Textile home décor industry is fast transforming into an “It” industry, Transparency Market Research said in a new research report.
The market research company forecast the global textile home décor market to grow rapidly to reach revenues of more than $1.85 billion by the end of 2027, based on a 6.3% compound annual growth rate.
In its “Growing Consumer Confidence to Propel Demand for Home Décor Textiles,” report, Transparency Market Research said the home textile market has seen an entrepreneurial surge in recent years from a market once dominated by independent interior designers and big box retailers. Online crowdsourcing and affordable outsourcing are growing trends in the market, according to the report. These trends are primarily driven by new online business models, price transparency and greater standardization.
With online purchasing gaining traction, consumer-facing developments that allow for more customization, like style profiling, have taken hold.
“Several entrepreneurs, aware of challenges involved in product marketing, are tailoring their merchandizing strategies to organize their products on the basis of theme, instead of category,” the report noted. “The global textile home décor market involves a long supply chain, which in turn adds to cost of the final product. Therefore, companies are focusing on remodeling the supply chain and trimming the price tags, by working directly with manufacturers.”
The report noted that like most consumer product sectors, consumer confidence and broader economic trends directly impact demand for home textiles. It cited the Organization for Economic Cooperation & Development’s Consumer Confidence Index, which showed global consumer confidence had witnessed a steady growth in the last couple of years. In February, the index was at 101.10, signifying a positive perception of the economy among consumers.
“Positive perception on the entire economy is traditionally linked with increasing activities pertaining to home refurbishment,” the report noted. “Sustained periods of greater consumer confidence can be a key future growth determinant for the global home décor textiles market.”
Demand for bed linen is expected to rise briskly across the world, driven by opportunities in developing and developed markets. Manufacturers in the sector are concentrating on solidifying or improving their market position. For example, Boutique Living, a bed linen brand from Indo Count Retail Ventures, is planning to increase its focus on the bed linen segment. Key companies in the space, including Williams-Sonoma Inc., Ashley Furniture Industries, Ikea, Mohawk Industries, Berkshire Hathaway and Nitori Holdings, are also focusing on offering affordable bed linens.
The bed linen sector has seen much interest and growth with the introduction of new fabric types featuring technologies for cooling and comfort in so-dubbed performance bedding.
The Trident Group, a $1 billion conglomerate and manufacturer of a range of products, including home textiles and yarn, unveiled several advanced sheeting technologies at the recent New York Home Fashions Market Week.
The new offerings include Tetra Fine, a performance sheet that combines wrinkle resistance, moisture management, quick-dry and anti-pilling properties, and Sleep Comfort Wrinkle Free Sheets crafted with a new generation wrinkle-free ultra-soft sheet with comfort features like moisture management and breathability.