CIT Executives Forecast Growth For The Furniture and Consumer Electronics Sectors In 2015

Furniture World News Desk on 2/21/2015

As the economic recovery gains speed, the consumer electronics and furniture sectors of the retail industry can look forward to growth in 2015, while the apparel sector faces a more mixed outlook.

These insights and more are shared by two CIT Commercial Services executives—Mike Hudgens, Southeast Regional Manager, and Mitch Cohen, Western Regional Manager—in “Everyone Looks Good in the Black: Retailers in the Economic Rebound” (cit.com/roundtable), the latest piece of market intelligence in the CIT Executive Insights series (cit.com/executiveinsights).

During this roundtable discussion, each executive offers their views on the top trends they see ahead in various sectors of the retail market:

Mike Hudgens – Furniture: 

• Furniture sector is looking forward to what could be one of the best years in a long time, especially in the Southeast and Southwest

• Younger consumers want instant gratification, so retailers are focused on inventory and rapid delivery

• Growth potential is seen in hospitality and institutional areas as Baby Boomers age and travel.

Mitch Cohen – Consumer Electronics: 

• Sector is very healthy right now – recent Consumer Electronics Show remains one of the largest tradeshows in Las Vegas

• More consumers are using the Internet in addition to going to retail stores; brick-and-mortar locations have become more of a showroom

• Cautious optimism for the sector in 2015, with continued growth expected for the year

To read more from each executive, visit cit.com/roundtable. 

About CIT Commercial Services

CIT Commercial Services is one of the nation’s leading providers of factoring and financing to consumer product companies. It tailors business credit solutions that help companies increase sales, improve cash flow, reduce operating expenses and eliminate customer credit losses. Its clients are vendors that sell to a broad range of public and private retailers, wholesalers and distributors across the nation and abroad. cit.com/commercialservices

About CIT Bank: Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of December 31, 2014, it had approximately $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank

About CIT: Founded in 1908, CIT (CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com