Confidence continues to build for furnishings
June 25, 2021
Consumers are increasingly confident about buying big ticket items like flooring and furnishing – a sector boosted by continuing travel uncertainty say analysts.
While the improvement in GfK’s long-running general Consumer Confidence Index stalled at -9 in June, the same as April's result, their Major Purchase Index has improved by two points to -5 in June; this is 27 points higher than it was this month last year.
The Major Purchase Index is based on the survey question: "In view of the general economic situation, do you think now is the right time for people to make major purchases such as furniture or electrical goods?"
Joe Staton, Client Strategy Director GfK, says: “While the shifting sands of an end to lockdown might be the closest most of us get to a summer beach holiday, consumer confidence remains stable at -9 after 16 months of a COVID-induced roller-coaster.
"A repetition of last month’s score doesn’t mean confidence is about to nose-dive. The upwards trajectory for the Index since the dark days at the start of the pandemic is currently still on track. However, forecasts for rising retail price inflation could weaken consumer confidence quickly and that may account for the six-point dip in June in our measure for the wider economy in the coming year.
"On a more positive note, we have strong numbers for our personal financial situation, both for the past year and the year to come. In addition, this month’s further improvement in the Major Purchase Index – the third month in a row – could see shoppers spending in anticipation of a staycation summer,” he said.
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