February dampens demand for furnishing
March 5, 2024
The dark and very damp February weather drove down demand for home furnishing, but analyst expect confidence to improve when the sun finally comes out!
Barclays Consumer Spending Index, which includes the majority of store purchases on both debit and credit cards, says the interior sector was down 3.6% compared to the same period last year.
Overall, consumer spending on cards grew 1.9% year-on-year in February which represents a decline given that general inflation is running at 4.2%.
Karen Johnson, Head of Retail at Barclays, said: “February’s wet weather meant Brits chose to spend more time indoors, resulting in a slowdown in high-street spending.
“With Brits having reined in discretionary spending during the winter months, and as inflationary pressures begin to ease, retailers will be hopeful that the onset of warmer weather lifts spending – particularly if consumer confidence improves in the summer,” she added.
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