"No real recovery until Autumn"
May 7, 2024
Barclaycard saw furniture and flooring sales fall 4% in April by value compared to this time last year with its analysts saying retailers couldn't expect much of an upturn until the Autumn.
Barclays track debit and credit card spending and they reported while values were down, the number of furnishing industry transactions actually went up 4.9%, suggesting that hard pressed consumers were making more, lower value sales. (A reduction in furniture retail price inflation may also account for some of the difference.)
Karen Johnson, Head of Retail at Barclays, said: “Retailers were hopeful that discretionary spending would bounce back by mid-year, buoyed by falling inflation and the prospect of better weather. While improving consumer confidence offers a ray of hope for the retail and hospitality industries as the summer season approaches, many retailers have adjusted their expectations, anticipating no real recovery until the autumn.”
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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.
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