Newstrack

Hospitality boom to propel home furnishings sector

Varun Soni - Mumbai

The hospitality boom that India is witnessing today is not just going to be a boon for the budget traveller, but it has already started spinning success for the home furnishings market in the country.

In fact, the sector is expected to propel the Rs 9,000-crore home furnishings market forward by 25 per cent in the next couple of years. While the growth rate in the furnishings industry was 30 to 40 per cent in the past three to four years, it is expected to grow by 100 per cent in times to come.

Though a number of international players have entered the Indian market, they cater to only 0.01 per cent of the market. The market is dominated by domestic players like Jagdish Stores, Seasons Furnishings, Welspun etc. Mandeep S Wadhwa, MD of Seasons Furnishings says, "The organised furnishings market forms a miniscule portion of the total home market that is pegged at Rs 54,000 crore. Until now, the demand in the Rs 9,000 crore market was dominated by the residential segment, but with the growth in the hospitality industry as well as the commercial sector, the sales of furnishings are expected to increase manifold."

Also, with the residential segment now tilting towards the readymade market that is being catered to hugely by the unorganised sector, it is the hospitality sector that is expected to take the furnishings industry forward. Institutional sales too have started to make an appearance in the revenue figures of furnishings major in the country of late.