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For the second straight month the Furniture Buying Index remains below the critical level of 70, an indication that consumers aren’t interested in buying home furnishings.
This month, the Index dropped another two points to a reading of 64. In a typical month, 80 percent of the consumers interviewed by America’s Research Group which conducts the study, can name a specific furniture item they intend to buy. The Index reading signified what percent of the 80 percent benchmark actually have a particular item in mind.
Brit Beemer, chairman of America’s Research Group said, It’s going to be some time before retailers see the number of shoppers they had in the store this time last year.” Beemer added, “Consumers planning to spend money are thinking more about home improvement projects around the house and yard than the furniture inside their house.” He attributed the decline to credit card debt, home debt, high gas prices and higher heating bills.
