16 June 2021
Furniture costs & prices rising sharply while retail sales hit a record high
According to the office of National Statistics, the volume of furniture (includes lighting) retail sales in May this year was up by 258% on the same month last year and this followed a rise in April of 389%. The amount spent (value) was up by 275% compared to May 2020, and this came after a rise of 411% in April.
The averge weekly value of furniture sold in the month of May was over £372 million, more than any month in the history of ONS records, which began in 1986.
The cost of materials and fuel for furniture manufacturers continued its relentless rise according to the latest figures from the Office of National Statistics. May costs were up by 9.7% on the same month last year. This follows a rise on an annual basis in April of 8.6%.
Meanwhile, the factory gate price of all furniture produced for the domestic market rose by the comparative small amount of 1.6%, unchanged from April. However, the retail price of household furniture rose by 6.6% in May (5.7% in April), which is the highest monthly rate since September 2017.
The Consumer Prices Index (CPI) rose by 2.1% in the 12 months to May 2021, up from 1.5% to April.