Statistics from the Office for National Statistics (ONS) concerning the furniture and design industry for the month of August show some interesting developments in the UK market.
The U.K. sofa market experienced a significant decline last year, dropping by over £270 million, or more than 12%, due to falling domestic production and weak imports. The U.K. sofa and sofa bed manufacturing turnover fell by 7.7%. Additionally, imports of sofas plummeted nearly 16%, further contributing to the market's contraction.
The overall downturn in the sofa sector mirrors broader challenges within the U.K. furniture market. The cabinet market, which includes living, dining, and bedroom wood furniture, also faced a sharp decline, shrinking by 20%.
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However, the U.K. beds market emerged as a rare bright spot, experiencing growth, partially due to inflation-driven price increases. According to provisional 2023 data from the Office for National Statistics (ONS), U.K. mattress turnover grew by 3.5%, while bed bases saw an even stronger 8% rise. Despite a slight 0.3% decline in sprung mattress volumes, foam mattress production increased significantly.
According to ONS statistics, in August, the deflation in furniture prices eased, marking the smallest decrease in prices for the year, according to data from the Office for National Statistics (ONS).
Consumer prices for household furniture were down 1.0 percent year-on-year in August, a slower rate compared to the 2.4 percent drop recorded in July. This indicates that upward pricing pressures have started to impact the market.
In the flooring sector, including carpets, inflation was recorded at 0.1 percent for August, a slight increase from the negative 0.6 percent in July. Overall, ONS data showed that consumer price inflation remained steady at 2.2 percent for the same period.
More information:
Office for National Statistics
www.ons.gov.uk