Furniture and home categories on the rise in 2022
In the first half of 2020, the house of India and the furniture The industry has been hit hard by COVID-19. The magnitude of the impact was such that it fell to $11.5 billion in FY21. However, in a short time, the industry experienced high demand, which was influenced by the evolution of the role of the houses. In the pre-pandemic world, the home was limited to the space where we recharge our batteries and spend quality time with our family. Today it has transformed into a place where we work, study, exercise, organize virtual parties and recreational activities, among others. This transition from the home to a multi-faceted living space has made consumers aware of their home environment and are actively investing in it. With such growing demand and growing consumer interest in the category, we are optimistic that the industry will reach $40 billion over the next five years.
On the grounds that consumers‘ are eager and more focused on building a healthier and aesthetically appealing home, let’s dive into understanding the categories that will grow in 2022 and drive that growth:
Versatile furniture: Today, the term “multifunctional furniture” is no longer limited to coffee tables with storage. They are ideal not only for compact homes, but also for spaces that have served multiple purposes. Multifunctional furniture is essential because it can be expanded or improved depending on individual circumstances. For example, if you use your living room space as a home office space during weekdays and as a space to host friends and family on weekends, moving furniture can seem like a daunting task. Therefore, individuals should continue to invest in furniture such as height-adjustable desks, which can be converted into storage shelves when not in use, or recliners or sofa beds which can be converted into according to needs.
Top quality furniture: Furniture in your home helps you make a statement, allowing guests to see your personal style and design preferences. Today, consumers no longer prioritize price over quality. Since the home is at the center of consumers’ lives, they invest in highly durable and top-notch products, such as solid wood furniture. The endurance and high artistic value of solid wood furniture is celebrated around the world. Therefore, quality, authenticity and uniqueness are essential as people cherish those high quality furniture pieces which can meet their needs better.
home office furniture: The pandemic followed by the lockdown has led to the development of a new category in the furniture and home industry; the home office furniture category. Over the past two years, we have witnessed exceptional demand and interest in ergonomic chairs, study tables, folding tables, table lamps, and more. We believe this was not a passing trend or fad. Today, a significant number of employees across industries across the country would prefer a hybrid work model. Thus, driving the growth of this category in 2022 and beyond.
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Modular kitchens and cabinets: Modular or machine-made furniture is fast becoming one of the favorite trends of consumers around the world. With the growing need for aesthetics and functionality in homes in the post-pandemic world, consumers are turning to modular kitchens and cabinetry because they offer customization, durability, functionality, and are fashion-forward.
For example, modular kitchens offer accessories like seamless drawers, tandem pantry, under sink accessories; finishes like veneer, acrylic, laminates, glass and various styles like classic, modern or contemporary etc. With these installed, the kitchen can be transformed into a sleek and immaculate space.
Decoration and lighting: Since the pandemic hit the world, we have seen a remarkable increase in consumer attention to improving their home decor and creating an inviting space for self, friends and family. Interior decoration is now synonymous with relaxation. As a result, to connect with nature and enhance the calming aesthetics, people opt for garden decoration and home wall art. In addition to this, people have moved towards the right table decor or furniture, table lamps, light fixtures, etc. that would really make a difference to the interiors. In 2022, we believe interest in this category will continue to grow as a significant number of people will continue to live, study and work from home.
As homes continue to remain at the center of our existence, we believe 2022 will be about building more vibrant and smart homes with ergonomic/multi-functional furniture that can make life comfortable and functional.