Slow sales for furnishing in January
February 6, 2024
Furnishing sales were weak in January as post-Christmas poverty and the ongoing cost of living crisis kept consumers at home. But there is hope for the future as consumer confidence improves.
Helen Dickinson of the British Retail Consortium, said: “While the January sales helped to boost spending in the first two weeks, this did not sustain throughout the month. Larger purchases, such as furniture, household appliances, and electricals, remained weak as the higher cost of living continued into its third year."
According to the latest BRC-KPMG Retail Sales Monitor for January 2024, non-food sales decreased 1.8% year on year over the three-months to January, against a growth of 2.9% in January 2023.
The latest Barclays Consumer Spending Index reported that furniture store spending on debit and credit cards growth was down 6.1% – a decline for a thirteenth consecutive month.
But Jack Meaning, Chief UK Economist at Barclays, said: “Increasing consumer confidence is a positive message for the UK outlook in 2024, as we see inflation continue to fall, real incomes rising and growing signs that interest rate cuts are coming. Spending looks to be on an upward trajectory, set to increase more than inflation in the coming months, which will be an important milestone for consumers and businesses who were squeezed throughout 2023.”
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