies surveyed report COVID-19 drove higher demand to their business in Q3. While the crisis continues to have some adverse effect on the industry, with 29% reporting the pandemic has led to lower demand, its negative impact has lessened each quarter and, at 5.9 (on a scale of one to 10), is nearly 30% lower than the Q1 rating of 8.1. Among those industry professionals who haven’t seen demand return to normal levels, 29% expect it to do so in 2021.