Luxury Interiors of Contemporary Indian Homes
Indians today look for exquisite designs to furnish their homes and offices, the organised players have peeped into India's home décor and furnishing industry to offer truly contemporary furniture and décor related accessories of all kinds to the style conscious and elite class of consumers. With plethora of brands burgeoning in every part of the country, now the consumers pick the widest range of products from various exclusive and flagship stores. As per a market study by research firm Technopak, “The Indian Home Décor market, which stood at $13 billion in 2010, will now touch $20 billion by 2015.” Whereas a report by Ernst & Young on Indian furniture and furnishing sector says that industry is expected to reach Rs 28,000 crore.
The industry observed a major shift in consumer's buying behaviour owing to the rising middle class incomes and an enhanced style of living is further giving bounce to the industry's growth. From home furnishings to modular kitchens and luxury tableware market, the home décor sector is now set for new high as consumers are ready to splurge on it. What is really making it a tremendous sector to invest in is mainly the increasing housing projects, growth in organised retail, changing demographic structure, growing demand of readymade furniture, modular kitchens and attractive wallpapers for walls. Brands are further focused on tapping the metros and small cities owing to the consumers' altering standard of living and development of residential and commercial infrastructure.
Indian Home Variations (IHV) has carved a niche for itself in the premium house-ware segment with the objective of making Indian homes more stylish.Cashing in on a home décor and furnishings segment can fetch big benefits in abundance for investors with deep pockets. As the market is emerging at a fast pace. Home furnishings witnessed a slightly higher rate of growth of 12% in value in 2013, compared to 11% in 2012, following a continued improvement in the economic situation, particularly in the second half of 2013.
The interior designing market in India is all set to register a 60 per cent growth rate this 2015. With the real estate sector expected to grow by 40-45 per cent, the interior designing market is catching up fast.The sector registered a growth of almost 45 per cent in 2014
Rapid urbanization and growing consumption have changed the way Indian people do up their homes, this has fuelled the interior decor industry, which provides everything – from design services to even customizing interiors according to personal choices – all in an effort to create stylish and trendy homes.
According to “India Furniture Market Forecast & Opportunities, 2019”, the country’s furniture market is projected to grow at a CAGR of around 26% during 2014-19. Home furniture segment is the leading contributor, followed by office and institutional segment. Western region is expected to be the highest revenue contributor in India furniture market, followed by southern region due to the presence of large number of industrial hubs and upcoming infrastructure developments in these regions. Over the next five years, the Indian furniture market is expected to witness increasing consolidation due to growing entry of international companies as a result of the government’s 100% FDI approval into the country’s furniture industry.
Source : prnewswire.co.in
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