Over the past few years, the Covid-19 pandemic has enabled more and more people to realize the value of having stylish-yet-highly-functional homes which can be used for both living and working.
Nowadays, the inclination towards shifting to bigger homes is more than ever before, especially as the hybrid working culture is becoming the 'new norm' in the post-pandemic times. And owing to that, and also given that furniture is becoming an integral part of modern-day home decor, the demand for various types of furniture is booming off late.
According to Anand Suman, Founder of Cinnamon Homes, in the current year, i.e. 2022, we have witnessed the Indian furniture industry evolving and transforming a lot, "Nowadays, furniture has emerged as a valuable lifestyle product for the aspirational class; which is why they are ready to shell out big bucks on great designs and high-quality furniture products that can also be customized as per their taste or need. And this is exactly why new-age furniture-maker brands and start-ups have, at this moment, a prolific opportunity to crack this target audience segment within the market."
"We have also seen that many Indian companies have started to create a plethora of novel collections that are well-designed, customizable as well suited for new-age buyers, including millennial and Gen-Z buyers. Additionally, it is evident that Indians are looking for fresh and exciting ideas when it comes to home furniture and home decor; as they are mostly bored with the routine or conventional offerings. In view of the same, brands are now showing the intent to experiment with new kinds of furniture items such as the ones with fishing as Burntwood finish, oakwood finish, as well as those adding elements like cement finish to the wood, and so on," added Anand Suman.
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A recent development possibly proves to be a game-changer in the long run for the industry, the National Institute of Design and the National Institute of Fashion Technology, among others are now putting a lot of emphasis on introducing an array of courses and other types of educational modules around furniture and decor, similar to what has been the case with fashion in the recent past.
Anand Suman said, "This will help the entire industry get more organized and customer-centric since the option of design and customization are not quite available in the unorganized segment. Going forward, we believe that the furniture industry in India is poised for multi-year positive growth, and the overall furniture market is expected to cross over $25 billion in a few years' time, out of which 15-20 percent is likely to evolve to be fully organized."
