Despite headaches within the economy —namely high interest/mortgage rates— resilient flooring suppliers are pointing to continued growth in 2024. While it may not be at the same breakneck speeds, the category is poised for growth due to continued innovation within the category. Supply chain disruptions will need to be managed but suppliers say efficiencies are top of mind for the coming year.
Dick Quinlan
senior VP sales and marketing, Wellmade
What is your projection for the category in 2024?
Market inflation seems to be reducing consumer spending on remodeling projects, therefore reducing overall demand. As a result, we’re projecting the resilient category to be flat or slightly up for 2024.
What are some of the biggest challenges facing the category in 2024?
Many supply chain risks remain for products imported from abroad. Challenges include higher inventory costs due to rising interest rates and product stoppages as U.S. Customs enforce the Uyghur Forced Labor Prevention Act. Additionally, ongoing global tensions coupled with fluctuations in currency exchange add risk to overseas supply chains that ultimately increase product lead times and final delivery.
How do those challenges need to be addressed?
Resilient programs that are made in the U.S.A. offer a more stable option than importing from offshore. Resilient flooring manufactured stateside offers excellent quality control, more stable pricing, shorter lead times and lower capital inventory requirements. Moreover, made-in-the-U.S.A. products support jobs for American workers and help to fuel the U.S. economy.
What are the biggest opportunities for 2024?
Resilient SPC vinyl plank and vinyl tile continue to represent excellent growth opportunities for 2024. This is true among most categories, including new home construction, residential remodel, healthcare and hospitality.
What are your biggest initiatives for 2024?
Wellmade’s priority initiative for 2024 is very simple: fully implement Phase II of our U.S. manufacturing facility, effectively doubling our current production capacity in the Cartersville, Ga., plant.
Bill Anderson
CEO, Karndean
What is your projection for the category in 2024?
We expect to continue growing volume in all channels, along with more consistent top-line growth now that costs and ASPs have somewhat stabilized in Q4 with similar levels heading into 2024.
What are some of the biggest challenges facing the category in 2024?
LVT will continue to grow share in the resilient category, but economic concerns such as interest rates, consumer confidence, labor issues and tighter lending standards can and will have an impact on the overall flooring market.
How do those challenges need to be addressed?
We need to be a great partner by staying close to our customers and reacting to their needs, including having strong inventory and delivering first-class service. We’ll continue introducing the on-trend, wood- and stone-inspired luxury vinyl designs that are synonymous with our brand, making them available in multiple installation formats to ensure retailers have the right option for their customers.
What are the biggest opportunities for 2024?
We’ll take advantage of our ability to offer a premium waterproof product—one that combines style, durability and performance—in multiple installation formats: glue-down, rigid core and loose lay. We also have an opportunity to grow in our commercial market segments.
What are your biggest initiatives for 2024?
Early in the year, we’ll be introducing new colorways to our Karndean LooseLay collection, which combines the design flexibility of glue-down product with the fast, easy installation of a floating floor. Later in the spring, retailers can look forward to stylish new designs in our Art Select collection. Art Select will become a fully dual-format collection.
Adam Ward
vice president of product management, resilient Mohawk
What is your projection for the category in 2024?
We see good interest rates and reduction. If the economy stays strong, then we’ll continue with another year of growth.
What are some of the biggest challenges facing the category in 2024?
The supply chain is one of the biggest challenges—trying to avoid mass outages. Also continuing to bring more advanced realism in the category with better-looking products.
How do those challenges need to be addressed?
Our biggest opportunity is getting new customers and building more market share. Also, continuing to push why resilient is special in the market.
What are the biggest opportunities for 2024?
Our biggest opportunity is getting new customers and building more market share. Also, continuing to push why resilient is special in the market.
What are your biggest initiatives for 2024?
Getting all our launches seated. We have a lot of new launches for 2024, one of our biggest pack- ages ever. We’re continuing to explain what differentiates Mohawk products from the other resilient products on the market. Mohawk Momentum Roadshow will really allow us to show all the progress we’ve made with our new resilient products.
Doug Jackson
president, Cali
What is your projection for the category in 2024?
We anticipate continued growth. To that end, the Cali team is geared up for a robust expansion of our LVP offerings, including refreshes for Windansea and Longboards as well as a new WPC product inspired by the popular Legends collection.
What are some of the biggest challenges facing the category in 2024?
Anyone who wants to see success in LVP will need a command of color and market trends and a reliable resilient supply chain, which is tough to come by these days. Know what people will get excited for and ensure they can get it easily.
How do those challenges need to be addressed?
Cali is leaning on innovative solutions, agile operations and maintaining our commitment to quality, which has been key to our growth even during economic headwinds. As always, it’s all about supporting relationships.
