Home and Living Regional Analysis: The Indian Market

The home and living market is becoming one of the vast growing markets in the world, especially in India. The Indian furniture market, as per the 2020 market analysis report, was estimated to be $17.77 billion, and it is predicted that it will reach $37.72 billion by the end 0f 2026. That is, in 5 years, the market will double at a CAGR of 13.37%. Indian consumers improve their way of living by purchasing the best products at home that match their budget. The changes in consumer behaviour are major factors that boost the growth of India's home and living market. With its secure foundation in the retail sector, the region offers a wide range of home décor products such as furniture, rugs, floor coverings, furnishing, fabrics, table cover and other home décor requirements demanded by its consumers. The Indian home and living market has several existing opportunities for already established entrepreneurs or startups who wish to join the business.

India is popular for its unique and excellent work of furniture crafted to portray its rich handicraft and attractive culture. Over the years, the Indian market has advanced. The market has widened its furniture designs from chairs and tables to interior design. For centuries, furniture has been a significant part of Indian households. And now, with home décor awareness, the demand for better and more appealing furniture has boosted the market growth in the country. The furniture industry is part of the unorganized market sector in India.

With a wide variety of raw materials such as wood, plastic, cane, bamboo and metal, there are various end products to choose from, depending on your budget and preference. Globally, wood products add to the largest segment because of their wide variations of wood type; some are hardwood, some are softwood, some are indigenous, and others are imported. Right now, bamboo is becoming more popular because it can be used as a replacement for plywood. Indian wood is famous for its ability to produce traditional and artistic products. Regions such as Gujarat, Kashmir, Punjab and Uttar Pradesh have a booming furniture market due to their magnificent decoration and great work finish.

In this era, technology has made things easier, and now, consumers can purchase their furniture either online or by visiting the stores and choosing their options there. Due to the increase in innovation and flexibility, home deliveries have become a popular choice, driving the growth of the Indian online furniture market. Through the adoption of digitalization, companies such as Peppery fry and Urban Ladder are reaping massive profits by selling their products on online platforms. Research analyst Godrej Nilkamal said that increasing online shopping trends had pushed old model furniture manufacturers to introduce and sell their products on digital media.

Due to the COVID- 19 pandemic, online shopping and delivery gained a lot of popularity in the world of home and living. With these, tremendous growth in digital orders boosted the development of the furniture market. It pushed the call to a high level, and during this period, digital furniture companies recorded huge profits. Another factor that boosted the demand for homes and living in India is increasing consumers' disposable income. With these extra income, consumer have more income to spend on maintain their living spaces. Also interior décor programs and fashion magazines are influences consumers furniture taste. They see something attractive and they want to buy it. With these, manufacturers are aiming to come up with more appealing and quality furniture that fit their clients’ choice of preference.

The Indian home and living market is experiencing some restraints. The availability of counterfeits and low-quality products is negatively affecting the market. The situation has led to consumers being cautious of purchasing products, more so online. Seeing an effect on an online platform and seeing it tangibly is different. One might buy a product they see online but gets a different colour or a low-quality product compared to what they had ordered.

Over the years, India’s retail market has been growing massively. Retailers are employing designer strategies to offer their clients a wider number of options to choose from. With this kind of strategy, the retail furniture market is expected to grow immensely in the coming years.

Source: https://www.marketdecipher.com/

Related Report: Home Automation Market

For Detailed Report: Email to [email protected]

Market Decipher is a Market Research Company