"Flowering of optimism" for flooring retail
April 24, 2023
Leading retail analysts GfK have reported an encouraging five point jump in consumer confidence for big ticket items such as flooring - the highest level for over a year.
GfK's Major Purchase Index which asks consumers if now is the right time to buy furniture, flooring and appliances rose five points to minus 28 - the third upward move in recent months, suggesting a positive trend.
In February this yeat, this Index stood at minus 37. In April last year it was minus 32.
Joe Staton, Client Strategy Director at GfK, says: “As food and energy prices continue to rise, and inflation eats into wages, the cost-of-living crisis is a painful day-to-day reality for many. But are all consumers buckling under the pressure? On the evidence of April’s confidence figures, the answer is no. Instead, there’s a sudden flowering of optimism with big improvements across the board.
Mr Staton also highlighted the eight point rise in how consumers see their personal finsnciall situation. "This is a dramatic change that might suggest household finances are stronger than we thought. The brighter views on what the general economy has in store for us, with April’s six-point rise cementing a 20-point improvement since January, could even be seen as the proverbial ‘green shoots of recovery’.
"The Major Purchase Index at -28 is higher than it has been for a year and will bring much-needed cheer to retailers as we head into summer. This is the third month in a row that confidence overall has improved; can we look forward to this momentum building for the year ahead?” he said.
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