Undercurrent of optimism at INDX
The bunting wasn’t out for the current state of the flooring business in Solihull this week but industry commentators were confident that things can only get better – just not so sure how long we’ll have to wait!
The INDX event at Cranmore Park in Solihull is the successor the Buying Groups National Flooring Show and extended its attendance to retailers who are not aligned to specific trade groups.
A sizable audience, highly professional presentation by more than 60 exhibitors and a portfolio of new product launches made for an impressive exhibition with an undercurrent of muted optimism.
We’ll be reporting in detail on the highlights of the event over the next few weeks but the snapshots from the show demonstrate some key themes and interviews with key players reflect the challenges of a tough market but some forward thinking and positioning for the upturn.
Market commentary
Almost universally, Q1 of 2024 has been poor for most, flat at best and the summer is not expected to improve performance. But most manufacturers have already positioned to reduce costs and will benefit quickly from any improvement in market conditions.
Analysts see some encouragement starting to come through in consumer confidence in the middle market, where the flooring industry makes most of its margin. The cost of living crisis has wrecked the entry level sector but there is a strong sense that there is a chunk of unbought quality flooring to be purchased as soon as signs indicate more stability in the economy.
Meanwhile, the hope than poor weather so far this year may have stopped consumers buying garden furniture and forced them indoors to consider investing more in their interiors seems to have been overtaken by the rush to get off the island and buy sunshine abroad.
Industry trends
In tight trading conditions, it is added-value, mid-market products that are coming through in development to attract consumer interest.
There are strong launches in wool where the consumer demand has been more robust and loops are continuing to grow their market share, but it’s also interesting to see the resurgence of de-lustred wool-like synthetics – premium man-mades, but with that extra affordability that sells well right now.
Mainstream players like AW, Abingdon, Cormar, Furlong and Victoria have smart new offers in this sector.
The trend towards more cosy, natural styles is very evident with more texture and the continuing shift from greys – recently maybe 70% of mainstream colourbanks – to warmer tones in beige and naturals – pushing the grey vs. beige swingometer to about 50/50.
An unexpected trend is the popularity of sisal – or, to be more accurate, sisal-like products. This plays into the natural textured trend of course and it is some of the sisal style launches in synthetic and even wool fibres that have made the sisal look more accessible for many buyers.
And finally, for now, the smooth flooring sector seems to have move forward with more consumer-friendly portfolios that are easier to navigate and it is interesting to see how those companies that cover both carpet and LVT, laminate and, increasingly even wood, are strengthening their positions – most notably AW’s Invictus, Furlong and Victoria’s re-developed collections.
Watch out for our detailed INDX coverage of specific suppliers in future articles…
