Home Decor Brands Are Energizing The Indian Market
Home décor products are growing nationally at an average rate of 20% per anum, while in the South Indian states it is growing at a slightly faster rate of 25-30%. The catalyst behind the growth of the home décor industry is manifold such as rising
The boom in the home décor market has given an impetus for new startups to emerge. Pepperfry is a big name when it comes to home décor products; the online store has in its collection a plethora of high-quality furniture, beds, sofa, and many more home décor products. The website provides both luxurious and simple home products to its customers. Similarly, Urban Ladder another prominent home décor online store in India that provides high-quality modern furniture with stylish outlooks. According to Sanjay Gupta, the Chief Marketing Officer of Urban ladder: “One of the factors that have contributed to this growth is that people have started taking their home as the reflection of themselves and so, a lot of people are now spending more on both furniture and fixtures and also on home decor. The second big change seen is that working women are spending a lot on home fashion. A lot of our customers are working women.”
It is not just the traditional players such as Pepperfry and Urban Ladder are cashing on this trend but new-age brands such as Chumbak and niche players like Masper and Tangerine are expanding their influence in the country as well. The home market is worth around $20 billion, with furniture contributing around 75% of the share alone. Another major impetus for the growth of this market is the strong performance of the online retail sector. The advent of online retail stores has made home décor products cheaper and much easier to buy. The global home décor market is expected to be around $770 billion by the year 2024.