Impact of The COVID-19 Outbreak on the Global Vinyl Flooring Market
The COVID-19 pandemic has impacted the vinyl floor market drastically. The epidemic has affected various industries and has caused a global economic slowdown. Before the outbreak of COVID-19, the increasing purchasing power of the consumers was driving the demand for residential flooring. However, due to the global economic crisis caused by the pandemic, consumers are willing to invest only in essential goods and services. The COVID-19 pandemic has changed consumer preference and buying behavior significantly. Besides, the demand for vinyl flooring depends largely upon new construction projects and economic activity. The lockdowns imposed by several governments in the current crisis have suspended construction activities temporarily, delaying new construction projects and renovation of the houses, which is hampering the demand for vinyl flooring across the globe. The COVID-19 pandemic has also affected the flooring supply chains and disrupted manufacturing operations. Companies rely heavily on factories in China for materials and parts. However, activities at Chinese manufacturing facilities have dropped rapidly during the last month, which, in turn, is hampering the growth of the vinyl flooring market.
Global Vinyl Flooring Market Value from 2016 to 2023 (In USD Million)