US Residential Flooring Market Report 2024
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Explore the residential flooring industry in the US with this report. Market performance is analyzed, providing the backdrop for the data-backed consumer behavior and preferences. Know how to strategize your next move in the market.
Flooring market growth is tepid, owing in part to a slow housing market and a consumer base that’s still reeling from high inflation. Despite a robust labor market, consumers are scrutinizing large home improvement expenditures. Extended periods of economizing behavior, such as we’ve seen over the past three years, are a threat to growth. Mintel finds that 29% of consumers have installed their own flooring to save money, and 25% are delaying flooring products altogether due to high costs.
Precisely when the Fed will reduce interest rates remains a critical uncertainty. High interest rates push mortgage rates upward, which in turn slows home sales and home improvement activity. This environment has been bad for the flooring market.
But brand innovation in the category is high, and some of that innovation is focused on improving performance and design options, while reducing costs. Perhaps most interestingly of all is the advent of smart flooring. Floors with embedded sensors can adjust heat and lighting based on room or building occupancy to reduce energy costs. But smart floors can also detect movement and falls, and this helps seniors age in place. Bearing this in mind, flooring suppliers are well-situated for consumers’ eventual return to high home improvement spending, even if the timing remains uncertain.
This report examines new product development and consumer attitudes toward residential flooring in the US market. This includes the following floor types:
The Report covers products that homeowners buy and/or install for themselves, as well as products installed by professional homebuilders, contractors and management companies in advance of or following the sale of a residence. The market size is based on consumer expenditures for residential flooring only.
This report was written by Jamie Rosenberg. Jamie is an expert in competitive intelligence, strategic thinking, product development and consumer trends. He uses this background to identify category level trends that allow brands to think further ahead and develop more future proof innovation, marketing and portfolio management strategies.
A slow housing market amid a cost of living crisis has stunted market growth. Yet innovation is high, and brands are positioned for an eventual return to spending.
Jamie Rosenberg
Associate Director, Global Household and Personal Care
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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