The rapid spread of Covid-19 in India and all over the world has led to several changes in the market conditions. The economy is shaken with businesses suffering huge losses. While we are hearing the repercussions of this lockdown and economic slowdown on every industry, the furniture industry has been one of them to slow down its operations. The industry was anticipated to register a CAGR of 13.38 per cent during the forecast period between 2018-2023. However, with the current circumstances, things seem different. A recent survey by Global Web Index shows the impact the pandemic is having on the purchase of big-ticket items in the premium segment. With regards to luxury products, 15 per cent of consumers have delayed purchasing due to the virus outbreak. Add in that 31 per cent say they will only likely buy again when the outbreak is completely over in their country, and it looks a long road back to parity. In fact Bain and Company forecasts that the wider luxury sector could now see a 25-30 per cent contraction by end of year.

Prior to the announcement of the pandemic, the furniture industry's growth had been unbeatable with sales coming from from a variety of sectors, namely - from traditional channels or through the private and public sector, and commercial office spaces among others. The reason behind are the technological advancements such as availability of high speed internet networks such as 4G and spiked absorption of smart gadgets boosting the e-retail sector

in India. Also, the rising expenditures on listed sectors expands the revenue of the furniture industry as almost no brand across industries goes without the basic need for furniture. In this way, the furniture industry is one of a kind that supports the other sectors of the society.

It is not unknown that how the pandemic has caused havoc to the industries but even during the present crisis industries are trying to innovate to keep up the growth of the businesses. In fact, the office furniture business - a marketplace that has always been on an upswing requires a strategic algorithm of ethics, craftsmanship, dedication, patience and discipline. And since the lockdown business has been deteriorating gradually. The silver lining is that amidst the present crisis, many brands and thought leaders in the industry are looking to innovate with eco-friendly furniture - something that they believe will be the driving force in the months to come.

The COVID-19 crisis will have a substantial impact on the global economy. Businesses all over the world will have to evolve to accommodate this fluid situation. Brands will require prioritizing their online presence because will prefer more of digital activities compared to visiting shops like before. Also, they will need to develop effective supply chain response plans to mitigate risk and prepare for any interruptions that the coronavirus outbreak can cause.

Brands have also started identifying an increasing consumer preference for multifunctional and customised furniture as one of the prime reasons driving the office furniture market growth during the next few years. Some of these trends include:

1. Increasingly technological offices
2. Flexible and multifunctional spaces
3. Dark coloured office furniture items
4. Vertical gardens, plants and green cover
5. Leisure and relaxing spaces with sleep pods

Furniture which has a bright future are the ones that are eco-friendly, customer friendly and easy to handle and are multifunctional too. By encouraging exports of modular furniture, the government will not only allow the industry to grow during a slump, but it will also pave the way for future deals that can be made with foreign brands. Therefore, allowing the opening of a bilateral channel of communication and opportunities of collaboration between the Indian and the global brands. This nmight provide the right stimulus that our industry has been waiting for these past couple of weeks.