Home Décor - India | Statista Market Forecast (2024)

The Furniture market saw significant growth in 2021, driven in part by the COVID-19 pandemic, as people spent more time at home and invested in making their living spaces more comfortable. However, the market faced significant challenges in 2022 due to easing COVID-19 restrictions and rising inflation. Despite these challenges, we remain optimistic that the market will expand in 2023 as consumer spending has proven resilient in the first quarter of this year.

One area that will contribute to the Furniture market's long-term growth is the millennial demographic. As millions of millennials prepare to buy their first homes in the next few years, there is an opportunity for furniture retailers to capture market share by paying close attention to their buying behaviors and preferences. Millennials tend to prioritize functionality, sustainability, and affordability when making purchasing decisions, which means that retailers who can offer innovative, eco-friendly, and cost-effective products are likely to succeed in this segment of the market.

While the Furniture market faced some challenges in 2022, we believe that the long-term outlook remains positive. The continued demand for comfortable and functional living spaces, coupled with the potential growth in the millennial demographic, presents a promising opportunity for furniture retailers who are able to adapt to changing consumer preferences and offer high-quality products at competitive prices.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.