The furniture market in India is forecasted to cross over USD$27 billion by 2022, driven by the rapid urbanisation, blossoming trend of nuclear families and growing working population combined with the burgeoning demand for new furniture designs. The largest share in India’s furniture market in 2016 went to home furniture.
A shift in brand consciousness observed over the past few years in the nation have resulted in contemporary furniture being favoured over orthodox ones, and the diversion indulged due to the higher purchasing power in the country’s working population. The distribution network of ritzy stores and uncomplicated accessibility of regular furniture, developing at breakneck speeds, are predicted to help boost the furniture market over the next five years. Moreover, rising investments in the healthcare and hospitality industries – accompanied by a swelling number of tourists – by both the public and private sectors are also slated to bump up the demand for furniture in the country over the upcoming half decade as well.
The average age of a home buyer has also fallen from 40 to 27, and the younger generation stepping out are unafraid to satisfy their unique and distinctive preferences for contemporary and modern furniture over conventional, orthodox pieces. The increasing literacy rate and expanding influence of western culture also have a hand in inspiring the consumers to embrace a modern lifestyle.