Furniture Index Dips To Record Low
The Furniture Buying Index produced by America’s Research Group, Charleston, S.C., reached its lowest level for July since the firm headed by Britt Beemer began compiling it in 1992.
The Furniture Buying Index, which is based upon interviews with 5,000 to 8,000 consumers across the country, dropped a point to 57 at the start of July. In a typical month, Beemer says 80 percent of consumers can name a specific furniture item they intend to buy. The index signifies the percentage of the benchmark 80 percent who have a particular item in mind to purchase.
“Gas prices continue to take a toll on consumers’ willingness to spend money on big-ticket items. There is not relief in sight, but I am hopeful the Index will rise before the all-important Labor Day Weekend,” Beemer said.
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