Home Furnishings in India

PROSPECTS

Increasing household numbers helping to drive home furnishings growth

Growth in the number of households, especially smaller ones, is helping to drive sales in home furnishings. According to Euromonitor International economies and consumers annual data, the average household size in India declined between 2014 and 2019, indicating an increase in the number of smaller households as more Indians moved from their family home for education or work.

Players look to appeal to consumers with added benefits and health focus

Manufacturers are trying to differentiate themselves and their products by offering added benefits and focusing on health. As more consumers become accustomed by buying branded products, players are trying to compete through introducing newer propositions.

LED sales continue to thrive and smart lighting products also begin to appear

Lighting sales continue to grow, although the increasing sales in light sources is solely attributable to light-emitting diode lamps (LED). LED continued to be the fastest-growing category in home furnishings in 2019, driven by the continued push from government and manufacturers, with the share of conventional lighting sources still in decline.

COMPETITIVE LANDSCAPE

Philips Electronics continues to lead home furnishings

Philips Electronics India retained the biggest value share in home furnishings in 2019. Philips has a significant presence in lighting and helps drive sales through innovations and competitive pricing.

Growing sales of mattresses through e-commerce

There is a growing trend of online sales of mattresses, with lots of start-ups in the sleep business performing well by selling their products online. They primarily thrive by providing good-quality products at attractive prices, with deliveries made to the doorstep and returns possible if consumers are not satisfied with the product after a trial period.

Store-based sales still dominate home furnishings

Offline channels still dominate sales of home furnishings, with homewares and home furnishing stores the most prominent distribution channel, accounting for three quarters of value sales. For home furnishings consumers still prefer to look at the product first before buying, which is understandable as furniture is often a big-ticket item.

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