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Deflation for flooring follows weak demand
October 17, 2024
Weak demand has finally delivered deflation to the flooring market after a year of above average prices in the sector.
New data from the Office for National Statistics (ONS) shows retail prices for flooring decreased 2.5% in September, with the carpet and rugs category down 2.9%.
Last year, price inflation in flooring was often running above 10% and consistently bucked the trend of falling prices across the furniture sector. Retail prices in the furnishing sector overall have been deflationary for most of the summer and were down another 0.7% in the year to September.
The overall consumer price index eased to 1.7% in the year to September, a 0.5% easing on the August reading, and below the Bank of England's 2% target rate.
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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.
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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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