The furniture industry is one of the fast growing markets in the world. In India, factors such as, steady growth of the economy, a boom in the hospitality sector, an increase in spending power, coupled with lifestyle changes, have fueled the growth of the furniture market. Characterised with the presence of a large number of small players, the furniture market accounts for nearly 80 per cent of the domestic production. However, with the onset and growing popularity of the online furniture market, the industry is likely to witness consolidation. Pink Best
E-tailing of furniture has not only provided greater choice for consumers, but also opened up plethora of opportunities for the small players to sell their products. The market is primarily concentrated in the metropolitan cities, Tier I and Tier II cities with the major user segments being residential, office, commercial and institutional. Pink Best
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It is an established fact that these days, the trend in the beauty and wellness space is veering towards luxury. Salons and spas are becoming increasingly posh and give a high end feel. The furniture per se, is one of the top reasons for the luxurious feel. On cue, we have research conducted by Allied Market Research, an organisation based in Oregon, US, that reveals that the luxury furniture market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1 per cent during the forecast period 2015-2020. Major factors owing to progress in this sector include rise in disposable income that leads to rise in demand for luxury living, which in turn, influences growth of the sector.
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