Sunday, November 3, 2024

“What’s Shaping Indian Home and Interiors Market”

Booming Indian Home and Interiors Market Set to Reach $48 Billion by 2028, Driven by Urbanization and Premiumization Trends 
Key Highlights from the Report
 
1. Market Size and Growth:
   – The Indian home and interior market reached ~INR 2.4 trillion (US$ 29.5 billion) in 2023.
   – Projected to grow to US$ 48.1 billion by 2028.
2. Market Segmentation:
   – Home furnishings dominate the market with 47% share, followed by home improvement at 42%.
   – Indoor living products hold the largest segment, accounting for 41% of the total market.
3. Key Drivers of Growth:
   – Rising disposable incomes and urbanization trends.
   – Growth in the real estate sector, with a 20% increase in project launches in metro cities in 2023.
   – Decreased renovation cycles from 15 to 10-12 years, driven by evolving family needs and new trends.
   – Increased consumer trust in professional services and DIY trends.
4. Consumer Preferences:
   – Significant shift towards minimalist and maximalist design preferences.
   – Popularity of warm color schemes, indoor plants, and eco-friendly materials.
   – Emphasis on quality, aesthetics, and technological advancements in home decor choices.
5. Market Trends:
   – Premiumization characterized by innovative product offerings, smart home solutions, and sustainable materials.
   – Increased use of social media and e-commerce platforms for direct consumer engagement and personalized brand experiences.
   – Adoption of omnichannel strategies by multiple market participants.
6. Regulatory and Export Trends:
   – Regulatory changes in product quality and safety standards driving innovation.
   – India’s home and interior exports grew at a CAGR of 12% from 2017 to 2022, while imports grew at a CAGR of 2%.
7. Future Outlook:
   – Promising growth prospects driven by continued urbanization, evolving consumer preferences, and technological advancements.
   – Brands focusing on niche product segmentation and diverse consumer needs.
8. Competitive Landscape:
   – Diverse array of players, with established brands leveraging strong distribution networks and newer entrants focusing on innovation.
   – E-commerce platforms democratizing access and allowing smaller brands to compete effectively.
   – Increased investment in product differentiation, customer engagement strategies, and omnichannel approaches.
9. Emerging Trends:
   – Shift towards sustainable materials and eco-friendly designs.
   – Growing popularity of smart home technologies and personalized home decor solutions.
   – Focus on maximizing living spaces with utility, ergonomics, and convenience solutions.
10. Consumer Spending Patterns:
    – Notable increases in spending on home and interior products, such as a 20% CAGR in mattress spending from 2019-22.
    – Collective purchase decisions, with increased involvement of women in the home decor space.
*Report can also be accessed at Home & Interior Report (praxisga.com)
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