2023 Market Report on Hardwood and Laminate Flooring

Hardwood Flooring

Sales Amount

According to FCNews' latest research, the hardwood flooring market in the United States garnered approximately $2.15 billion in sales in 2023, reflecting a slight decline of 2.6% compared to 2022. This is slightly below the $2.207 billion recorded in 2020 and signals a further decline in the market.

Sales Volume

The sales volume of hardwood flooring in 2023 was 870 million square feet, representing a decrease of 2% from the previous year. This is a drop from the 888 million square feet recorded in 2020, indicating a continuing downward trend. Despite being the third-largest hard surface flooring category, hardwood flooring's market share continues to decline, losing ground to resilient and ceramic tile flooring.

Market Share

In 2023, hardwood flooring accounted for 9.2% of the total flooring materials market in terms of US dollar value, down from 9.6% in 2020. In terms of total sales volume, hardwood flooring represented 4.5% of the total sales area, slightly down from 4.7% in 2020. This decrease reflects the ongoing challenges in the hardwood flooring market, including increased competition from other materials and evolving consumer tastes.

Sales Channels

The transformation in sales channels that began in 2020 continued in 2023. FCNews data shows:

• The share of home centers increased to 40%, up from 38% in 2020.

• The share of professional retailers decreased to 28%, down from 30% in 2020.

• Direct-to-consumer (DTC) sales saw a slight increase due to aggressive marketing strategies from online and discount retailers.

Laminate Flooring

Sales Volume

Based on FCNews research, the sales volume of laminate flooring in the United States reached nearly 1 billion square feet in 2023, an increase of 4.5% compared to 2022. This growth is consistent with the positive trend observed in 2020, where the sales volume was 976 million square feet. Laminate flooring now accounts for 9% of the total sales of hard surface flooring in the United States, up from 8.7% in 2020.

Sales Amount

In terms of sales amount, laminate flooring remains the fourth-largest hard surface flooring category. In 2023, the sales amount for laminate flooring was approximately $2.0 billion, up 3.8% from the previous year. Despite this growth, the market share of laminate flooring continues to face pressure from competitive products.

Market Share

Since 2010, the market share of laminate flooring in the United States has seen fluctuations:

• In 2010, laminate flooring accounted for 6.9% of the sales amount and 6.1% of the sales volume of flooring materials.

• By 2015, both figures had decreased to around 5.6%.

• In 2020, laminate flooring's share of the total market for flooring materials held steady at approximately 5%.

Sales Channels

FCNews research indicates major retailers continue to dominate the laminate flooring sector. In 2023:

• Home Depot, Lowe's, and Menard accounted for 65% of laminate flooring sales, up from 63% in 2020.

• The increasing share of these retailers reflects their effective brand management and extensive distribution networks.

Conclusion

The domestic market demand outlook for hardwood and laminate flooring in the United States continues to evolve, influenced by a variety of economic trends and changing consumer preferences. While hardwood flooring faces ongoing challenges with a declining market share, laminate flooring shows potential for growth despite intense competition. Stakeholders in these markets need to recognize and strategically adapt to these pervasive development trends to succeed in the future.

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