European home textile imports experienced a significant decline of 17.4 percent to $33.3 bn in 2022. Exporters attribute this slowdown to higher inflation and rising interest rates, which have dampened retail demand in developed countries.
The Russia-Ukraine war resulted in increased crude oil prices, driving inflation globally, particularly in the US and Europe. The war significantly impacted Europe, leading major brands to reduce their purchases due to decreased retail sales. Consumers have less disposable income for discretionary products like clothing, home textiles, and fashion items. The surge in demand for home textiles during the pandemic also contributed to the subsequent slowdown in the following years.
According to market report, European home textile imports nearly doubled to $61.375 bn in 2020 from $32.296 bn in 2019 but decreased to $40.408 bn in 2021. The import value further declined to $33.4 bn in 2022, reaching levels similar to pre-pandemic times.
The inbound shipment declined since Q4 2021 when it was noted at $10.069 bn. It came down to $9.147 bn in Q1 2022, $8.482 bn in Q2 2022, $8.038 bn in Q3 2022 and $7.709 bn in Q4, 2022, as per market report.
