British Wool has announced its first sustained price recovery since the pandemic, with a general rise of twenty per cent across recent auctions.
Sold globally across several different markets and products, demand is growing across the world for British wool, helped by the addition of three new buyers of scale at the British Wool auctions.
Graham Clark, Director of Marketing, said, “Over the past few months we have seen a healthy improvement in both demand and prices at our auctions. Generally, prices have increased by twenty per cent with some of the more sought-after types gaining 15p to 20p per kilo. Our auctions are more competitive than they have been in years with several new buyers entering the fray over the last couple of years. This, along with our promotional work, has had a positive impact on prices and means there is now genuine competition on all wool types.”
Over the past 12 months, British Wool has further strengthened its brand licensing scheme with an additional 44 brands coming on board. Now, the organisation works with 130 brands across the globe which all use high proportions of British wool in their products, further helping to drive new demand.
Clark said, “Retail sales and consumer confidence very much remain an issue in the UK, we have seen improvements across other markets such as contract carpet plus good volume coming out of China. Although we are still some way off where we need to be, these gains are very encouraging, and will help support member returns this year. We hope to see this trend continue into 2024.”