What are the biggest opportunities for 2024?
Cali is about to launch more new products than ever before across our LVP, hardwood and luxury laminate lines. In the resilient arena, we’re particularly excited to introduce a new premium WPC collection, leveraging the success of Legends, which will meet customer demand for lighter, fresher color palettes.
What are your biggest initiatives for 2024?
Cali is geared up to broaden our LVP collections with new offerings that provide a wider range of price points, backed by our leading style expertise and commitment to quality construction. Lots to watch out for in the next few weeks.
Lauren Daniels
resilient category director, COREtec
What is your projection for the category in 2024?
In residential, resilient flooring will continue to grow in market share in 2024. The overall retail business will be soft in Q1/Q2 and pick back up second half of the year. In builder, the market will be affected by mortgage/interest rates, and we see the Fed potentially reducing rates benefiting new home construction.
What are some of the biggest challenges facing the category in 2024?
A soft start to the year. Secure and steady supply will be a challenge as we continue to respond to a rapidly changing geopolitical landscape. Commoditization/saturation of SPC in the marketplace, putting pressure on this category moving out into 2024-2025. Understanding of proper moisture mitigation during installation/ floor prep for resilient products.
How do those challenges need to be addressed?
Focus on diversification and domestic supply sources (Shaw’s Resilient plant in Ringgold, Ga.); Elevating flooring as a more premium component within a build—creating profitability for retailers/builders, manufacturers and suppliers while providing quality products to our consumers that elevate their spaces within their budget.
What are the biggest opportunities for 2024?
Improving the sustainably/circularity and material health of resilient products. Shaw is proud to offer smarter, better solutions de- signed for the well-being of people and planet. Guiding customers through the purchase process and what type of resilient product fits the need for their project. Meet our customers where they shop.
What are your biggest initiatives for 2024?
COREtec is on a mission to be the industry’s preferred floor covering brand, with innovative solutions to traditional tile and hardwood floors. Largest WPC offering in the market—expansion of styles featuring attached Soft Step underlayment.
Jason Surratt
president, Tarkett Home
What is your projection for the category in 2024?
The overall residential market will still start out soft due to high interest rates and inflation hurting disposable income for the consumer. Resilient should feel that impact less, with LVT continuing to capture market share away from other product categories. Vinyl sheet has seen increased activity over the last two years being a lower-cost option in the resilient category.
What are some of the biggest challenges facing the category in 2024?
The overall market, particularly retail and residential replacement, will continue to be a challenge for at least the first half of 2024. Lower-cost goods with inferior quality over the last year has damaged some retailer confidence in rigid products, particularly in the SPC category.
How do those challenges need to be addressed?
Our marketing efforts need to clearly communicate the quality and performance in the category to diminish retailer doubts. Providing the best in on-trend, fashionable designs will help drive consumer preference at the retail level.
What are the biggest opportunities for 2024?
There has been so much volatility in the resilient flooring market, being a calm, steady presence is a key opportunity. Delivering high-quality products with impeccable service and affordable pricing can help build both retailer and consumer confidence.
What are your biggest initiatives for 2024?
Tarkett Home feels bullish on how 2024 will end, and we are working to develop opportunities across a wider breadth of products. We will be unveiling a new premium WPC line delivering superior acoustic and comfort properties and some of the most realistic style visuals.
Steve Ehrlich
vp business & operations, Novalis
What is your projection for the category in 2024?
Projections for 2024 are fairly conservative for resilient flooring, at least for the first half. The second half will depend on the election and what goes on with the political situations as well as mortgage rates and interest rates for the business sector.
What are some of the biggest challenges facing the category in 2024?
Mortgage rates, interest rates as well as the continuing geopolitical situations. We’ve opened in five different countries in the last three years to try to mitigate different political landscapes and taxation, and each country has its own situations on shipping as well. So just navigating the world’s situation on manufacturing and the different laws and taxation.
How do those challenges need to be addressed?
Novalis is now supplying out of China, Mexico, Korea, Vietnam and the U.S. We’re trying to mitigate all the different regulations to serve our customers in the best way because all of them have different challenges and different stances on different parts of the world as well. So we’re not only navigating the political and financial landscape, you have to navigate your customers’ wishes as well.
What are the biggest opportunities for 2024?
Continued market share—taking share like it is already doing with ceramic tile, hardwood, laminate—and developing new products and new innovations.
What are your biggest initiatives for 2024?
Definitely focusing on Mexico production as well as Korean, the U.S. and Vietnam. Those core areas are really key to growing the business for our customer base. And working with the customers and their needs.
