Orders are fewer and payments are coming later and later. The depression in the property market in China (extensively covered in the world media) is the direct cause.

New homes and apartments ask for new furniture, especially in China where everything must be new when one changes house. But hundreds of thousands of apartments are still waiting for buyers in many major cities in Eastern China. The government in China is now lifting all kinds of restrictions on buying real estate in order to get the housing market back on the move. But until then furniture sales will remain limited and furniture leather less in demand.

Source: TheSauerReport.com