March 2008 - Furniture Buying Index Down Two More Points
Charleston, SC March 1, 2008 – The Furniture Buying Index is down two points this month to a reading of 64. Furniture Buying Index continues to weaken due to consumers having less money to spend. Again, this is due to credit card debt, home debt, gas prices and higher heating oil bills.
Britt Beemer, Chairman of America's Research Group, said, "It is going to be some time before retailers see the number of shoppers they had in the store this time last year." Beemer continued, "Keep in mind that this is the second consecutive month that the index stays below that crucial level of 70."
Beemer added, "Consumers planning to spend money are thinking more about home improvement projects around the house and yard than the furniture inside their home."
The Furniture Buying Index is compiled each month by America's Research Group from interviews with 5,000-8,000 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% actually have a particular item in mind.
Britt Beemer is chairman of America's Research Group, a full-service consumer behavior research company based in Charleston, SC. ARG provides research and strategic planning services to leading manufacturers and retailers of consumer goods across North America.