India’s furniture market will surpass the US$27bn mark in five years, according to TechSci Research.
Housing growth, changing lifestyles and rising design awareness will be key drivers of future growth. The report also highlights that the recent shift from traditional furniture to contemporary furniture stems from a more brand-conscious population with higher disposable incomes.
A rapidly expanding distribution network by exclusive stores is also expected to boost India’s furniture market.
Karan Chechi, research director at TechSci Research, says, “Over the years, the travel and tourism sector has been one of the major contributors of growing demand for furniture in India.
“The number of tourists in India rose from 6.31m in 2011 to 8.03m by 2015. This upward trend is expected to continue over the next five years as the number of domestic and foreign tourists increases.”