Latest Survey of the Retail Sector from the Confederation of British Industry (CBI) Showed Sales Volumes Falling at their Fastest Rate for More Than 20 Years.DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/reports/c29773) has announced the addition of Home Furnishings Market Report 2005 to their offering. The UK market for home furnishings was worth GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3.11bn in 2004, an increase of 13.8% on its value in 2001. The market is segmented into five broad sectors: window dressings, bedding, bathroom textiles, cushions and covers, and table linen. Household penetration levels are high, particularly in the largest sectors --window dressings and bedding. While replacement due to wear and tear is not necessarily frequent, an increased consumer interest in home interiors has stimulated purchasing in what is now very much a fashion-led industry. The market also benefits from the growing number of households, a trend that is predicted to continue at an even faster rate. However, the current fragile state A fragile state is a state significantly susceptible to crisis in one or more of its sub-systems. (It is a state that is particularly vulnerable to internal and external shocks and domestic and international conflicts). of consumer spending was underlined in September 2005, when the latest survey of the retail sector from the Confederation of British Industry The Confederation of British Industry is a not for profit organisation incorporated by Royal charter[1] which promotes the interests of its members, some 200,000 British businesses, a figure which includes some 80% of FTSE 100 companies and around 50% of FTSE 350 (CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. ) showed sales volumes falling at their fastest rate for more than 20 years. Unfortunately, this is one of the first markets to suffer when there is a shortfall in consumer confidence, as the purchase of most home furnishings can be deferred. The number of property transactions directly affects the market for home furnishings, as a house move often provokes the replacement of items, while those setting up their first homes face the task of furnishing them from scratch. Consequently, the current slowdown in the housing market does not bode well for sales of home furnishings, following a period of strong growth. However, figures from the British Bankers' Association The British Bankers' Association (BBA) is a trade association and the voice of the Banking industry for all banks who operate in the UK. More than 60 nationalities are represented amongst our 200 members, they collectively operate 130 million personal accounts, have (BBA BBA abbr. Bachelor of Business Administration ) released in March 2005 seem to indicate that any recent slowdown in the UK housing market is at least `bottoming out'. Meanwhile, HM Revenue & Customs (HMRC HMRC Her Majesty's Revenue and Customs (UK) HMRC Health Management Research Center (University of Michigan) HMRC Helicopter Multi-Role Computer HMRC Hierarchical Maximal Ratio Combining ) reported a substantial increase (13.8%) in the number of property transactions recorded for the year ending 31st March 2005. The UK textile industry was once a mainstay of the economy, with a reputation for quality workmanship and innovative design. Although the level of imports of textiles has always been high, the competitive nature of the industry means that more and more retailers are sourcing products from overseas, while manufacturers are increasingly looking to move facilities to countries where production costs are lower. On 1st January 2005, textile export quotas on business with the US and Europe came to an end for both India and China. However, following complaints from EU Western textile manufacturers about the surge of low-cost Chinese imports, strict quotas were reimposed on certain products made in China in June 2005. This move was intended to bring trade back to European companies; however, orders were merely moved to India, which has, so far, escaped any reimposition Noun 1. reimposition - imposition again imposition, infliction - the act of imposing something (as a tax or an embargo) of quotas, and can continue to trade freely. As in other UK manufacturing industries, the only way forward for the UK home furnishings industry -- given that it cannot compete with other countries on price -- is to concentrate on its design skills and workmanship. Companies mentioned: - Debenhams Retail PLC - Dunelm (Soft Furnishings) Ltd - The Hillarys Group Ltd - Homestyle Group PLC - House of Fraser House of Fraser is a British department store group with 61 stores (July 2007) across the country. The group was founded in Glasgow in 1849. The flagship London store is now the House of Fraser on Oxford Street whilst the largest is in Birmingham. PLC - IKEA IKEA Ingvar Kamprad Elmtaryd Agunnaryd (Swedish home furnishings retailer founder's initials and location) Ltd - Laura Ashley Holdings PLC - Marks and Spencer PLC - Matalan PLC - Premier Decorative Products Ltd - Associated Yarns Ltd - Coats Holdings Ltd - DuPont (UK) Ltd - Madeira UK Ltd - Allders Department Stores Ltd For more information visit http://www.researchandmarkets.com/reports/c29773 |
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