Furniture Buying Index Down Three Points
Charleston, SC July 1, 2007 – The Furniture Buying Index is down three points this month to a reading of 76. This downward slide brings the Index to its lowest point since November of 2006.
Britt Beemer, Chairman of America’s Research Group, explains, “again, soaring gas prices, higher property taxes, higher homeowners insurance and grocery prices have taken consumers minds off of shopping for furniture.” Beemer continues, "nearly 40% of consumers have reduced spending due to higher gas prices."
Beemer added, "in June of 2006, 14% of consumers postponed a purchase of $500 or more, whereas 22% postponed a large purchase this year."
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.