OCTOBER - NEGATIVE ECONOMIC NEWS TAKES TOLL ON FURNITURE BUYING PSYCHE
Charleston, SC October 1, 2008 – The Furniture Buying Index dropped three points this month to a reading of 56. This is definitely not the direction furniture retailers would like.
Britt Beemer, Chairman of America's Research Group, 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."
"Consumers are not buying furniture now and are delaying these purchases for as long as possible. This is not good news for the furniture industry," Beemer commented.
"The only messages consumers want to hear are: 1) Save me money, 2) Save me more money, and 3) Save me even more money," Beemer concluded.
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.