New Orleans—The National Wood Flooring Association (NWFA) kicked off its 2024 Expo this week, boasting its highest attendance in 20 years. That’s according to Michael Martin, NWFA president and CEO, who welcomed attendees during opening session on day one.
“We’ve got quite the program lined up for attendees this year,” Martin said in his opening remarks. “See everyone you can on the show floor, meet some old friends and make some new friends. And please attend all the sessions.”
Julie Russell, NWFA outgoing chairwoman, who shared the stage with Martin, extended a note of thanks to all who made the trip here to Crescent City. “We’re so thankful to each of you for attending and spending time with us over the next few days. You are the driving force behind the hardwood flooring industry.”
The theme of the 2024 NWFA Expo is “Raise the Bar,” which, according to Russell, reflects members’ ambition to not only exceed their own expectations but also the expectations of the association and the industry at large. “Raise the Bar also reflects the association’s commitment to you and our work on every front,” she told attendees. “We will only move forward with what helps us as an industry and elevate the industry.
“Together, we’re turning the page to a new era of innovation and craftsmanship and community. Let’s carry the ‘Raise the Bar’ theme not just in words but also in action. Think how we can lift each other to new heights with skills enhancements, forging connections and championing our industry and contributing to our communities. Together we have the power to light a path to a lighter future.”
The path forward, however, will be paved with challenges. The hardwood flooring sector, which has lost market share to look-alike product segments over the past 15-20 years, continues to face stiff competition. The flooring industry at large, as a matter of fact, is contending with larger macro-economic issues. However, NWFA leadership says now is not the time to retreat.
Despite ongoing concerns with interest rates and inflation, Martin said wood flooring is currently treading a path of guarded optimism for 2024. He cited surveys showing less than a fifth of wood flooring professionals expect strong growth in 2024, while 15% expect sales to be up significantly by 8% or more. A third of professionals surveyed expect moderate sales growth, with overall sales expected to be up between 3%-7%. And about a third of sales professionals expect sales will be unchanged compared to last year, according to NWFA research.
Another challenge is homeowner sentiment. “When homeowners are skittish, they may be reluctant to purchase or they may postpone a purchase,” Martin said. “The Consumer Confidence Board agrees with our members, predicting economic growth will gradually slow under the headwinds of 2024, and the presidential election will keep things in question throughout the year. However, real GDP growth is expected to be around 0.5%. So we are moving positively—just not very fast or very far. However, consumption is expected to expand during the second half of the year. That’s a bright spot we can look forward to after the convention.”
(Look for more coverage of the 2024 NWFA Convention & Expo in upcoming editions of FCNews.)