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Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
Furniture & Flooring sales rose by 00% year-on-year in March against 00% a year ago, according to the Retail Economics Retail Sales Index.
Despite furniture performance growing for the third consecutive month, this month’s reading highlights a slowdown in growth. This is partly because this same period last year, Furniture sales began to pick up again as lockdown restrictions gradually eased.
But also, as inflationary pressures intensify and economy uncertainty rises, many consumers are starting to think twice before making major purchases such as Furniture.
Retail sales growth largely reflects higher prices
Annual retail sales comparisons are distorted against the third national lockdown last year, while two-year comparisons are now impacted by the rapid emergence of the UK’s Covid-19 outbreak in 2020.
Moving to a three-year comparison (Yo3Y) helps provide a better underlying picture of retail sales through comparisons to the pre-pandemic level. Using this Yo3Y pre-pandemic measure, Furniture & Flooring sales were down 00% in March.
Total retail sales rose by 00% YoY in March, but with inflation reaching 00% over the month, this growth largely reflects rising prices rather than increased volumes.
With inflation set to accelerate further over the course of 2022, the gap between value and volume growth is expected to widen further in the months ahead.
Consumer price inflation for the Furniture & Flooring category was 00% in March, according to the ONS.
Uncertain macro environment
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Now, thinking about your spending on non-essential items over the next three months, which statement best describes your intentions:
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