Furniture Buying Index Drops 4 Points

July 9, 2012  by in UnCategorized   

By Home Furnishings Business in economic news on July 10, 2012

The Furniture Buying Index dropped four points this month to a reading of 70, negating the steady increase the index has experienced in recent months. 

According to America's Research Group, the company that compiles the index, the 70-point reading is now back to its February level.

"As more consumers worry about job security and making less money due to employers taking more out of their paychecks, consumers' interest in buying furniture has declined," said Britt Beemer, chairman of America's Research Group. "The economy continues to stagnate, and no one is sure where it will end."

Beemer said consumers who are worried about the future do not like to make major purchases like furniture.  

The Furniture Buying Index is compiled each month by America's Research Group from interviews with 5,000 to 8,000 consumers across the country. In a typical month, 80 percent of the consumers interviewed can name a specific furniture item they intend to buy. The Index's mark signifies what percent of the benchmark 80 percent have a particular item in mind.