(i) Decline in consumer incomes. This may reduce their purchasing power hence less able to afford the furniture.
(ii) Fall in the price of substitutes. Furniture made from other materials like plastic and metal may be cheaper.
(iii) Increase in the price of Wooden furniture. This makes the furniture to be out of reach for most consumers.
(iv) Government policy. The government may have increased rates on timber products hence making the furniture more expensive.
(v) Unfavourable change in tastes and preferences. Consumers may be purchasing more plastic and metallic furniture.
(vi) Decline in population. A decrease in population Will lead to reduced numbers of potential and actual customers.
(vii) Expectations of a future fall in price. Consumers may be anticipating a fall in price in the future hence currently suspend buying.
lemass answered the question on February 14, 2019 at 16:06
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