Luxury Fabric Market: Trends, Growth & Future Outlook
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, aes...