Based on FCNews research, residential LVT flooring and its subcategories were the products to successfully satisfy consumer needs in 2017. In fact, residential LVT flooring finished 2017 with an estimated $1.888 billion in revenue, which represented 73% of total residential resilient sales. In terms of volume, the category captured 1.379 billion square feet, or 48.1% of resilient volume.
What`s more, WPC flooring and SPC core flooring claimed 45.8% of residential LVT flooring dollars and 31.8% of the category`s volume. [LVT flooring is a product that has come at the right time," said David Sheehan, senior vice president, product management, Mohawk Industries. [It`s providing the right value proposition to the consumer. Retailers have really embraced this notion of leveraging waterproof, which appears to be resonating in the minds of consumers."
Rigid products, according to Sheehan, boast physical properties that make it attractive to homeowners and end users. [It tends to be thicker, and thickness is viewed as something from the consumer that equates with high quality. It seemingly has solved some installation concerns on behalf of some retailers and flooring installers vs. its flexible counterpart."
Much of the trends seen in 2017 have carried over into the first half of 2018. Sheet is still relatively flat; LVT flooring is seeing growth with WPC vinyl flooring and SPC vinyl flooring; waterproof is still piquing consumer interest. While the category has been upoverall, observers say margins are deteriorating on entry-level products.
[Product awareness has helped create a much wider audience to which we can sell LVT flooring," said Michael Raskin, founder and CEO, Raskin Industries. [There is excitement in the category and around the new types of flooring coming out of it."
From this sustained consumer excitement, flooring executives are bullish about the category`s prospects in 2018. [Across all segments of our business-from specialty markets, hospitality and education to multifamily and single family homes-Shaw Industries`and USFloors` resilient flooring continues to consistently outperform expectations," said Piet Dossche, president of USFloors and executive vice president of hard surface, Shaw. [Resilient flooring enables consumers to incorporate the desired looks into their homes without worrying their flooring will be scratched or damaged by water. USFloors` customers and their consumers often remark to us on how much they appreciate LVT`s ease of maintenance and its scratch resistant and waterproof qualities."
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