Textile home décor industry is fast transforming into an “IT” industry. Once dominated by independent interior designers and big box retailers, the market for textile home décor has witnessed proliferation of a number of startups. Online crowdsourcing and affordable outsourcing are key trends catching on in the market, wherein online provisions of style boards & design ideas, and hiring designers at affordable costs have become convenient. These trends are primarily driven by the marketplace attributes such as new online business models, price transparency, and standardization.
In a bid to help consumers in making effective decisions apropos purchases of home textiles, style profiling has gained utmost importance by articulating preferences and narrowing down scope of choices of consumers. Several entrepreneurs, aware of challenges involved in product marketing, are tailoring their merchandizing strategies to organize their products on the basis of theme, instead of category. The global textile home décor market involves a long supply chain, which in turn adds to cost of the final product. Therefore, companies are focusing on remodeling the supply chain and trimming the price tags, by working directly with manufacturers.
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Transparency Market Research, in its recent research report, has envisaged the global textile home décor market to register a splendid expansion during the period 2018 to 2027. Global sales of textiles home décor are projected to bring in revenues over US$ 185,000 Mn by 2027-end.
Growing Consumer Confidence to Propel Demand for Home Décor Textiles
Prevailing consumer confidence and broader economic trends directly impact demand for home décor textiles. With key economies across the globe making a steady recovery, a steady spike has been observed in consumer confidence over the past couple of years. According to Reserve Bank of India’s December 2017 round of Consumer Confidence Survey (CCS), Households’ current perceptions on the general economic situation improved and edged up towards the neutral level after five quarters of pessimism.
According to OECD’s Consumer Confidence Index (CCI), consumer confidence has witnessed a steady growth in the last couple of years. In February 2018, the OECD CCI was at 101.10 (with long term average at 100), signifying a positive perception among consumers on the economy. Positive perception on the entire economy is traditionally linked with increasing activities pertaining to home refurbishment. Sustained period of greater consumer confidence can be a key future growth determinant for the global home décor textiles market.
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Home Décor Textile Companies Capitalizing on Rising Demand for Bed Linen
Demand for bed linen is expected to rise at a brisk pace across the globe, driven by a steady stream of opportunities emerging in both developing and developed markets. Sensing profitability of bed linen, key manufacturers are concentrating on consolidating their market position. For instance, Boutique Living, a bed linen brand by Indo Count Retail Ventures P. Ltd. (ICRVL) is planning to increase its focus on the bed linen segment. A key challenge for stakeholders in this segment is the highly fragmented presence of unorganized players.
In a bid to counter the challenges from the unorganized sector, leading players are focusing on offering entry-level bed linens that are priced attractively. TMR’s report has profiled key participants supporting growth of the global home décor textiles market, which include Kurlon Ltd., Leggett & Platt Inc., Williams-Sonoma, Inc., Ashley Furniture Industries Ltd., Inter IKEA Systems B.V., Mohawk Industries, Inc., Berkshire Hathway Company, and Nitori Holdings Co. Ltd.
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