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Flooring Industry News November 2021

WRITTEN BY Jonathon Bright
| Ambiance Vinyl Flooring

Welcome to our news round-up for November 2021 – a great way to keep up to date with all the latest news, views and commentary for the flooring industry and business owners. To keep on top of all the latest industry news why not follow our LinkedIn page – we always post interesting news stories and article links on our page.

Flooring Industry News November 2021

Budget boost on retail rates

Chancellor Rishi Sunak announced a 50% reduction in business rates in a tax cut worth £1.7 billion as part of a package of measures aimed at retail to boost post-pandemic recovery.

Any eligible retailer will be able to claim a temporary discount on their bills of 50%, up to a maximum of £110,000 in the 2022-23 tax year.

In conjunction with the existing Small Business Rates Relief, the chancellor said the move meant more than 90% of all retail, hospitality and leisure businesses would see a discount of at least 50%.

Read the full article on The Stocklists website.


Flooring inflation at 10%

Flooring inflation continues to surge forwards, against the trend of the wider economy, as suppliers pass on the cost increases of recent months.

The latest ONS data shows that the growth in consumer prices overall actually slowed slightly in September at 3.1%, compared to 3.2% in August.

But inflation on carpets and other flooring rose to 9.6% compared to 8.4% the previous month. The furniture sector is experiencing even higher inflationary pressure and pushed beyond 10% in September, compared to 8% in August.

Read the full article on The Stocklists website.


Insolvencies remain low despite Covid

Company insolvencies in the furnishing and floorcovering sector have remained at historically low levels, despite the challenges of the pandemic.

Company failures in Q2 and Q3 of this year were running at about 50 per quarter, similar to the 2020 statistics, and substantially less than the pre-pandemic level of 80+ per quarter in 2019.

Read the full article on The Stocklists website.


UK carpet imports decline

Carpet imports into the UK declined for the first time in six months according to the latest data for September with non-EU trade showing a steep decline.

Overall, carpet imports were down 2.5% in September but Belgium, Britain’s biggest trading partner was up over 4%.

Read the full article on The Stocklists website.


Vinyl Flooring Market to Reach USD 51.45 Billion by 2028

The global vinyl flooring market size is expected to showcase exponential growth by reaching USD 51.45 billion by 2028 while exhibiting a CAGR of 6.8% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Vinyl Flooring Market, 2021-2028.”

Read the full article on the Fortune Business Insights website.


Consumer confidence bounces back

Consumer confidence for major purchases like home furnishing and flooring has showed an unexpected bounce back, despite rising fears about inflation and cost-of-living increases.

GfK’s key Major Purchase Index shows a seven-point jump from October and is a full 25 points up on this time last year. This index tracks consumers appetite for big ticket items like household goods, appliances, furniture and flooring.

Read the full article on The Stocklists website.


Flooring sales slip in October

Flooring sales slipped back in October following the Summer glut of pent-up demand but are still 11% above 2019 figures for the year so far.

According to the latest ONS retail sales data, flooring sales were 9% down in October compared to September and 9.4% down on October 2020.

But the picture for the year as a whole remains encouraging with figures for January to October this year 15% higher than 2020 and 11% higher than 2019.

Read the full article on The Stocklists website.


FURTHER READING

We hope you enjoyed our flooring industry news roundup. We have a huge luxury vinyl flooring range which can be found on this link.

Remember, follow us on LinkedIn to keep up to date with the latest flooring industry news.

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