The Covid-19 pandemic, no doubt, affected several industries and the furniture industry was among one of them, however, Redseer’s research indicates a powerful resurgence.
- India’s furniture industry took a hit but re-emerged due to strong fundamentals
A Covid-driven drop to $11.5 Bn was noticed in India’s home and furniture market. However, the industry is making a comeback, turning the tables around. In fact, it is estimated to touch a glorious $40 billion by 2026!
- For the online home and furniture category, India’s strong online shopper growth trend will be the key driver
We all know that online shopping is one of the most preferred mediums of late, given that the pandemic has us confined to our homes. This drastic shift in consumer behaviour has worked in the favour of the home and furniture market, which now has increased the number of online shoppers
- In the next 5 years, online furniture shoppers will triple in size
Additionally, this will enable >5x GMV growth for the category over FY 21-26.
- Similarly, online home shoppers will see a growth of 2.5x in the coming five years
The online home category is also seeing an increase in the growth of its shopper base. And what’s driving this sudden spike? A plethora of choices, added efforts when it comes to packaging, and doorstep delivery! When home shopping is an online affair, it is synonymous with convenience, comfort, and customer satisfaction, all of which seems to be contributing to the steep rise in shoppers within this segment.
- As a result, both online home and furniture categories are set for a steep rise due to growth in online penetration
Redseer’s findings estimate that the penetration growth rate will double in six years in the home category, while a 10x penetration growth in the same timeline is expected in the furniture category.