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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. Subscribe to access this data or take out a free 30 day subscription trial now.
Furniture & Flooring sales edged by 00% YoY for the month. Similarly, sales were up by 00% on July 2019 levels.
In hindsight, we observed a gradual slowdown in the sector’s growth figures in July against its peak performance recorded in the post-lockdown months of April and May. This might suggest that momentum from pent-up demand is beginning to decline.
With lockdown restrictions being relaxed across all sectors of the economy, consumer spending shifted towards ‘social’ and ‘outdoor’ categories such as healthcare & beauty, hotels, restaurants and pubs, especially with the occurrence of sporting events such as the Euro 2020 football competition and Tokyo Olympics.
Overall consumer confidence improved by 2 points in July to (-7.0) according to GfK’s index. The major purchases index which measures people’s willingness to make big purchases climbed seven points on the previous month, landing into positive territory for the first time since the start of the pandemic.
The need for additional working space at home remains a priority as many employers adopt the hybrid working style. As a result, more people were incentivised by the stamp duty holiday to obtain homes with more indoor and outdoor space.
However, following the last few months of robust and intense housing transactions, RICS signalled a slightly softer month for new activity across the housing market in July.
Retail Economics forecasts Online Furniture & Flooring sales to fall by 00% YoY in 2021, with the online penetration rate projected to come in at 28.1% of total sales.
Retail Economics forecasts Furniture & Flooring sales to grow by a 3.7% CAGR over 2021-2025, reaching total annual sales of £00bn by the end of this period.
ScS has upgraded its full year performance for the year to 31 July. The furniture retailer said that orders stood at £116.6m as of 12 June – 50% higher than a year ago.
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Housing market activity slows
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Retail Economics publishes monthly Retail Sector Reports for the UK Furniture and Flooring sector giving you actionable insights for your business.
It provides in-depth analysis of the latest macroeconomic and consumer trends affecting the Furniture and Flooring sector including market size estimates for: Living Room Furniture, Bedroom Furniture, Flooring, Bathroom and more.