Wall decor sales forecasted to grow
Wall decor sales forecasted to grow
By Daphne Garland-McLean -- Home Accents Today, 2/1/2009
Wall decor sales are expected to climb by double digits over the next five years according to the latest projections by New York-based Easy Analytic Software Inc. If estimates by EASI statisticians hold true, wall decor sales will increase from $6.1 billion in 2008 to $6.9 billion in 2013. That's a 12.7% growth rate.
Growth in wall decor sales is expected to be the greatest in the West and in the South. These regions will grow by 15.4% and 14.9% respectively. Sales growth in the Midwest and Northeast is predicted to lag behind with only a 10.3% growth in the Midwest and 8.3% growth in the Northeast between 2008 and 2013.
Looking at metropolitan areas, just more than one-third of all metros are expected to exceed the national growth average in wall decor sales over the next five years. Consistent with regional numbers, the vast majority of the 287 metros expected to grow faster than the national average are located in the South and in the West — two-fifths in the South and one-third in the West. The Midwest and Northeast are home to only 24% of these metros.
Five metros are expecting tremendous growth of 30% or more by the year 2013. The Palm Coast, Fla., metro in the Southern region is expecting a whopping 44.2% increase in wall decor sales, faster than any other metropolitan area in the nation. Fernley, Nev., is expected to come in second with a 37.7% increase. St. George, Utah, at 34.3%, The Villages, Fla. ,at 32.9% and Pahrump, Nev., at 30.1% round out the five fastest growing metros.
The fastest growing metros in the Midwest and Northeast lag behind the top honors found in the South and the West. In the Midwest, Sioux Falls, S.D., is expected to grow in wall decor sales by 21.2% with an increase from $4.7 million in 2008 to $5.7 million in 2013. In the Northeast, East Stroudsburg, Pa., is projected to increase by 19.4%.
Looking at the states, Nevada is again expected to grow faster than any other state. EASI statisticians are predicting a 25.8% increase in wall decor sales for this state over the five year timeframe. However, Nevada is not the only state expecting growth. Nearly two-fifths of the nation's states are expecting growth above the national average. Arizona, with an expected growth of 24%, will increase sales from $124.2 million to $154 million. Utah is expected to increase sales by 19.9% and Idaho will increase by 19.3%. Texas, in the South, rounds out the top five in wall decor sales just squeaking by Georgia's expected 18% growth, with a projected growth of 18.1%.
Eyeing the top 10 markets, sales growth in wall decor ranges from a 7.2% growth rate in the New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa., market to a 21.5% increase in the Atlanta-Sandy Springs-Marietta, Ga., market. According to EASI data, this market, Atlanta-Sandy Springs-Marietta, Ga., is also expected to be the fastest growing top market. This market expects to grow from $112.3 million to $136.5 million by the year 2013. Dallas-Fort Worth-Arlington, Texas, is expected to increase sales by 21.4% and Houston-Sugar Land-Baytown, Texas, is projected to have sales growth of 20.2%. None of the other top markets are expected to have growth of this magnitude. The Washington-Arlington-Alexandria, D.C.-Va.-Md.-W. Va., market is expected match the national average in sales growth, while the Miami-Fort Lauderdale-Pompano Beach, Fla., and Chicago-Naperville-Joliet, Ill.-Ind.-Wis., markets are expecting an 11.4% and 11.3% increase over the five-year span. All of the other top markets are expecting sales growth of less than 10%.
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