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Residential Flooring - US - April 2015

"An improving economy and a strengthening home renovation market have helped the $21 billion residential flooring market notch steady gains since 2010. Looking ahead, further improvement in the broader economy should help drive continued growth. While the need to replace old or worn out flooring is the most commonly cited reason for purchasing new flooring, category competitors can accelerate growth, by tapping into more discretionary motivations."
- John Owen, Senior Household Analyst

This report discusses the following key topics:

  • Residential flooring makes modest gains in improving economy
  • Replacement provides base for market, but growth must come from other areas
  • Long-term shift in favor of hard surfaces continues 
  • Wall-to-wall carpeting still common in homes

While the need to replace old or worn out flooring provides a base of sales for the market, a brightening economic outlook and quickening pace of home renovations gives category competitors an opportunity to drive growth by tapping into other more discretionary motivations such as interest in changing look or décor or making it easier to keep the home clean and healthful.

The report covers products that homeowners buy and/or install for themselves, as well as products installed for consumers by professional homebuilders, contractors, and management companies in advance of or following the sale of a residence. 

 

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Residential flooring makes modest gains in improving economy
            • Figure 1: Total US sales and fan chart forecast of residential flooring, at current prices, 2009-19
          • Replacement provides base for market, but growth must come from other areas
            • Figure 2: Reasons for purchasing new flooring, January 2015
          • Long-term shift in favor of hard surfaces continues
            • Wall-to-wall carpeting still common in homes
              • Figure 3: Types of flooring bought in past year, or intend to buy in next year, January 2015
            • The opportunities
              • Targeting specific interests and personal preferences
                • Figure 4: Most important flooring attributes, January 2015
              • Emphasize the investment
                • Figure 5: Flooring attitudes and behaviors, by age, January 2015
              • Offer flexibility in color and style
                • Figure 6: Interest in flooring features and benefits, willing to pay more for, by age, January 2015
              • What it means
              • The Market – What You Need to Know

                • Residential flooring makes modest gains in improving economy
                  • Replacement provides base for market, discretionary factors drive trends
                    • Remodeling, consumer confidence continue to trend higher
                    • Market Size and Forecast

                      • Residential flooring makes modest gains in improving economy
                        • Figure 7: Total US sales and fan chart forecast of residential flooring, at current prices, 2009-19
                        • Figure 8: Total US sales and forecast of residential flooring, at current prices, 2009-19
                    • Market Factors

                      • Replacement provides base for market, discretionary factors drive trends
                        • Housing and home renovation
                          • Easier care, cleaner homes
                            • Figure 9: Reasons for purchasing new flooring, January 2015
                          • Remodeling continues to trend higher
                            • Figure 10: NAHB Remodeling Market Index (RMI), 2009-14
                          • Consumer confidence fluctuates month-to-month but trends higher
                            • Figure 11: Thomson Reuters/University of Michigan Index of Consumer Sentiment, 2009-15
                          • Home sales lose some momentum in 2014
                            • Figure 12: New and existing home sales, 2009-14
                          • Home ownership rates continue to slip, especially for younger adults
                            • Figure 13: Homeownership rate by age of householder, 2009-14
                        • Key Players – What You Need to Know

                          • Mohawk leads the pack
                            • LVT helps drive hard surface growth
                              • Lumber Liquidators’ struggles put a spotlight on product safety
                                • Moving toward self-cleaning flooring
                                • Manufacturer Sales of Residential Flooring

                                  • Three big competitors, many smaller players
                                    • Figure 14: Leading company sales of residential flooring, 2013 and 2014
                                  • Mohawk leads the pack
                                    • Strengthens hard surface position
                                      • Shaw sales hold steady as hard surface products gain and carpet declines
                                        • Figure 15: Shaw, “Awesome Happens on Shaw Floors – Anthem,” 2015
                                      • Armstrong separates flooring from rest of company
                                      • What’s Working?

                                        • LVT helps drive hard surface growth
                                          • Hardwood remains a popular choice in construction, renovation
                                          • What’s Struggling?

                                            • Lumber Liquidators’ struggles put a spotlight on product safety
                                              • A new beginning for bamboo?
                                              • What’s Next?

                                                • Moving beyond easy cleaning toward self-cleaning
                                                  • Greater flexibility in color and style
                                                    • Shopping the way you want
                                                    • The Consumer – What You Need to Know

                                                      • Long-term shift in favor of hard surfaces continues
                                                        • A wider array of motivations for hard surface flooring purchases
                                                          • Living room, bedroom, kitchen top spots for new flooring
                                                            • Practical attributes and styling top list of purchase considerations
                                                              • Easy care, durability, and efficiency can deliver added value
                                                                • New flooring as an investment
                                                                • Flooring Ownership, Purchase, and Purchase Intent

                                                                  • Long-term shift in favor of hard surfaces continues
                                                                    • Variety of alternatives supports hard surface growth
                                                                      • Wall-to-wall carpeting still the most common type in homes
                                                                        • Figure 16: Types of flooring currently owned, bought in past year, or intend to buy in next year, January 2015
                                                                    • Reasons for Purchasing New Flooring

                                                                      • A wider array of motivations for hard surface flooring purchases
                                                                        • Easy cleaning and care
                                                                          • Home renovation and resale
                                                                            • Figure 17: Reasons for purchasing new flooring, by flooring type, January 2015
                                                                        • Rooms in Which New Flooring was Installed

                                                                          • Living room, bedroom, kitchen top spots for new flooring
                                                                            • Figure 18: Rooms in which new flooring was installed, January 2015
                                                                        • Most Important Flooring Attributes

                                                                          • Practical attributes and styling top list of purchase considerations
                                                                            • Pet friendliness
                                                                              • Environmental friendliness
                                                                                • Deep cleaning
                                                                                  • Figure 19: Most important flooring attributes, January 2015
                                                                              • Interest in Flooring Features and Benefits

                                                                                • Easy care, durability, and efficiency can deliver added value
                                                                                  • Soft sells, to a point
                                                                                    • Figure 20: Interest in flooring features and benefits, willing to pay more for, January 2015
                                                                                • Flooring Attitudes and Behaviors

                                                                                  • Emphasize the investment
                                                                                    • An opportunity to simplify selection
                                                                                      • A preference for the look of hardwood
                                                                                        • DIY installation increasingly common
                                                                                          • Figure 21: Flooring attitudes and behaviors, January 2015
                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                        • Data sources
                                                                                          • Sales data
                                                                                            • Fan chart forecast
                                                                                              • Consumer survey data
                                                                                                • Abbreviations and terms
                                                                                                  • Abbreviations
                                                                                                    • Terms
                                                                                                    • Appendix – Market

                                                                                                        • Figure 22: Total US sales and forecast of residential flooring, at inflation-adjusted prices, 2009-19

                                                                                                    Companies Covered

                                                                                                    • Mohawk Industries Inc.
                                                                                                    • Walmart Stores (USA)

                                                                                                    Residential Flooring - US - April 2015

                                                                                                    £3,277.28 (Excl.Tax)