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Home Furnishings Market Report 2005
Key Note Publications Ltd, Nov 2005
The UK market for home furnishings was worth £3.11bn in 2004, an increase of 13.8% on its value in 2001. The market is segmented into five broad sectors: window dressings, bedding, bathroom textiles, cushions and covers, and table linen.
Household penetration levels are high, particularly in the largest sectors —window dressings and bedding. While replacement due to wear and tear is not necessarily frequent, an increased consumer interest in home interiors has stimulated purchasing in what is now very much a fashion-led industry. The market also benefits from the growing number of households, a trend that is predicted to continue at an even faster rate.
However, the current fragile state of consumer spending was underlined in September 2005, when the latest survey of the retail sector from the Confederation of British Industry (CBI) showed sales volumes falling at their fastest rate for more than 20 years. Unfortunately, this is one of the first markets to suffer when there is a shortfall in consumer confidence, as the purchase of most home furnishings can be deferred.
The number of property transactions directly affects the market for home furnishings, as a house move often provokes the replacement of items, while those setting up their first homes face the task of furnishing them from scratch. Consequently, the current slowdown in the housing market does not bode well for sales of home furnishings, following a period of strong growth. However, figures from the British Bankers' Association (BBA) released in March 2005 seem to indicate that any recent slowdown in the UK housing market is at least `bottoming out'. Meanwhile, HM Revenue & Customs (HMRC) reported a substantial increase (13.8%) in the number of property transactions recorded for the year ending 31st March 2005.
The UK textile industry was once a mainstay of the economy, with a reputation for quality workmanship and innovative design. Although the level of imports of textiles has always been high, the competitive nature of the industry means that more and more retailers are sourcing products from overseas, while manufacturers are increasingly looking to move facilities to countries where production costs are lower.
On 1st January 2005, textile export quotas on business with the US and Europe came to an end for both India and China. However, following complaints from EU Western textile manufacturers about the surge of low-cost Chinese imports, strict quotas were reimposed on certain products made in China in June 2005. This move was intended to bring trade back to European companies; however, orders were merely moved to India, which has, so far, escaped any reimposition of quotas, and can continue to trade freely. As in other UK manufacturing industries, the only way forward for the UK home furnishings industry — given that it cannot compete with other countries on price — is to concentrate on its design skills and workmanship.
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