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Carpets and Floorcoverings Market Report 2002
Key Note Publications Ltd, Jan 2002
In 2001, the UK market for carpets and floorcoverings was estimated to be worth £3.27bn at retail selling prices (rsp). This represents a growth rate of 2% over 2000 and has continued the trend of steady growth that the market has experienced since 1996.
For the purposes of this Key Note Market Report, the floorcoverings sectors are defined as carpets, wood flooring, vinyl, ceramic floor tiles and other floorcoverings. Carpets is the largest sector but it is experiencing a decline in market share, primarily due to the rapid growth in the wood flooring sector. Ceramic floor tiles also experienced strong rates of growth between 1998 and 2001, but it remains a niche sector of the market.
Floorcoverings are generally considered to be non-essential products and sales are dominated by replacement and additional purchases. A key driving factor since around 1996 has been the impact of television makeover programmes. Homeowners are now much more open to continental styling, which is influencing their tastes across a wide range of home furnishings, and wood flooring is a key beneficiary.
Increases in Government spending on health and education between 2002 and 2005 will have a substantial impact on the contract floorcoverings market. In particular, the tend towards Private Finance Initiative (PFI) funded projects, involving the outsourcing of property maintenance, should lead to some general increase in specification standards, as contractors look for products that offer durability and low maintenance.
Future prospects for the market are reasonably positive, although value increases are likely to be flat in the short- to medium-term future. Floorcoverings have benefited from the current trend for interior design schemes. However, consumer spending is dependent upon the overall level of confidence in the economy, and any significant increases in interest rates could dampen future growth prospects, particularly if the housing market is adversely affected.
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