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Major purchase confidence up again
September 22, 2023
For the second month running, consumer confidence for purchasing "big-ticket" items such as furniture and floor showed a marked improvement, albeit from a low base.
GfK's highly regarded Major Purchase Index which asks how confident consumers are to buy appliances, furniture and cars rose four points to minus 20.
Last month, the Index recorded a substantial roise of 14 points from July's depressing level of minus 32 in what GfK's analyst Joe Staton called "renewed optimism."
In his comment this month, Mr Staton said that while results were more positive, many households are still struggling with the cost-of-living crisis and tough economic conditions. "The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative," he added.
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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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