The turnover in carpets and rugs in South Korea started at 79.32 Billion South Korean Wons in 2014, with an overall fluctuating trend over actual years, peaking at 85.84 Billion in 2015 but then demonstrating a gradual decline. By 2023, the turnover value stood at 75.53 Billion Wons, representing a year-on-year decline of 1.03%. The negative trend is reflected in the five-year CAGR of -1.24% from 2019 to 2023. Future forecasts predict this declining trend to continue, with an estimated turnover of 71.44 Billion Wons by 2028 and a forecasted five-year CAGR of -0.88%.
Key future trends to watch for in the South Korean carpet and rug market include potential market disruptions from sustainable and environmentally-friendly product innovations. Moreover, changes in consumer preferences towards home décor and the impact of digital transformation on manufacturing and retailing processes are crucial areas to monitor.
