The home trend comes to an end after Corona: Market for house and home textiles is declining again, losing 4.5 percent in 2023 - with price increases, nearly minus ten percent. Product groups show little dynamics compared to 2022 - the largest submarket remains bed textiles. Industry forecast: Market level stabilises at pre-Corona level.
House and home textiles are less in demand after the years of Corona. In 2023, following three years of slight growth, there is now a market decline of -4.5 percent to 9.1 billion euros. Like all retail sectors, house and home textiles also suffer from inflation and consumer savings behaviour. Thus, prices for products in the house and home textiles sector reached their peak in 2022 with a 6.3 percent inflation rate and still saw a price increase of 5.2 percent last year in 2023. These and other results are outlined in the new "House and Home Textiles Industry Report" by IFH KÖLN in collaboration with BBE Handelsberatung. The outlook for the coming years shows a market stabilisation at pre-Corona levels at around 9.2 billion euros by 2028.
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'The era of unprecedented demand for house and home textiles, driven by the homing trend of the Corona period, is giving way to a new reality of conscious consumption, in which the market stabilises at a stable pre-Corona level,' says Dominik Nuß, Senior Consultant at BBE Handelsberatung, on the results of the House and Home Textiles Industry Report.
Losses of product groups largely balanced out
The four product groups of the house and home textiles industry - textile floor coverings, bed textiles, HTB laundry (house, table, and bed linen), and curtains/decorative fabrics - all developed in 2023 with a similarly high decline of four to five percent. Textile floor coverings suffer the most, while curtains and decorative fabrics are least affected. The largest product group, with over 35 percent market share, remains bed textiles, followed by curtains and decorative fabrics with around a quarter market share.
Forecast: stabilisation of market and price dynamics
Consumer restraint will normalise in the coming years, particularly due to inflation easing. However, due to market saturation and continued consumer restraint, the house and home textiles industry expects a slight decline in 2024. A normalisation is also evident in price development, which is expected to stabilise at around 1.7 percent price increase by 2028 according to the current forecast by IFH KÖLN and BBE Handelsberatung.
'The strong market dynamics of the Corona years have now come to an end - this is also evident in the market for house and home textiles. Instead of making themselves comfortable at home with new bed linen and the like, it now means: save, save, save. However, the reduced prices give hope for improvement in the near future. Nevertheless, it is unlikely that the pre-crisis level will be reached again, as the negative trend in the area of textile floor coverings continues,' predicts Christoph Lamsfuß, Senior Consultant at IFH KÖLN.
More information:
IFH KÖLN
www.ifhkoeln.de