Furniture Buying Index Slides to 74

June 19, 2011  by in UnCategorized   

By Home Furnishings Business in economic news on June 20, 2011 The Furniture Buying Index dropped one point this month to a reading of 74 taking it back to the February 2011 reading, according to America's Research Group.

The company attributed the decline to low consumer confidence and the fact that consumers are cautious of spending money on big ticket items.

"As consumers focus on paying down debt, they are attempting to pay for purchases with cash or checks," said Britt Beemer, chairman of America's Research Group. "This cash attitude does not allow for big ticket purchases such as furniture."

The index is compiled each month by the company from interviews with between 5000 and 8,000 consumers across the country. In a typical month, 80 percent of the consumers interviewed can name a specific furniture item they indent to buy. The index's mark signifies what percent of the benchmark 80 percent have a particular item in mind.