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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.