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Home Furnishings Market Report 2007
Key Note Publications Ltd, June 2007, Pages: 106
For the purposes of this report, home furnishings are defined as window dressings, bedding, bathroom textiles, cushions and covers, and table linen. In 2006, the home furnishing market was worth £3.44bn. Household penetration levels are high, particularly in the largest subsectors of window dressings and bedding, so the industry benefits from the growing number of households in the UK. Replacement due to wear and tear may not necessarily be frequent, but an increased consumer interest in home interiors has stimulated purchasing in an increasingly fashion-led industry where designer lines such as Jasper Conran are capable of commanding higher prices.
However, with most purchases being for replacement purposes, they can often be deferred in times of economic slowdown and will be affected quickly by any drop in household disposable income. According to the latest Distributive Trades Survey from the Confederation for British Industry (CBI), published in April 2007, high-street shops enjoyed strong annual growth in sales volumes, with 64% of polled retailers reporting a year-on-year increase — the highest in almost 3 years. However, latest figures show inflation to be higher than expected and interest rates are the highest in years, which will slow consumer spending and adversely affect the housing market. Since moving home often acts as the spur to replace home furnishings, these considerations do not bode well for the immediate future of the home furnishings market, which is expected to grow in value by just 0.1% in 2007. In fact, figures from National Statistics show that expenditure on textiles (which it defines more widely than this report) reached £5.41bn in 2006 and, although an increase on 2005, was lower than both 2003 or 2004 figures.
The UK textile industry, once a mainstay of the economy with a reputation for quality workmanship and innovative design, has been decimated in recent years, unable to compete with cheap imports, particularly since the abolition of quotas in January 2005. 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 produce from overseas, while manufacturers are increasingly looking to move facilities to countries where production costs are lower.
The UK has a a significant trade deficit in home furnishings, importing goods to a greater value than exporting in every product sector, particularly bed linen. Among the principal suppliers are China and India, and the latter has further encroached on the UK industry with the acquisition — by two of its companies — of British businesses. In July 2006, GHCL completed its £27m acquisition of the UK retail chain Rosebys, making it the world's first fully integrated home textiles business with operations in spinning and weaving, distribution and retail. In the same month, the textiles manufacturer Welspun India Ltd announced that it had acquired a majority shareholding in CHT Holdings Ltd, the ultimate holding company of the UK's leading towel brand Christy. In what is now a truly global industry, UK home furnishings, as in other sectors of British manufacturing, must strive for its continued existence — given that it cannot compete with other countries on price — by concentrating on its considerable design skills and workmanship.
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