Blum, the Austrian group specialising in semi-finished products, recorded a total turnover of EUR 2.3 billion from 1 July 2022 to 30 June 2023, a decrease of EUR 317 million compared to the previous year.
A decline that, as the Austrian group also points out, is in line with the downturn that the furniture industry experienced in the second half of 2022. Philipp Blum, managing director of the Blum Group, also explained that “…after a period of strong investment in the home sector, we have been observing a trend reversal since the autumn of 2022. High inflation levels, soaring prices and the global energy crisis have generated a feeling of great uncertainty among end users. This translates into restrained purchasing behaviour“.
Covid’s strict Chinese policy, which lasted almost a year, and the cessation of supplies to Russia also slowed down activity. Blum continues to make large investments at its locations in Vorarlberg and around the world. The total volume in the last financial year 2022/2023 was EUR 390 million, of which EUR 255 million was spent in Vorarlberg. Over the next few years, 52,000 square metres of space will be created at the main Vorarlberg site for the production and storage of more than 16,000 pallets. After three years of construction work, the Chinese production site in Shanghai was opened in March.
