Prospects remain favourable for the floorcoverings market, despite the cost-of-living crisis - AMA Research

Prospects remain favourable for the floorcoverings market, despite the cost-of-living crisis

Despite the initial impact of Covid-19, the UK floorcovering market proved to be robust. Following a 10% decline during the pandemic, the market recovered well in 2021, by 5% thanks to housebuilding projects quickly returning to site and the health sector. 

However, rising costs of materials, labour, transport and energy are all negatively impacting the profitability performance of many suppliers and manufacturers in the sector. Combined with the current economic crisis and housing market slowdown, it is predicted that 2023 will be a flat year for the floorcovering market.

Within the market, it is made up of four key sectors which in terms of value are carpets (56%), vinyl (18%), wood/laminates (15%) and other materials (11%) (including ceramic & stone tiles, which constitutes 9% of this).

Luxury Vinyl Tile (LVT) had been the fastest growing product category, because of its versatility, comparative affordability and realistic design reproduction. However, other types of floorcovering such as carpets continue to dominate, as many consumers prefer a more sumptuous feel underfoot. But as the competition rises, carpet has begun to face stiff competition from alternative materials.

Currently market performance is still fractionally below levels seen in 2019 as consumers are now experiencing the effects of the cost-of-living crisis and are expected to scale down or even defer projects. But prospects still remain favourable for long term market performance to 2026, as the demand for both the residential and contract sectors remains high.

Head of Content at AMA Research, Abdul Tantouch comments on the state of the market. He states that:

“given the UK market’s heavy dependence upon imports and the desire to forge new trade deals post-Brexit, it is feasible that a broader array of overseas companies may target the UK floorcoverings market in coming years. Corporate groups operating around the world are also in a strong position to introduce other products from their international subsidiaries.”

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