Luxury Vinyl Tile now makes up a huge 6% of all flooring renovations according to a recent study from Home Innovation Research Labs Annual Consumer Practices Survey. In our Portland flooring store we have seen this trend first hand as our customers have increasingly asked about luxury vinyl tile. The increase in the use of LVT for re-flooring is a trend that we fully expect to continue to increase.
What is re-flooring? Re-flooring is simply another way of saying “replacing existing flooring” with another type of flooring.
Some people are just becoming aware of luxury vinyl tile, since it has only really been a common flooring material for the last several years. In that short time its benefits are becoming much more widely known, appreciated and selected as a respected flooring option. But just how significant is it that 6% of the re-flooring market now made up of luxury vinyl tile (LVT)?
How Popular Is Luxury Vinyl Tile?
Let’s put this into a perspective that we can all wrap our heads around. Currently, the re-flooring or floor renovation market consists of about 14 billion square feet of floor each year. Six percent of that huge number is still quite massive. That’s 840 MILLION square feet of flooring being replaced with luxury vinyl plank every single year. That’s a lot of luxury vinyl tile flooring! In fact, you could install a six-foot wide LVT floor around the equator of the earth to come up with that much square feet of LVT flooring.
Reasons LVT Is Gaining Market Share
There are many reasons that luxury vinyl tile is gaining market share among more traditional flooring products. Hardwood flooring and other variations, such as engineered hardwood floors, laminate and bamboo flooring make up the majority of the market, however LVT is unique when compared to these. Here are some of the reasons luxury vinyl plank is rapidly increasing its market share:
Lower costs: Compared to solid hardwood flooring, engineered or even bamboo flooring, luxury vinyl tile can save homeowners thousands of dollars on both the product and installation costs.
Extremely durable: Due to its construction, LVT flooring is highly durable and can withstand moisture, dents, scratches and stains far better than traditional wood flooring.
Low maintenance: Maintenance and upkeep of luxury vinyl floors is as simple as a broom and dustpan.
Easy installation: Not only is LVT easy to install without fasteners or glues, this fact reduces your overall flooring costs dramatically.
Real wood-like appearance: Unlike laminate flooring, luxury vinyl tile has the identical look, texture and color to many traditional wood flooring products. Virtually every wood species, surface design, color and finish is replicated in luxury vinyl tile.
What Rooms Are Best For Luxury Vinyl Tile
The Home Innovation Research Labs study not only reported on the total increase in market share that luxury vinyl tile has seen, it also included what rooms LVT is being installed in. We have created a chart showing where people are re-flooring using this product in their homes and at what percentage.
Percentage of room types with luxury vinyl tile:
7% Dining Room
6% All Rooms
6% Other Rooms
5% Family/Rec Room
5% Living Room
It’s very important to notice the rooms that are often impacted by water, moisture and traffic. Due to the composite construction and materials used to manufacture luxury vinyl tile, it can be installed in below grade applications, such as basements, as well as bathrooms and areas of a home that see high traffic or rough wear from pets. At the same time, LVT performs and looks amazing in other standard rooms of every home or business.
Based on the study, LVT appears claiming additional flooring market share from the more senior laminate flooring material. Homeowners and remodelers seem to prefer the more realistic look and warmth offered in the luxury vinyl flooring product, combined with a more comfortable feeling and realistic sounding material to walk on. Yet luxury vinyl tile appears to be making tiny inroads into the engineered flooring space as well, and an even larger share diverted from solid hardwood in the kitchen is also moving to LVT instead.
At the same time, LVT doesn’t seem to be making a huge impact against competing tile and carpet products in the re-flooring, renovation segment. But we expect that to also change as consumers become more familiar with the benefits of the flooring material.
Continued Growth Of Luxury Vinyl Tile Market Expected
Here in Portland, with our damp climate and uncompromising sense of design and flair, we are realizing the trend that luxury vinyl tile is seeing nationwide. It’s our estimation that not only is Oregon seeing this study holding true, but it is exceeding these numbers outlined in the report. Oregonians want the look and feel of real wood flooring, but something that is more durable for our pets, resistant to moisture and options for color and species. With numerous luxury vinyl tile brands, benefits and options, LVT flooring delivers on all of these requirements.