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Bumpy ride for big-ticket sales
January 20, 2023
Retail analysts are predicting a "bumpy ride" this year for major household purchases as consumer confidence continues to be wary of the high cost of living.
The monthly Major Purchase Index compiled by polling company GfK fell 6 points to minus 40 - a setback following a small but sustained improvement during Q4.
The Index asks consumers about their intentions to buy larger items such as furniture and appliances. GfK's Joe Staton said: "2023 promises to be a bumpy ride. The prospect of some shocking energy bills landing soon means the forecast for consumer confidence this year is not looking good."
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BUSINESS NEWS
The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
Kellars, which describes itself as the largest independent flooring wholesaler in the UK, saw another year of “substantial growth” to July 2024, according to its strategic report for the period. With six depots across the UK and a team of more than 100, the company has reportedly grown at a “rapid rate,” with the year leading up to July 2024 seeing a dramatic rise.
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