Market Trends of Textile Home Decor Industry
Rising Consumption Expenditure On Household Textiles
Household consumption expenditure is the market value of all goods and services purchased by households, including durable goods.For instance, according to the Bureau of Labor Statistics, the average annual expenditures of American households in 2021 came to roughly USD 66,928-an increase of about 9% from the year before. A rise in consumption and expenditure among consumers on household textile products such as home furnishings, curtains, bedding, and apparel has been witnessed with an increasing trend. Furthermore, the inclusion of diverse and advanced textiles for high-tech end uses such as smart materials has significantly boosted the global market.Additionally, rising consumer preference towards using high-quality decorating products, known for their impact on social status, has also boosted the demand for textile home décor products.
Residential construction accounts for a substantial market share in the textile home decor market and is expected to witness a significant growth rate. Employment opportunities and population growth are fundamental drivers of rising demand for new housing as sustained population growth across the world has led to increased demand for all dwellings, including apartments.
North America is The Fastest Growing Region in The Global Market
Because of rising spending power and increasing urbanization in the region, the North American region is expected to show an increasing trend in the market.Other prominent supplier countries include Turkey, Belgium, Germany, the Netherlands, the United States, Portugal, and Poland. Additionally, an improved distribution network facilitates easier and wider availability of textile home decor products and designs for consumers, influencing sales of textile home decor products through both offline and online retail stores.
In addition, as people look for replacement items for their new living spaces, the surge in new building development and the number of single-person homes in the area are both boosting demand for home furnishings like home textiles. For instance, according to the US Census Bureau, in 2022, approximately 37.89 million single-person-led households were in the United States. This is an increase from the previous year, when there were 36.5 million single-person households in the United States. The market for home textiles is further fueled by the commercial sector, as hotels, resorts, and restaurants are demonstrating a developing preference for cutting-edge home décor items like bed linens. One of the most recent trends is an increase in the market for home textiles with digital printing, and producers are focusing on introducing new items in creative ways to fuel this trend across the region.
