The global textile home decor market is growing at a CAGR of 7.1% during the forecast period (2020-2025).
The market for textile home decor is driven by the fast-changing lifestyle, growing real estate and increasing urbanization. Also rising disposable income in the developed countries has further driven the market growth. Traditional textile home décor retailers are focusing more on to increase sales by offering various promotional strategies that are attracting consumers towards offline retail stores. Although most purchasing of textile home decor products occurs through offline retail stores, online retail stores are witnessing significant growth from the last few years, as more consumers are influenced by the convenience and product offering through online retail stores.
On the segmentation font, bed linen & bedspreads are accounts for the largest share in the global market. However, the wall covering and floor covering sectors have been witnessed with a rising trend.
However, few of the factors restraints that the global market for home decor products includes the increasing price of raw materials. For instance, rising cotton prices by 6 percent in March 2019 alone due to lower output last year are highly affecting the textile market due to their inability to pass on the high production cost on to consumers as seasonal demand is weak.
Key Market Trends
Rising Consumption Expenditure On Household Textiles
Household consumption expenditure is the market value of all goods and services, including durable products purchased by households. A rise in consumption expenditure among consumers on household textile products such as home furnishings, curtains, beddings, and apparel have been witnessed with an increasing trend. Also, diversified and advanced textile inclusion to high-tech end uses such as smart materials have boosted the global market extensively. Additionally, rising consumer preference towards the usage of high-quality decorating products, known for their impact on the social status, has also boosted the demand for textile home décor products.
North America is The Fastest Growing Region in The Global Market
North American region is witnessed to show an increasing trend in the market owing to the rising spending power and increasing urbanizations in the region. The United States and Europe are the biggest consumers constituting 60% of the home textiles imports, with countries like India, China, and Pakistan being the key suppliers. Other prominent supplier countries include Turkey, Belgium, Germany, Netherlands, the United States, Portugal, and Poland. Additionally, improved distribution network facilitates which helps for easier and wider availability of textile home decor products and designs for consumers is influencing sales of textile home decor products through both offline and online retail stores.
The global textile home decor market is highly competitive and fragmented owing to the presence of many regional and domestic players. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. For instance, in Feb 2018, a London-based label Shrimps, best known for its faux-fur and playful aesthetics, launched a textile home decor product in collaboration with Habitat.
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