India’s furniture industry has seen consistent growth over the years. The demand for furniture has greatly expanded as a result of rising disposable income and a burgeoning middle class. With a 12% expected annual growth rate, the Indian furniture market is thought to be valued around INR 1 lakh crore. However, a number of variables, including market segmentation, business trends, and marketing tactics, affect how profitable the Indian furniture sector is.
Market segmentation is a crucial component of the Indian furniture industry. The type of furniture, the material used, and the price range can all be utilized to segment the furniture market. In contrast, mid-range furniture manufactured of engineered wood and particleboard would appeal to a wider market than high-end furniture made of rare materials like teakwood and mahogany. Similar to how furniture made for homes would target a different market than furniture made for companies and commercial locations.
The home furnishing and décor sector includes the furniture industry in India. By 2021, this industry is anticipated to expand at a CAGR of 8.5%. Due to increasing disposable incomes, urbanization, and a growing preference for contemporary furniture designs, the industry has been seeing tremendous expansion. Online sales channels are becoming more popular in the sector as manufacturers look for more affordable ways to market and sell their goods. The market’s lack of organization and the absence of competent workers are two issues that the industry must contend with.
Furniture makers must prioritize product innovation and design in order to boost sales. Furniture that is not only practical but also aesthetically beautiful is what consumers are looking for nowadays. Manufacturers must spend money on R&D in order to create new materials and designs that meet shifting consumer demands. In order to meet the various needs of their clients, manufacturers must also provide customisation possibilities.
Manufacturers need to concentrate on creating a strong brand image and utilizing digital channels when it comes to marketing techniques. Younger audiences can be reached effectively through social media and influencer marketing. Building a loyal customer base can also be aided by offering first-rate after-sales care and customer service. To broaden their audience and visibility, manufacturers might also think about collaborating with interior designers, real estate developers, and architects.
As a result of the expanding demand for furniture and home decor items, India’s furniture industry is profitable. To keep ahead of the competition, producers must concentrate on market segmentation, product innovation, and marketing techniques. The Indian furniture industry has the ability to significantly boost the economy of the nation with the appropriate strategy.
The information in the article title is insufficient to respond to that particular query. However, the piece might offer perceptions into the difficulties and chances of operating a furniture business in India, which might inadvertently shine light on how challenging creating furniture is in that environment.