Indian furniture market to exceed US$27 billion in five years

Source:
ITTO/Fordaq
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A press release from TechSci Research, a company specialising in research in high growth and emerging markets, points to a likely surge in Indian demand for furniture. The press release says housing growth and changing lifestyles, coupled with rising design awareness, will drive the India furniture market over the next five years.

The market forecast from TechSci points to the recent shift from traditional furniture towards contemporary furniture as buyers in the country are becoming more brand conscious and have greater disposable incomes. Moreover, rapidly expanding distribution network by exclusive stores is also expected to boost the country’s furniture market.

Karan Chechi, Research Director with TechSci Research writes “Over the years, the travel and tourism sector has been one of the major contributors to growing demand for furniture in India. The number of foreign tourist in India increased from 6.31 million in 2011 to 8.03 million by 2015. With increasing number of domestic as well as foreign tourists, the same trend is expected to continue over the next five years”

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