India’s furniture industry estimated to touch $40 bn by 2026
India’s home and furniture market is estimated to touch $40 billion by 2026 says a report by consulting firm RedSeer.
As pandemic has made online a preferred medium of shopping, number of online furniture shoppers is estimated to rise from 1.8 million in FY21 to 4.8 million in FY26. Also, the number of online home buyers is estimated to rise from 16 million in FY21 to 45 million in FY26. The Gross Merchandise Value(GMV) of the sector is estimated to rise to $4 billion by FY26.
The study suggests that in the next five years, online furniture shoppers will triple in size. Additionally, this will enable GMV growth of more than five times for the category over FY21-26.
The online furniture spend is estimated to touch $2.2 billion with five million unique shoppers by FY26. Similarly, online home shoppers will see a growth of 2.5 times in the next five years. The online home spend is estimated to touch $1.8 billion with 45 million unique shoppers by FY26. Greater choices, convenience, comfort and customer satisfaction is driving the spike in growth the report added.