The BFM has analysed and summarised a recent survey of household spending habits for the 2017/18 financial year.
The survey is produced by the Office for National Statistics and here are some of the main findings:
- the annual spend on furniture in the last complete financial year was £24.3 billion, up 2.1% on the previous year. This equates to 3% of household disposable income and it has remained at this level for the last 3 years.
- when you add furnishings to furniture, the annual spend reached £26.6 billion, or 3.3% of disposable income, and the sale of furnishings was up in the year by 2.8%.
The Survey, which covers over 5,000 households, also looks furniture and furnishings combined by age, income and region:
- the highest spending region was the South East, with the average household spending £25 a week, compared to the average for all regions of £18.80.
- those aged 30 to 49 spent the most, with a weekly average of £21.50 compared to people over 75 years of age, who only spent £6.90.
- the top 10% of earners spend a weekly average spend of £53.60 a week.
The full report is avilable to BFM members.