According to research by Allied Market Research, the increase in people who love luxury accelerates the growth of the global market in carpet.
Allied Market Research published a new report, titled, “Rugs & Carpets Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Changes in lifestyle with rapid urbanization is the factor that majorly drives the growth of the global carpets and rugs market. Apart from that increase in disposable income, leaning toward interior decoration, and rise in the people liking toward luxuries boost the growth of the global market. However, the cost of the raw material impacts the growth of carpets and rugs market. Contrarily, the investment in real estate sectors and renovating activities can be an opportunity for the growth of the market.
The market key players are launching their portfolio with the new release on spring trends books. Oriental Weavers, a carpet company of Egypt has launched its 2020 spring trend book featuring the colors, design to watch, and emerging lifestyle decorating direction. The book identifies the five key interior design trends as interpreted by the Oriental Weavers design team—Imperfect Organic, Artisanal hand, In touch, Culture Collaboration, and Modern History. Each trend is defined with the photography and area rugs from the company’s collection, as well as material used and designer insights. Carpet manufactures are focusing on producing eco-friendly products owing to increase in awareness regarding environment protection.
COVID-19 Scenario Analysis:
Due to COVID-19, retailers are facing problems with the supply of inventory and cannot meet the consumer demand. COVID-19 has severely affected the whole economy and business sector. North America is the one of the largest producer of carpets and rugs but due to safety measure and government restriction, the exports are stopped and has caused excess inventory that can be a problem for the company.
