"Dramatic recovery" in consumer confidence
November 27, 2023
In a suprising boost to business as Q4 draws to an end, consumer sentiment towards buying big ticket items like flooring has rallied strongly according to retail analysts.
The latest report from GfK's highly regarded Major Purchase Index which asks how confident consumers are to buy appliances, furniture, and cars shows a 10 point rise to minus 24 - the biggest jump in over three and a half years.
Last month, after a summer of improvements in the index, the index dropped 14 points to minus 34 - the largest drop for over three years in a single month.
Joe Staton, client strategy director at GfK, described the improvement as a "daramatic recovery" and added: “The trend clearly points to an improving consumer mood, although the underlying numbers are still all negative. People are still hesitant.
“Although they know that officially inflation has reduced, the cost of living crisis is very real for many and it will be some time before that feeling changes," he said.
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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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