2014-04-29 11:27:01 - Furniture and Homewares Stores in India - a new market research report on companiesandmarkets.com
The number of outlets in the India furniture stores market increased by 4% in 2012. The growth in the number of furniture and homewares retailers was higher in 2012 compared to the 2011 figure of 3%. This growth was driven by branded furniture manufacturers and the intensive marketing through television commercials and print media, both electronic and paper. Consumers shifted towards a wholesome experience for purchasing home furniture and furnishings thereby switching to branded retail outlets for these items which forced the retailers to increase their number of outlets across the country.
Interio by Godrej & Boyce Manufacturing Co Ltd and Bombay Dyeing & Mfg Co Ltd maintained their leading positions in furniture and homewares stores in 2012. Godrej is a
long-standing, well-trusted brand in India due to its almirahs which were known for their sturdiness and longevity. Benefitting from its brand image the company consistently managed to maintain its leading position with its Interio brand for furniture and homewares. Bombay Dyeing on the other hand was successful due to its first mover advantage by being one of the first and highest quality retailers with branded home furnishings and home linens.
Branded retailers and unbranded retailers have a huge difference in their price points depending on design, style and size of the furniture. The difference is also observed in store location and store design as most of the leading retailers had outlets inside malls and high-end shopping areas where the retailer could target the upper middle and higher income consumer group.
- Furniture and homewares stores has value growth of 17% to reach Rs470.8 billion in 2012
- Branded furniture is one of the primary drivers for the increased sales of furniture and homewares retailers in urban areas
- Godrej & Boyce Manufacturing Co and Bombay Dyeing & Mfg Co Ltd maintain their leading positions among furniture and homewares stores in 2012
- Furniture and homewares stores is expected to grow by constant value CAGR of 10% in the forecast period
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