As we close out one year and welcome another, perhaps it’s time for a bit of “crystal balling.” How is the home textiles industry going to fare in the next few years? Will some product categories do better than others?
A report by Technavio, published in June 2018 and featured on apnews.com, indicates that the global home textiles market will accelerate at a compound annual growth rate of almost 7 percent and grow incrementally to $55.42 billion from 2017 to 2022.
A key trend for the home textiles market will be the distribution channel epansion strategies employed by suppliers.
Statisa.com peered into the future of home textiles as well, releasing details in September 2016 that included U.S. home textiles market size statistics from 2013 to 2015, with a forecast of developments in 2020.
The sectors predicted to experience upswings include bath, flooring and bedroom textiles. The largest upsurge happens in bed linens, which begins at 10,271.8 (in U.S. millions of dollars) in 2013, rises to 10,819.8 in 2015, and jumps to 12,746.1 in 2020—almost 13 billion dollars.
Bath and flooring categories are estimated to have virtually the same progression: 4,466 (in U.S. millions of dollars) in 2013, 4,678.5 in 2015, increasing to 5,437.1 in 2020.
Categories with flat future projections include kitchen textiles with 893.2 (in U.S. millions of dollars) in 2013, increasing slightly to 916.1 in 2015, and projected to be 1,007.8 in 2020. Upholstery also is relatively flat, going from 1,786.4 in 2013, to 1,822.8 in 2015 with a projection of 1,977.6 in 2020.
Of course, regardless of broad trends are the ups and downs created by individual efforts from company to company.
Here’s hoping your 2019 is a great year for you and yours! Happy New Year!