Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Market overview
- Positive housing and economic drivers underpin growth in $25.5 billion market
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- Figure 1: Total US sales* and fan chart forecast of residential flooring, at current prices, 2012-22
- The issues
- Carpeting loses share to hard surfaces
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- Figure 2: Market share based on volume of sales in billions of square feet, 2006-16
- Aging population dampens demand
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- Figure 3: Purchase or planned purchase of hard surface flooring (net), by all and aged 55+, February 2018
- The opportunities
- Engage with core consumers
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- Figure 4: Purchase or planned purchase of hard surface flooring (net) and carpeting (net), for those aged 18-34, parents, and Hispanics, February 2018
- Multiple inroads for promoting new flooring, especially hard surfaces
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- Figure 5: Reasons for purchase of flooring, February 2018
- Opportunities lie in stylish, low-maintenance products
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- Figure 6: Qualities sought when purchasing flooring, February 2018
- Reaching core consumers via omnichannel approach
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- Figure 7: Select installation and use of online tools, by 18-34 year olds, parents, and Hispanics, February 2018
- What it means
The Market – What You Need to Know
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- Steady growth forecast in $25.5 billion market
- Carpeting is still largest, but hard surfaces are faster growing
- Demographic shifts and pet ownership create challenges, opportunity
Market Size and Forecast
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- Steady growth forecast for $25.5 billion flooring market
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- Figure 8: Total US sales* and fan chart forecast of residential flooring, at current prices, 2012-22
- Figure 9: Total US sales* and forecast residential flooring, at current prices, 2012-22
Market Breakdown
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- Carpeting still largest segment in terms of volume sold
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- Figure 10: Market share based on volume of sales in billions of square feet, 2016
- Hard surface flooring makes gains and drives growth
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- Figure 11: Market share based on volume of sales in billions of square feet, 2006-16
- Key trends in major segments
- In hard surfaces, LVT/LVP propel growth
- In soft surfaces, high-end carpets and area rugs outpace segment
Market Perspective
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- Pet owners drive demand for waterproof and stain resistant flooring
Market Factors
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- Macroeconomic factors suggest positive outlook
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- Figure 12: Consumer confidence and unemployment, 2000-February 2018*
- Home sales and housing starts growing, together with prices
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- Figure 13: New residential housing sales, by thousands of units, 2014-18 (projected)
- Aging housing stock can drive demand for new flooring
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- Figure 14: Number of houses built, by year
- Homeowners investing in home improvement and repair
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- Figure 15: Homeowner spending on improvements and repairs, by quarter, 2015-18 (proj)
- Homeowners buy flooring, but their share of population declines
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- Figure 16: National homeownership rate, 2006-16
- Aging population challenges growth
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- Figure 17: US population aged 18 and older, by age 2013-23
Key Players – What You Need to Know
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- Home improvement stores most shopped, independent retailers offer service
- New materials offer top performance and propel growth
- Innovations in other hard surfaces help them hold their ground
- Carpeting struggles, though there are some bright spots
- Growth in eco-friendly, healthy home, and customized flooring
What’s Working?
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- Home improvement stores set the bar as dominant flooring retailers
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- Figure 18: LifeProof Carpet at The Home Depot, 2017
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- Figure 19: Professional measuring at The Home Depot, 2017
- Waterproof vinyl flooring and rigid core flooring are top performers
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- Figure 20: Shaw laminates, “Plans meet reality,” 2017
- Innovations in other hard surfaces help them hold their ground
- Improved durability, cleaning, water-resistance in laminates
- Vinyl Sheets offer tougher, easier to clean surfaces
- Innovations in click technologies ease installation
- Hardwoods offer unique looks and high-end designs
- Engineered flooring adds waterproofing to the mix
- Ceramic benefits from printing technology, but labor shortages may dampen sales
What’s Struggling?
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- Carpeting struggles, especially in mid-range offerings
- Bright spots in upper-tier and high performance soft surfaces
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- Figure 21: Mohawk flooring, smartstrand silk reserve ad with max the rhino, 2017
What’s Next?
