Contract growth under pressure
Website Editor • August 10, 2020
Forecasts for steady growth in the contract floorcovering market are set to be reversed due to the pandemic, says latest research from market specialists AMA.
The contract floor tiles sector is currently forecast to return to growth in 2020 with annual value increases of around 4% forecast to 2024. Whilst some of this growth will be derived from increased demand, the floor tiles sector has a very high level of import penetration, so exchange rate fluctuations are also likely to play a part in value growth, say analysts.
In AMA's latest analysis Contract Floorcoverings Market Report – UK 2020-2024, the researchers commented: "For the contract floorcoverings market, the effects of Covid-19 were significant as many end-use sectors were forced to close from Day 1 of lockdown. This had repercussions for planned refurbishment programmes in the retail and entertainment sector which were unsurprisingly put on hold for the duration or in some cases indefinitely postponed.
"Whilst the Covid-19 restrictions have been progressively eased during June and July 2020 the outlook for the contract floorcoverings market remains extremely difficult to forecast given that the full impact has yet to be fully revealed."
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