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.
US Residential Flooring Market – Current Landscape
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.
US Residential Flooring – Market Statistics
- US flooring market size: The residential flooring market is still impacted by stubborn inflation, with minimal growth from the estimated $28bn in 2023 expected into 2024.
- Consumer residential flooring choice: Wood proves to be timeless and durable, as 40% of consumers opt for wood in the main living area, though it shows a slightly reduced presence in private areas like bedrooms. Cork is planned in more homes than before, indicating it’s a flooring choice to watch.
- Motivations for purchasing residential flooring: “Increase my home’s value” tops the purchase motivators for consumers in the residential flooring industry, with over a third stating this as a reason. Mintel’s home improvement market report discusses how the housing crisis increased the importance of choosing projects with a positive ROI.
US Residential Flooring Market Report – What’s Inside?
Key Topics Analyzed in the Report
- Market performance and growth drivers
- Competitive strategies and market opportunities
- Penetration of flooring by type and room of the house
- Past and future flooring purchases by flooring type
- Motivations for flooring purchases
- Preferred cleaning methods for residential flooring
- Attitudes toward residential flooring
Report Scope
This report examines new product development and consumer attitudes toward residential flooring in the US market. This includes the following floor types:
- soft surface flooring, including carpeting (wall-to-wall and carpet tiles) and area rugs
- hard surface flooring, including vinyl tile, stone and marble, wood and laminate
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.
Meet the Expert Behind the Analysis
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
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Executive Summary
- Key issues covered in this Report
- Overview
- What you need to know
- Consumer trends: key takeaways
- Market predictions
- Opportunities
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The Market
- Market context
- Market drivers
- Prolonged inflation could extend the period of low home improvement spending
- Graph 1: Consumer Sentiment Index, 2007-2024
- Economic uncertainty pushes consumer confidence downward
- Graph 2: Consumer Sentiment Index, 2007-24
- Lumber prices are declining, but remain higher than normal
- Graph 3: Producer price index for lumber, 2000-24
- Market size and forecast
- Market growth reflects the impact of high material costs
- Retail sales and forecast of residential flooring
- US: total sales of residential flooring, at current prices, 2018-28
- Accounting for inflation, the outlook is less optimistic
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Competitive Strategies and market opportunities
- Prepare for circular manufacturing systems
- Prepare for the ascendance of epoxy flooring
- Magnetic flooring will improve DIY outcomes
- Stone-polymer composite flooring merges beauty and low-maintenance
- Look to national installers to disrupt the market
- Flooring supply is consolidated; installation is fragmented
- Strategic highlights of residential flooring market leaders
- Opportunity: use smart flooring to enhance wellness, energy efficiency, and to serve an aging consumer base
- MariCare smart flooring system for seniors
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Consumer Insights
- Consumer fast facts
- Flooring choice
- Wood is still good, but tile showing the fastest growth
- Title and wood are trending, carpet holds its position in the bedroom
- Cater to young consumers’ desire for sustainable materials
- Graph 4: consumers with cork flooring in their homes, by room and generation, 2024
- Nearly one in four consumers will buy flooring in the next year
- Graph 5: past flooring purchases and plans to buy in the future, 2024
- Growing families are a primary predictor of flooring purchases
- Wood, cork and bamboo are poised to gain penetration
- Hardwood is gaining, bamboo and cork show the fastest percentage growth
- Graph 6: past vs future flooring purchases, by floor type, 2023
- Meet the needs of parents with low-maintenance and sustainable choices
- Retailers like Green Building Supply sell sustainable flooring from a variety of makers
- Parents gravitate toward engineered wood, cork, bamboo and stone tile
- Graph 7: intent to purchase flooring in the next year, by flooring type and parental status, 2024
- Purchase locations
- Most flooring is bought at home improvement stores, but specialty flooring retailers have their niche
- Graph 8: top retail channels for residential flooring purchases, 2024
- Beyond home improvement stores, a generational shopping divide opens up
- Older consumers gravitate toward specialty retailers, younger consumers prefer ecommerce
- Graph 9: purchase channels for residential flooring, by generation, 2024
- Purchase motivations
- Support consumers’ need for a positive ROI
- Graph 10: top motivators for flooring purchases, 2024
- Teach young homeowners the value of staying put and renovating
- Graph 11: consumers who are replacing flooring because it’s too expensive to move, 2024
- Attitudes toward residential flooring
- Capitalize on the growing sentiment that synthetics are becoming more realistic
- Coreluxe sells synthetic flooring that looks like real wood and stone
- Consumer sentiment supports the faux wood trend
- Graph 12: attitudes towards residential flooring, 2024
- Hedge against economizing behaviors
- Graph 13: consumers who install their own flooring and those who are delaying flooring projects to save money, by age and income, 2024
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Appendix
- Market definition
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast
- Forecast fan chart
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