The gross investment in the UK's carpets and rugs sector reached £34.0 million in 2023. Over the past decade, the sector has experienced significant fluctuations with high growth periods early on, notable contractions, and a stabilization towards recent years. Notably, there was a surge of 49.52% in 2015 followed by a steep drop of 21.34% in 2016. The subsequent years saw variable trends, including a sharp decline by 29.95% in 2019 and steady growth resumption from 2021 onwards.
In detail:
- Year-on-year variation: 2.10% in 2023, following 2.46% in 2022 and 2.52% in 2021.
- 5-year CAGR: The sector experienced a -2.91% CAGR ending in 2023.
Looking ahead, forecasts suggest a steady growth pattern with a 5-year growth rate of 8.05% and a predicted 1.56% CAGR up to 2028. Future trends to watch for include technological advancements in manufacturing, evolving consumer preferences, and potential regulatory changes impacting raw materials and trade.
