Furniture not only maintenances and allows basic everyday operations such as sleeping and eating but has also been measured as an indispensable element for home décor. Furthermore, acquiring furniture has become easier owing to the availability of online platforms. Pepperfry, FabFurnish, and Urban Ladder are some of the prevalent online platforms for purchasing furniture across India.
The effective augment in the brand consciousness and prominent increment in the expenditure on furniture goods amongst the millennials are supporting the market growth from the last few years. Additionally, the tranquil availability of furniture in several regions through the online platform is propelling the sales of domestic furniture products from the last few years. Owing to significant requirement from the younger generation, foremost players have now come up with several offers on their products along with DIY furniture products. Such strategy generates the products quite affordable and assisting market growth. The growing trend among customers to purchase furniture products for home decor is further propelling the sales of furniture markets around the globe. The effective growth in residential and commercial construction and the augmenting the number of strategic alliances and partnerships are some of the aspects that are probable to drive the market's growth.
Not only has this, the effective increment in the demand for multi-functional furniture with several features such as the maximum storage capability, stylish design, and ground breaking space-saving designs are influencing the furniture market growth from the last few years. The foremost players in the market are delivering the various products according to the predilection and taste of the customers, which is probable to influence the sales of home furniture throughout the forecast duration. Ready-to-assemble (RTA) furniture is becoming progressively popular amongst the homeowners and renters, globally, owing to the lower costs and compressed designs. RTA furniture, also well-known as flat-pack furniture, is not amassed by the manufacturer and is accessible in parts with instructions for consumer, regarding accumulating of the furniture.
Nonetheless, across the Asia-Pacific, several key players in the Furniture Market are establishing their own online platform and welcoming partnerships with the e-commerce retail stores in order to toughen their distribution network which is probable to propel the furniture market growth across the regional. China and India are the foremost countries for the furniture industry across the Asia-Pacific. The foremost raw materials involve wood, metal, and plastic, with bamboo and cane also being utilized in some cases. India imports wood from several South East Asian region such as Indonesia, Malaysia, and Myanmar. As the standard of living endures to develop in China individuals are becoming increasingly willing to underwrite in home decoration. Consumers’ growing purchasing power has propelled the furniture market to improve in leaps and bounds. The Prospects for Asian furniture introduction is better than anywhere else across the world. China is the largest producer, but others are increasing faster. India and Vietnam fastest-growing manufacturers. Therefore, in the near years, it is anticipated that the market of furniture will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications