Retailers, by definition, rely on their products to drive growth. Factors, such as brand identity, positive customer service and price all contribute to sales volume, but ultimately businesses live or die by what they sell. Trends are an essential element to predict which products will bring in revenue, and trendspotting is an important process to elevate the overall image of the retailer.
The market for home furnishings and bedding is expected to grow in 2018 and beyond. This is good news for retailers that want to get a piece of those consumer dollars. However, more money in the market means greater selection for consumers, who want to adopt the latest styles. Choosing to work with a wholesaler that creates custom linens allows bedding retailers to make their mark by establishing a unique take on a popular trend.
The Growth of Home Decor and Bedding Industry
It has been about a decade since the economic collapse that hit many U.S. households with declining home values and less disposable income. Recovery has been slow but steady, leading to an upturn in home sales in recent years. Consumers have begun to buy more home furniture and bedding, with increased volume ‒ instead of price ‒ driving increased revenues. The annual growth over the years between 2012 to 2017 was 4.2 percent according to IBIS World.
Bed linens and bedspreads are a significant part of this market. The global market for these items was $48.93 billion in 2015, projected to grow to $61 billion by 2020. That is nearly a 25 percent growth over a five-year period, welcome news for retailers that are experimenting with new ways of marketing and distributing to customers. Specifically, bedding retailers can keep up with demand by selling custom linens through e-commerce properties and partnering with dropshippers that handle all stages of order fulfillment.
Those custom linens are going to supplement the growing mattress market in 2018 and 2019. According to the International Sleep Products Association, the growth in the dollar amount of mattress sales will be 4.5 percent in 2018 and 5.0 percent in 2019. Those dollars are in part due to an uptick in the price of mattresses, as the same report predicted an increase in unit volume of 3.0 percent in 2018 and 3.5 percent in 2019. Although consumers remain price-conscious, these statistics demonstrate higher confidence and a willingness to invest more in home products.
Importance of Trends in Retail Sales
Identifying the products they will choose to invest in, however, is a more complicated endeavor. This is where trendspotting becomes particularly important. While customers may want sheets, their aesthetic tastes and desires for specific utility will change from season to season. Retail trends demonstrate what most people are buying, but trendspotting is not just about getting on top of what the majority of the market is looking for.
Psychological studies of sales have demonstrated that trends are reinforcing. People buy what they see others buying, wearing or using. A product that is already on the market is its own best advertisement, as it leads to a compulsion to want to purchase. In addition, the more a trend becomes popular, the more retailers benefit from the phenomenon of social proof. On an e-commerce site, it is common to see suggested items with the description “people who viewed this also bought,” demonstrating that an item not only looks good but has been purchased by others. Online, it is a silent and powerful recommendation.
Bedding Partners That Create Custom Linens
What happens when the trend is individualization? In fact, retail analysts are predicting that in 2018, individualization is not just a buzzword, but a necessity for businesses that want to survive in the online era. Specifically, this is about targeted advertising that can narrow down to very individual tastes. More broadly, it is about capturing trends, but with a unique twist that allows you to sell something uncommon to your customer base.
This is the power of working with a bedding partner that can create custom linens. You can create a signature line that is consistent with your home decor brand while reflecting popular trends. Instead of everyone ending up with the same set of bedding sheets, customization allows you to give your customers the chance to hop on trend while staying faithful to their own personal aesthetic.
For custom linen manufacturers, the process is essential for the health of their own business. As a part of doing business, they must remain in step with new ideas about how target markets style their home decor. They partner with their own retailer clients about how to adapt those striking styles to a custom line, in order to ensure sales with distinct product elements. The better their own retail clients do on the sales room floor ‒ or on the e-commerce website ‒ the stronger their own business remains.
Discover Custom Linen Manufacturers
It is less complicated than you might think to develop a line of custom bed linens to sell as part of your bedding business. It is also increasingly essential in this era of individual consumer tastes. By partnering with the right experts, you can make your brand’s new style come to life.