Luxury Fabric Market Size, Share & Trends Analysis Report By Type [Interior (Curtains, Bed Linen), Exterior (Gazebo Drapes, Outdoor Furniture Upholstery)], By Material (Silk, Velvet), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Luxury Fabric Market Size, Share & Trends Analysis Report By Type [Interior (Curtains, Bed Linen), Exterior (Gazebo Drapes, Outdoor Furniture Upholstery)], By Material (Silk, Velvet), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Luxury Fabric Market Growth & Trends

The global luxury fabric market size is estimated to reach USD 9.09 billion by 2030 and is projected to grow at a CAGR of 11.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is mainly driven by the shifting consumer preferences toward comfort, sustainability, and high-quality performance fabrics.

In terms of expenditure on home improvement, baby boomers and Generation X continue to be the dominant consumer groups. According to headboards the 2022 U.S. Houzz & Home study, 55% of homeowners finished overall renovations in 2021. A 20% growth was observed in median renovation spend in 2021 compared to that of 2020. Baby boomers and Gen X accounted for 86% of remodelers, while only 9% of millennials and 5% of elderly people said they had renovated their homes. Therefore, luxury fabric is projected to witness an increased demand among Gen X and baby boomers due to high expenditure on home renovations.

Fabric type, aesthetics & design, durability, comfort & functionality, and brand reputation are among the major factors influencing consumer buying decisions. Luxury interiors often require fabrics with intricate designs, unique patterns, or exquisite embroidery. Customers are willing to pay a premium for materials that enhance the overall aesthetic appeal of their living spaces.

Product demand from new residential and commercial constructions is also an important factor driving market growth. The residential and commercial real estate is fueled by the growing worldwide population, particularly in urban areas. The ongoing urbanization and lifestyle changes trend emphasizes the need for more residential and commercial infrastructure to support the expanding urban population. It is widely recognized that environmentally friendly and high-quality infrastructure can stimulate economic growth and social progress.

Consumers consider linen to be one of the most sustainable textiles due to its minimal water usage, lack of need for pesticides, and biodegradability. Moreover, linen offers exceptional comfort and is moisture-resistant, hypoallergenic, and breathable, making it suitable for various climates and allergy sufferers. Its longevity and ability to age well contribute to its appeal, aligning with consumers' demand for long-lasting and high-quality luxury fabrics.

Consumer preferences in the luxury interior fabric industry are undergoing notable shifts driven by several factors. The growing emphasis on comfort has resulted in consumers favoring cozy, heavy textiles like wool bouclé and soft cotton corduroy. In addition, there is a strong focus on healthy fabrics, prompted by the pandemic, with consumers looking for luxury products prioritizing natural and renewable materials over-processed and chemically treated options. Consumers are moving away from synthetic textiles, and the market is favoring organic and recycled fibers owing to the growing popularity of sustainable and environmentally friendly materials with transparency certifications.

Luxury Fabric Market Report Highlights

• In terms of region, product demand in Asia Pacific is projected to dominate the market in 2030 with a revenue share of over 35%. The rising household expenditure on interior decorations and the rapidly expanding real estate in the region are among the key factors driving this trend
• In terms of material, demand for cashmere luxury fabrics is expected to grow at the fastest rate over the forecast period. Cashmere is ideal for crafting luxurious pillows and cushions and is an excellent choice for furnishing upholstery. Its luxurious texture and lightweight nature ensure comfortable seating, while its durability ensures it withstands regular use without signs of wear and tear
• In terms of type, demand for interior fabrics dominated the market in 2023. High costs associated with house prices and mortgage rates have led consumers to invest in home improvement or remodeling projects to revamp their traditional household structures. This subsequently drives demand for new stylized luxury fabrics for interior use
• In terms of distribution channel, online sales of luxury fabrics segment is projected to grow at the fastest rate. This channel is expected to witness significant growth in the coming years due to the increasing consumer preference for online shopping over physical stores

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