Carpet and Rug Sales Expected to Fly Past $20 Billion by 2010
While tufted carpets and rugs account for 77% of the market, heavy growth in the woven sector-26.7% in 2004 over 2003-helped fuel a nearly $2 billion increase in overall sales between 2003 and 2004. This in turn helped 2005 overall sales reach $16.24 billion, with heavy demand from DIY home improvers and new home builders.
Although carpet's share of the overall flooring market has declined slightly over the years due to a shift in consumer preference for hard flooring, it still holds a 65% share of the market. However, with the intense popularity of newer hard-flooring products, such as environmentally friendly cork and bamboo, carpet manufacturers are scrambling to stave off increased losses in market share.
"There's an industry-wide effort to continue riding the growth trend experienced in the last two years as manufacturers dare to be bolder by using more flamboyant colors, textures, and materials-both man-made and natural," said Don Montuori, the publisher of SBI. "Manufacturers are also focusing on key demographics, such as Boomers, Echo-Boomers, younger teens, and Hispanics, while expanding into niche markets such as high-end carpet tiles and premium hand-knotted rugs-markets favored by those with greater disposable income."