With a projected value of US$ 19 billion in 2022, the Indian home furnishings sector is a significant value generator for the consumer market. By 2028, the market is projected to grow at a compound annual growth rate of about 10%, to reach US$ 34 billion. The category is primarily unorganised, with the organised sector making up 21% of the market (US$ 3.9 billion). The contribution of the organised sector is expected to double to US$ 8.1 billion by 2028. This offers a chance for brands to grow and penetrate more markets.
Growth in consumption has been attributed to the expansion of the domestic consumer base, rising income levels, and the expectations of the younger generation.
Young Indian consumers are more conscious of their surroundings, better informed, and always looking to improve their lifestyle choices. With the upcoming holiday season, it is anticipated that their spending on luxuries and discretionary products will increase. Seventy percent of consumers reported that they had indulged in at least one instance of spending during the previous month, according to Deloitte’s “Consumer Signals,” an ongoing project to monitor consumer moods.
This has additionally bolstered India’s flourishing market for home furnishings and furnishings.
With a projected value of US$ 19 billion in 2022, the Indian home furnishings sector is a significant value generator for the consumer market. By 2028, the market is projected to grow at a compound annual growth rate of about 10%, to reach US$ 34 billion.
