Flooring prices finally fall, just
June 20, 2024
After months of stubbornly high retail inflation, flooring prices have finally gone down.
According to the latest Office for National for National Statistics (ONS) data, carpets and other floorcoverings prices deflated 0.3% in May, down from a rise of 1.7% the previous month and below the level of general consumer inflation.
This time last year, flooring prices were rising by over 10% and this trend continued over the winter, despite marked falls in the furnishing sector as a whole at the beginning of 2024.
Furniture and furnishing prices fell by 2.8% in May, following on from a decline of 3.8% in April.
The overall
Consumer Prices Index (CPI) rose by 2% in the 12 months to May 2024, down from 2.3% in the 12 months to April. On a monthly basis, CPI rose by 0.3% in May 2024, compared with a rise of 0.7% in May 2023.
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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.
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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.
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