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Flooring inflation finally slows
September 20, 2023
Flooring retail prices remained high in August but overall the rate of inflation has eased from 9.9% in July to 7.6% last month.
Flooring has bucked the trend of furniture industry inflation but the latest data from the Office for National for National Statistics (ONS) finally showed some improvement. The 9.9% figure compares to 8.1% this time last year.
But floorcovering is still way ahead of other parts of the secor. Furniture and furnishing prices rose by 4.1% in August, down from 5.6% in July, while also declining from 15.2% compared to the same month last year. This marks the twelfth consecutive month of easing price inflation and the lowest rate in well over a year.
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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.
Victoria PLC, an international designer, manufacturer and distributor of flooring, today announces the planned appointment of Alec Pratt to the Group board as Chief Financial Officer Designate, who will replace Brian Morgan after three years’ service as Victoria’s Chief Financial Officer in June.
Based on data from the Office of National Statistics (ONS), carpets and other floorcoverings saw inflation of 0.6% in January, though this is set against a 2.5% fall last month. In January of last year the same category saw a 0.5% decline.
GfK’s long-running Consumer Confidence Index increased by two points to -20 in February. All measures were up in comparison to last month’s announcement.
Mohawk Industries has announced fourth quarter 2024 net earnings of $93m (£71.8m), with adjusted net earnings at $123m (£95m). Net sales for the fourth quarter of 2024 were $2.6bn (£2bn), an increase of 1.0% as reported and a decrease of 1.0% on an adjusted basis versus the prior year.
Likewise Group, a UK flooring distributor, has announced the completion of its purchase of a freehold Logistics Centre in Ivybridge near Plymouth.
VAT and PAYE records from HM Revenue and Customs, compiled by The Furnishing Report, have revealed the number of flooring retailers with sales over £1m reached a record high in 2024.
GfK’s long-running Consumer Confidence Index decreased by five points to -22 in January. According to the organisation, all measures were down in comparison to last month’s announcement.
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