Due to the effects of the Coronavirus pandemic, there has been an increase in the number of online shoppers by 8.8% and this will be seen in the case of the furniture industry too along with a shift in product segments. There are some major changes expected in the industry due to the pandemic as illustrated below:
The global furniture market is estimated at USD 1.1 Trillion currently and the Indian domestic furniture market is expected to expand at a CAGR of 12.91% during the period of 2020-2024. Due to the necessary trend of social distancing, there is going to be an increased demand for “social-distancing-friendly furniture”. Factors contributing to the growth of this sector are good supply chain management, cost minimization, brand management, customization of furniture, adoption of technology for marketing, virtual shopping experience through furniture modeling etc. Some of these factors are even contributing to the transformation of a previously unorganized furniture sector into a modernized burgeoning one, especially in countries like India.