Furniture sales: consumers traded up in 2020
Shoppers traded up when buying furniture last year.
Figures from Barclaycard, which handles nearly half of the UK’s credit and debit card transactions, show that spending on furniture rose by 5.3% in 2020 despite the number of transactions falling by 0.6%.
Home improvement and DIY spending rose by 9.8% while household spending rose by 9.1%.
Total retail spending rose by 10.8%.
‘2020 accelerated many trends. Ecommerce has seen huge growth, working from home has meant many are shopping more locally and experiences within the home, such as virtual work outs have become the norm. Spending within the retail, travel and hospitality sectors has been acutely impacted. However, we have also seen many businesses become more agile and move online and the demand for online groceries, digital entertainment and subscriptions has been huge. Home improvement, DIY and gardening have also seen a boost, as we all spend more time at home and near our local communities. Hopefully with a vaccine being rolled out in 2021 we will see green shoots for the most severely impacted sectors. Having said that, some of the trends and changes we’ve seen in customer habits may be here to stay,’ says Raheel Ahmed, Barclaycard head of consumer products.