Market Trends of India Home Furniture Industry
Rising Residential Construction Activities Leads to Growth of Indian Furniture Market
India's surging population is driving a heightened demand for affordable housing. Notably, the housing market in major Indian cities has witnessed a notable uptick in the appetite for upscale properties like luxury apartments, villas, and penthouses. Consequently, there's been a parallel rise in the demand for furniture, spanning from sofas and dining sets to beds and chairs. This trend underscores the projected growth trajectory for the furniture market in India.
As urban migration intensifies, with more individuals relocating to have improved living standards, the demand for both housing and furniture is experiencing a significant upswing. This urban influx is translating into a surge in both residential and commercial construction, further amplifying the need for furniture to furnish these spaces.
As the housing market witnesses a surge in new homes and apartments, the demand for furniture to outfit these spaces is also rising. This trend is further fueled by increasing disposable incomes, especially in emerging economies. People who seek to enhance their living standards invest in stylish and comfortable home interiors.
The growth of the interior design and home decor sector has driven the demand for residential furniture. Today, there's a heightened emphasis on furniture that boasts good design and enhances the overall aesthetics of residential spaces. Additionally, homeowners and renters prioritize furnishings that align with their lifestyles and reflect their tastes.
Rising E-Commerce Penetration Leads to Growth in Online Furniture Industry
The online furniture segment is expected to witness the fastest growth in India as more and more furniture companies start their websites and sell their products through popular e-commerce platforms designed for young and busy consumers. The government needs to support the online furniture industry in developing internationally competitive, competent, and compliant products. The government should focus on creating furniture clusters around large particleboard plants.
With the rise of e-commerce, furniture retailers have the opportunity to reach customers all over the world. This has allowed them to offer various products, including unique and rare items previously unavailable in many markets. India's booming wood industry helps reduce furniture production costs, making it more cost-effective. The increasing trend of online and mobile shopping in India is likely to increase furniture sales through digital channels. The Indian furniture market is driven not only by the residential demand but also by the growing tourism and hospitality industry and the corporate sector. Hotels and business offices in India are growing rapidly, so the demand for furniture is rising.
