Furniture Buying Index Declines

October 9, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on October 2008 A monthly Furniture Buying Index produced by America’s Research Group, Charleston, S.C., dropped three points to 56, but hovered above a historic low.

Britt Beemer, chairman of ARG, which provides consumer research to retailers, said, “With so much uncertainty about the economy and with the discussion of the bailout effects, consumer confidence with making big ticket purchases has be greatly impacted.”

He said the only messages consumers want to hear from furniture stores are “save me money” and “save me even more money.”

The Furniture Buying Index is based on 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 mark signifies what percent of the benchmark 80 percent have a particular item in mind.

The Index, which stood at 75 in October 2007, hit a low of 55 in August.