Home Textile Imports for the US Showcasing Continuing Downtrend
With the world struggling to counter the COVID-19 pandemic, US imports witnessed record growth in the year that marked the onset of the Coronavirus pandemic.
The growth was short-lived, however! As of the financial year 2022, the US imported home textiles stood at the mark of $22.025 billion, which was the second consecutive year indicating a downward trend. The home textiles segment is facing hurdles triggered by economic concerns and personal preferences to some extent.
Since 2021, the imports graph is showcasing a downward trajectory, which was realized when the imports dropped to the mark of $24.285 billion, and is continued further due to the changing consumer preferences.
What possibly could be the cause of this downward trend after all? And what are the sourcing strategies working as countermeasures in response to the shifting business environment? Let’s have an in-depth look!
Understanding the Downtrend
Back in 2020, the imports touched a whopping $32.569 billion, which is notably higher than what we recorded in 2019, $18.757 billion. Not sure whether to thank COVID or what, but forced lockdowns lead people to spend their entire day at home, leading to a surge in demand for home textiles.
The Asia-Pacific region accounted for 81% of the overall US imports amounting to US 18 Billion, making it the biggest supplier. However, the downtrend marked its commencement in 2021 when imports registered a slip to the mark of $24 billion.
It was majorly due to the changing consumer preferences and the need to invest in garments instead of home textiles to step out as the lockdowns eased.
Considering the second half of 2022, we had challenges like unemployment and inflation annoying the consumers, which ultimately led them to restrict the flow of money from their pockets. As a result, people were really focused on making their living and meeting their end needs instead of pouring their money into garments and home textiles.
As the stocks didn’t get clear due to less demand and consumption, brands also slowed down their sourcing, with some of the brands even canceling purchase orders. This marked the only safe countermeasure against changing consumer behavior and purchase preferences.