The luxury furniture sector in India is witnessing a remarkable transformation, driven by changing consumer preferences and digital innovation. As we delve into this exciting shift, it's clear that the industry is not just growing it's redefining the very essence of luxury furniture shopping.
Market on the Move
Recent industry analysis paints an optimistic picture for India's luxury furniture market. With an estimated value of $4.35 billion in 2024, the sector is poised for substantial growth over the next five years. Projections suggest the market will reach approximately $5.35 billion by 2029, reflecting a steady compound annual growth rate (CAGR) of 4.24%. These figures underscore the robust development and increasing consumer interest in high-end furniture within the Indian market.
Parallel to this, the online furniture retail sector in India is set for explosive growth. Between 2024 and 2029, the e-commerce furniture market is expected to see a revenue increase of nearly one billion U.S. dollars a growth of almost 50%.
By 2029, analysts project revenues to reach $3.06 billion, marking a historic high for the Indian furniture e-commerce industry.
The Changing Face of Luxury Consumption
The landscape of luxury consumption in India is undergoing a significant transformation, driven by several key factors. Economic growth has led to a substantial increase in disposable income, while globalisation and urbanisation have exposed consumers to international trends and lifestyles. This has resulted in a growing appreciation for aesthetics and sophisticated living.
This story is from the August 2024 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2024 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Retail Sector Records Strongest Hi Leasing in 5 years: CBRE
Leasing in Bengaluru, Chennai, and Delhi-NCR accounted for 59% share during Jan-June 2024.
Lulu Mall Bengaluru Welcomes 5 New Brands
Lulu Mall, Bengaluru, operated by the multinational developer Lulu Group, has expanded its portfolio by welcoming five new retail brands, the company wrote on social media.
Gujarat gets its First IMAX at Palladium Ahmedabad
Mumbai-based PVR Cinemas opened a new theatre at Palladium Ahmedabad, a social media post by a company official.
Budget 2024-2025: What's in it for Retail?
An overview of all the retail ecosystem-related measures in the Budget 2024-2025 revealed by Finance Minister Nirmala Sitharaman in her 7th budget speech.
Identity As a Service (IDAAS) Simplified
An explainer on Identity and Access Management-As-A-Service (IDaaS) in the context of retail.
6 Ways in Which D2C Brands are Redefining Physical Stores
From quirky fixtures to restageable elements, D2C brands do it differently when they open brick-and-mortar stores
What Innovation Means for Different Leaders
A look at how representatives of different retail categories define innovation and how they approach and implement it in their businesses.
Elevating Experience Through Omnichannel Retail Strategies
Here's how retailers are blending online and offline to offer seamless and personalised customer experience.
How to Improve Customer Engagement with Generative AI
Ways in which retail businesses can embrace generative AI to create hyper-personalised, seamless conversations to secure a lasting competitive edge in the marketplace.
'Customers Do Not See Shoppers Stop.com as Just Another e-commerce Site'
Sreekanth Chetlur, Chief e-commerce Officer, Shoppers Stop speaks about the three-decadeold physical-first department store chain's e-commerce journey, goals and strategies