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- New materials set to continue growth and disrupt market
- Flooring as décor for walls
- Eco-friendly materials and healthy home trends
- Customization with improved 3-D digital printing technology
- Buying cooperatives help independent flooring stores compete
The Consumer – What You Need to Know
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- Solid market for residential flooring
- Younger consumers, parents, and affluent buyers are key
- Home improvement stores are leading retail channel
- Replacing old flooring is key driver with diverse secondary motivations
- Ease of maintenance is top consideration in flooring selection
- Attitudes toward carpeting and hard surfaces suggest opportunities
- Use of online resources low, but core buyers adopting newer tools
Flooring Purchases
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- Sizeable market for flooring
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- Figure 22: Purchase or planned purchase of any flooring, any carpet (net), or hard surface (net), February 2018
- Area rugs are most widely purchased soft surface product
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- Figure 23: Purchase or planned purchase of carpeting, by type, February 2018
- Hard surfaces offer many options, though hardwood still on top
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- Figure 24: Purchase or planned purchase of hard surface flooring, by type, February 2018
- Purchase of flooring highest among younger adults
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- Figure 25: Purchase or planned purchase of any hard surface flooring (net), by age, February 2018
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- Figure 26: Purchase or planned purchase of any carpeting (net), by age, February 2018
- Household income drives purchase and shapes choice
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- Figure 27: Purchase or planned purchase of any hard surface (net) or carpeting (net), by household income, February 2018
- Parental status a strong driver of flooring purchase
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- Figure 28: Purchase or planned purchase of any hard surface (net) or carpeting (net), by parental status, February 2018
- Homeownership shapes range and type of flooring purchased
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- Figure 29: Purchase or planned purchase (net) of select types of flooring, by primary residence, February 2018
- Hispanic adults are key category demographic
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- Figure 30: Purchase or planned purchase of any carpeting (net) or hard surface (net), by race and Hispanic origin, February 2018
Retailers Shopped
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- Home improvement stores are dominant retailer
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- Figure 31: Retailers shopped for most recent flooring purchase, February 2018
- Home improvement stores have wide appeal, though older buyers seek specialists
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- Figure 32: Select retailers shopped, by age, February 2018
- Homeowners shop range of retailers
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- Figure 33: Select retailers shopped, by primary residence, February 2018
- More affluent favor independent and speciality retailers
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- Figure 34: Select retailers shopped, by household income, February 2018
Reasons for Purchase
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- Replacing old flooring is top reason for purchase
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- Figure 35: reason for purchase of flooring, by segment, February 2018
- Those aged 18-34 tout greater range of reasons for purchase
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- Figure 36: Select reasons for purchase of hard surface flooring, by age, February 2018
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- Figure 37: Select reasons for purchase of carpeting, by age, February 2018
- Different motivations drive purchases of renters and owners
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- Figure 38: Select reasons for purchase of hard surface flooring, by primary residence, February 2018
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- Figure 39: Select reasons for purchase of carpeting, by primary residence, February 2018
- Potential inroads in promoting flooring to families
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- Figure 40: Select reasons for purchase of hard surface flooring, by parental status, February 2018
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- Figure 41: Select reasons for purchase of carpeting, by parental status, February 2018
Important Flooring Qualities
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- Ease of maintenance is top quality sought in flooring
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- Figure 42: Qualities sought when purchasing flooring, February 2018
- Younger consumers value water-resistance, DIY installation
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- Figure 43: Select qualities sought when purchasing flooring, by age, February 2018
- Hispanics take functional approach
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- Figure 44: Select qualities sought when purchasing flooring, by Hispanic origin, February 2018
Attitudes toward Flooring
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- Hard surfaces valued as easy to maintain, carpets as comfortable
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- Figure 45: Attitudes towards flooring, February 2018
- Attitudes toward carpeting shift with age
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- Figure 46: Select attitudes toward flooring, by age, February 2018
- Affluent shoppers value quality, see hard surfaces as easy to maintain
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- Figure 47: Select attitudes toward flooring, by household income, February 2018
- Some regional variations seen in attitudes towards flooring
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- Figure 48: Select attitudes towards flooring, by region, February 2018
- Hispanics post less favorable attitudes towards carpeting
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- Figure 49: Select attitudes toward flooring, by Hispanic origin, February 2018
Installation and Use of Online Tools
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- A minority undertake DIY installation, in-store experience important
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- Figure 50: Installation and use of online tools, February 2018
- Adults aged 25-44 are most engaged with online tools
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- Figure 51: Select installation and use of online tools, by age, February 2018
- Hispanics also use more online tools when shopping for flooring
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- Figure 52: Select installation and use of online tools, by Hispanic origin, February 2018
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Fan chart forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 53: Total US sales and forecast of residential flooring, at inflation-adjusted prices, 2012-22
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