The furniture market in the country has been immensely driven by a substantial growth in the real estate, tourism and hospitality sector over the years. The rising number of commercial projects along with a greater spending on the infrastructure has also provided an enormous growth to the furniture market in the last few years.
Bedroom furniture accounted for the largest share in home furniture market in India. It primarily includes beds, headboards, dressers, chests, armoires, bed benches, bookcases, chairs, vanities and nightstands.
The living room furniture was the second most important choice as it garnered 23.1% share in revenues for the year FY’2015. This segment encompasses a wide range of coffee tables, sofas, center tables, corner tables, chairs, bookshelves, TV stands, ottomans, display cabinets, consoles and upholstered furniture like sofas and overstuffed chairs.
Kitchen furniture largely includes cabinets which are used to store crockery. Modular kitchen has been considered as a separate segment as it involves refurnishing of the complete kitchen with new layout.
Imports have formed a significant portion of the products sold to the upper-middle income class and higher income class of the Indian society. India was observed as the largest importer of furniture in the world. The increase in demand of branded international products has resulted in a 13.3% increase in value of furniture imports from FY’2014 to FY’2015. A large number of people have become aware of the variety of products available in foreign countries and have showcased a preference to purchase foreign branded furniture products.
The sale of home furniture products online has been a relatively new concept in India. Since the inception of furniture e-tailing companies in the country since 2011 the market has observed a slow yet steady paradigm shift in customer behavior for the purchase of furniture products. A higher number of Indian customers have utilized the convenient services of online portals to choose their desired furniture from a wide variety of products. The trend of purchase of small furniture items such as bean bags and coffee tables through online portals has gradually changed to higher volume sales of heavy furniture products such as beds, wardrobes, dining tables and sofa sets.
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Ankur Gupta, Head Marketing & Communications