AI is Reshaping the Home Textile Retail Market, Projected to Grow by USD 67.6 Billion from 2024-2028 Due to Innovation and Premiumization

NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global home textile retail market size is estimated to grow by USD 67.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.35%  during the forecast period. Innovation and portfolio extension leading to premiumization is driving market growth, with a trend towards distribution channel expansion strategy by vendors. However, volatility of raw material prices  poses a challenge. Key market players include Amazon.com Inc., Ashley Retail LLC, Bed Bath and Beyond Inc., Industria de Diseno Textil SA, Inter IKEA Holding BV, Kohls Inc, Kroger Co., Lowes Co. Inc., Macys Inc., Ralph Lauren Corp., Restoration Hardware Inc., Springs , Steinhoff International Holdings NV, Home Depot Inc., The Novogratz, The TJX Companies Inc., Trident Ltd., Walmart Inc., Wayfair Inc., and Welspun India Ltd..

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Market Driver

Home textile vendors are expanding their distribution channels to reach a larger customer base. The omnichannel strategy, which involves selling products through both physical retailers and online platforms, is increasingly popular. Notable e-commerce retailers in this sector include Amazon.com, Rakuten Commerce, and Alibaba Group. The global B2C e-commerce industry is projected to expand substantially during the forecast period, with the online and direct marketing market reaching 1.5 trillion in 2021. Other significant players in the home textile market, such as Inter IKEA Systems, Williams-Sonoma, Home Depot Product Authority, and Crate and Barrel, also sell their products online. This multi-channel approach will significantly boost the revenue growth of the global home textile retail market. 

The home textile retail market is experiencing significant growth due to trends in the tourism and hospitality industries. Demand for high-quality bed linens, mattress covers, blankets, and pillows in hotels and serviced apartments is driving sales. Home fashion is a key focus for retailers targeting residential spaces, with a shift towards organic bed linen, sustainable products, and natural fibers like cotton. The millennial age group prefers functional and decorative household textiles, while eco-friendly and synthetic fibers cater to various consumer preferences. Household textile sales are also boosted by single person households, DIY activities, and residential construction. Weaving, knitting, crocheting, and knotting techniques are used to create insulation products and bed coverings. The e-commerce sector is a major channel for home furnishing sales, with eco-friendly and blend fibers gaining popularity. Overall, the market is diverse, catering to various consumer needs and trends in the domestic environment. 

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Market Challenges

• The home textile retail market is currently experiencing challenges due to rising raw material costs. Manufacturers face increased production expenses as a result of higher-priced raw materials like cotton and silk. Consequently, vendors pass these costs onto consumers by selling home textile products at elevated prices. However, these increased prices limit consumer purchases. Furthermore, raw material price fluctuations, caused by unusual weather conditions and other factors, add instability to the market. For instance, leather, used in furniture upholstery for its aesthetic appeal, is subject to these price fluctuations. These factors may negatively impact market growth during the forecast period.
• The Home Textile Retail Market faces several challenges in various sectors. In the luxury textile market, consumers seek luxurious textures and classic color palettes, driving up costs for retailers. Vintage aesthetics are popular in the bedroom linen market, making traditional blankets with soft twist yarns and higher twist yarns in wool, acrylic, polyester, nylon-based blends, and thermal blankets a must-have. Transportation hubs like malls, airports, movie theatres, hospitals, and smart homes are significant markets for home textiles. Sustainability is a growing concern, with recycled cotton scraps, lyocell fibers, and recycled materials gaining popularity. Third-party sellers, importers, and exporters add complexity to the market, while organized retail and foreign brands compete with specialty stores. Housing, hospitality, healthcare, and exports are major sectors driving demand for home textiles, including curtains, blinds, shades, soundproof curtains, and blackout curtains.

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Segment Overview 

This home textile retail market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product 
• 2.1 BBO
• 2.2 Bed linen
• 2.3 Carpets and rugs
• 2.4 Upholstery
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Offline-  The home textile retail market encompasses various product categories, including bath linen, kitchen linen, kitchen accessories, bed linen and bedspreads, and curtains. These items are primarily sold through offline distribution channels, such as specialty stores, hypermarkets, department stores, convenience stores, supermarkets, and warehouse clubs. Consumers prefer this distribution channel due to its reliability, physical product evidence, and the ability to touch and feel the products before purchasing. Offline retail formats accounted for a substantial portion of the global home textile retail market revenue in 2023 and are expected to maintain their dominance during the forecast period. Personalization trends in home textile products are driving demand, making these retail formats essential for the industry's growth.

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Research Analysis

The Home Textile Industry caters to the modern homeowner's needs for designs that reflect international taste and enhance interior design. Home textiles include bed linens, bath linens, kitchen linens, upholstery, and floor coverings. These essentials are not just functional but also play a significant role in house decoration and housing. The real estate industry recognizes the importance of home textiles in creating a comfortable and inviting living space. Affluent consumers, especially the millennial age group, are increasingly seeking eco-friendly and sustainable home textile products. The Home Textile Industry is evolving with the times, offering a blend of fibers, including synthetic and natural ones, to cater to various preferences. Weaving, knitting, and crocheting techniques are used to create unique textures and patterns. Specialty stores and organized retail outlets stock both foreign brands and locally produced home textiles. The rise of e-commerce platforms has made it easier for consumers to access a wide range of home textiles from the comfort of their homes. The Home Textile Industry continues to innovate, offering a diverse range of products that cater to the ever-changing needs of modern homes.

Market Research Overview

The Home Textile Industry encompasses a wide range of products designed for modern homes, including furnishing fabrics, bed linen, bath linen, kitchen linen, upholstery, and floor coverings. These textiles are essential for interior design and house decoration, catering to the tastes of affluent consumers and the real estate industry. Modern homes often feature timeless patterns, luxurious textures, and classic color palettes, as well as vintage aesthetics and international tastes. Home textiles include a variety of materials such as cotton, wool, acrylic, polyester, nylon-based blends, and recycled materials like cotton scraps and lyocell fibers. The market includes specialty stores, organized retail, importers, exporters, and third-party sellers. Home textiles are used in various sectors like housing, hospitality, healthcare, exports, tourism industry, and hospitality industry. They are also found in transportation, malls, airports, movie theatres, hospitals, smart homes, and tourist destinations. Home textiles include products like bed linen, blankets, mattresses, mattress covers, pillows, duvets, duvet covers, and bed coverings.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product
• BBO
• Bed Linen
• Carpets And Rugs
• Upholstery
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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