India’s furniture & home market to reach $40bn by 2026: Report

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New Delhi, Nov 8 | Driven by pent-up and deferred demand, India’s online furniture and home market is geared up to reach $40 billion in the next five years, a new report showed on Monday.

Over the next five years, online furniture and home sales are expected to be growing at a strong 39 per cent CAGR. The online home category includes home decor, furnishings, mattresses and lighting.

The online furniture category will foresee 3X growth in shoppers in the next five years with a 1.8x jump in annual spending per shopper.

This will enable 5x GMV (gross merchandise value) growth for the category over FY21-26, according to data provided by Bengaluru-based market research firm ResSeer.

The online furniture category is seeing a steep growth with more and more shoppers putting trust in online for-high ticket furniture purchases.

“Similarly, the online home category is expected to see a growth of 2.5x in shoppers in the next 5 years with a 1.3 jump in the annual spending per shopper to indicate 4x GMV growth,” the report forecast.

Within the furniture category, verticals have crafted a niche for themselves.

Verticals dominate the premium “Solid Wood” market whereas horizontals dominate the budget “plastic/metal and engineered wood” market.

“The average selling price (ASP) on verticals is 10x higher for furniture and 2x higher for decor than horizontals, indicating the difference in target customer base,” said the report.

It added that verticals are focused on a set of customers who are experience conscious, look for choices and quality of the product rather than just price, and willingness to pay and for the online channels is high.

“Verticals with superior omni-channel presence, customer experience, product innovation, specialised supply chain, and technology capabilities are well-positioned to scale,” the findings showed.

Source: IANS

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Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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