Solomon Coyle: 2023-Q4 Market Outlook Report Now Available
New Chart Added
Based on feedback from dealers and manufacturers, a new chart has been added to the Market Outlook report illustrating how effective respondents are at forecasting changes to Bookings. The new visual juxtaposes actual Bookings with what dealers forecasted for each quarter three and six months prior to that quarter.
Key Findings this Quarter
Despite growing concern about the macroeconomic outlook, distributors remain optimistic that the first half of 2024 will be marked by moderate growth.
- Though coming in under the 4% predicted a quarter ago, dealer bookings extended its win-streak, showing 2.4% growth.
- Dealers expect continued growth in bookings: +3.8% in Q1 followed by 2.8% for Q2.
- Except for Technology, which is flat, pipelines are positive across all sectors with the greatest strength showing up in the public sector.
- Pipeline Activity by region is positive across the board though it is worth noting that almost as many Canadian distributors (29.6%) report shrinking pipelines as those reporting an increase (37%).
- As in last quarter’s results, Pipeline Activity by Product Category is very positive across the board, with Furniture and Floor/Wall leading the way.
John Joseph, head of business analytics at Solomon Coyle, states, “Though growth in bookings continues, signs of a slowdown are becoming more pronounced. Recent bookings growth came in below what dealers had previously anticipated. Additionally, for the third consecutive quarter the public-heavy sectors healthcare, education, and government are relatively stronger than the more sensitive private sector, a signal worth paying attention to.”
Additionally, Managing Principal Paul Holland shares, “We are excited to see continued energy in selling activities. All Regions are reporting pipeline activity as positive. All sectors continue to show strength in pipeline activity, except Technology, with the leading sectors being in the Public arena. This should signal future booking strength as we go toward Q2 2024.”
Intelligence gained through the Market Outlook program reflects frontline distributor knowledge of markets across North America and is grounded in distributor sentiment regarding future expectations.
Distributors that complete the quarterly survey receive a full report containing regional and subregional information, where available. To view the current report, visit: www.solomoncoyle.com/dealer-market-outlook-report/. For inquiries regarding participation, email firstname.lastname@example.org.