The boom in the residential real estate industry over the last few decades has given an impetus to the home décor market. Also driving the growth of this section is an increased consciousness among home owners for stylish interiors and beautiful indoors.
According to Urban Ladder’s Chief Marketing Officer, Sanjay Gupta “One of the factors that has contributed to this growth is that people have started taking their home as the reflection of themselves and so, a lot of people are now spending more on both furniture and fixtures and also on home decor. The second big change seen is that working women are spending a lot on home fashion. A lot of our customers are working women.”
Durian’s Vice President -Commercial, Sandeep Ganguli adds, “Factors like rise in disposable income, better education and also the growing trend of individuals opting for professional services to do their interiors have together led to a rise in this category.”
Says Zynna’s Director, Reteish Sharma, “Indians are well travelled now and have an exposure to lifestyles in other countries – lifestyles which they want to have for themselves.”
And it’s not just traditional players like Bombay Dyeing and Welspun that are cashing in on the trend. Funkier, Gen X brands like Chumbak and niche players like Masper, and Tangerine are expanding their reach across the country as well.
Godrej Interio’s Associate Vice President, Integrated Marketing Communications, Bedraj Tripathy says, “In the demography pyramid according to family incomes, there is a high growth in middle class families than the lower and upper class. We find the middle class to be around Rs 48,000 crores as compared to upper, which is at Rs 7,000 crores and the lower Rs 10,000 crores. Also, the average age of a buyer has changed from 45 years to 37 years over the span of last five years.”
Sharing a forecast on the size at which this industry is slated to grow, Sanjay Gupta reveals, “The home market is worth about US $20 billion; in that, furniture contributes to 75 per cent and decor and the rest is 25 per cent.”
Skipper Furnishings, Business Development Head, Vishal Jain says that by 2018, the home furnishing market in India is expected to grow at a CAGR of 8 per cent to reach US $5.29 billion. According to him, “China, India and USA, in that order, are the largest markets for home furnishings globally. With advent of real estate, the growth in this industry is unbeatable.”
IMAGES Business Of Fashion takes a quick look at the current trends in home furnishings and the players that are dominating this burgeoning industry.
Resource: http://www.indiaretailing.com/
Resource: http://grandiose.org.in/
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