Twenty-first century has proven to be a year of dynamic changes as a result of the Covid-19 pandemic, and numerous businesses have taken advantage of this trend with varying degrees of innovative thinking and innovation. Companies, particularly those in the furniture and home decor industry, have seen a substantial shift in the market as more players enter the Indian market and consumption habits evolve to include more digital spending, according to a report by the International Business Times.
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Over the last couple of years, there has been a significant shift in the way Indian households furnish their homes in terms of furniture. People have shifted away from traditional hardwood furnishings and toward diverse home décor ideas that take into consideration comfort, luxury trends, space requirements, and other aspects of modern-day lifestyles, among other things. While the number of online furniture possibilities has increased in recent years, the year 2021 will welcome a wave of customers who will prioritize items and design over channels of purchase, with channels of purchase becoming a later step in the purchasing process.
Because of the rapid growth of the furniture business, which is increasing at a compound annual growth rate of approximately 35 percent, furniture and home decor brands will continue to face new and intriguing difficulties in the future. In the year 2021, the brands that are the most intuitive and sympathetic, that integrate deep knowledge about their target consumers and deliver a distinct value proposition, will be the ones that will be the most successful as we open our doors, our homes, and our hearts for them. If and only if, furniture and home decor companies keep a few points in mind, the outlook for 2019 appears to be bright for their businesses.
- 1 Multifunctionality has emerged as the next consumer buzzword
- 2 The absence of personalization eliminates the possibility of creating ripples
- 3 It is the season to be everywhere at once
- 4 Sustainability will no longer be considered a nice-to-have, but rather a must
- 5 Customer data will have to be prospective in nature
Multifunctionality has emerged as the next consumer buzzword
According to a United Nations report, urban regions currently account for 34% of India’s population. As a result of expanding urbanization, the demand for multifunctional products is expected to increase in 2022. There will be no exceptions in the case of furniture and home decor. The demand for products such as storage beds, sofa-cum-beds, foldable shelves, and storage seaters has already reached a high level in 2021 and will continue to be significant growth drivers in the following year.
The absence of personalization eliminates the possibility of creating ripples
Buyers’ demand for home décor and furnishings will increase in 2022 as a result of the expansion of the real estate sector and rising disposable incomes. At the same time, customers will seek for products that are tailored to their specific needs. Increasing numbers of people believe that their homes and workplaces are a reflection of their personalities, and they are well informed of the latest home fashion trends from around the world. More customers will look to companies in 2022 to assist them in creating environments that reflect their individual identities, and they will gravitate toward those who provide tailored services, according to the forecast.
It is the season to be everywhere at once
The blurring of lines between the online and offline sectors will become even more pronounced in 2022. In line with a tendency that has already begun to emerge, consumers will grow increasingly concerned with the design, quality, and ease of use of a product in the future. The unified experience across offline, e-commerce, and social media channels, particularly in a high investment sector such as furniture, will need to be monitored in order to understand consumer purchase trends.
Sustainability will no longer be considered a nice-to-have, but rather a must
The furniture and home decor industries will also witness a significant increase in the number of goods that are environmentally friendly. There is no industry that can ignore the environment completely anymore, and with large sections of customers making sustainability a key consideration when purchasing furniture, furniture and home decor made from organic fabrics and materials will be seen becoming increasingly popular in 2022 and beyond.
Customer data will have to be prospective in nature
Deep analytics and intelligent forecasting approaches will be required for data scientists working with consumer brands, particularly in the furniture industry, if they are to produce effective results that will ensure long-term customer loyalty. The year 2022 will witness the introduction of new channels for businesses to follow customer journeys through strong data, and brands that take advantage of these opportunities will have the opportunity to grab significant mindshare among target audiences.
In light of anticipated market externalities in the coming year, the year 2022 promises to be an exhilarating roller coaster ride. Companies who remain true to their brand ethos and provide significant value to customers in the face of these changing times will stand tall and triumph in the year ahead.