The Sauer Report and APLF held a seminar in Hong Kong on Thursday addressing the effects of the global economic downturn on the industry. There is an over-supply of raw materials for leather products as retail sales of automobiles, furniture, and smaller leather articles such as apparel and footwear have slumped. Demand for leather may be down as much as 30 percent to 40 percent overall. The free seminar looked at how the industry will deal with the lowest prices of raw material ever seen, what to do with the surplus, how to deal with financial and contractual problems stemming from the crisis, and how consumer demand is expected to develop. Industry leaders from China, the U.S., Brazil, and India were featured.