Exploring cultural and lifestyle aspects of furniture consumption in Indian context

Abstract

The market size of the furniture retailing sector in India reached about INR 456 Billion by 2012 growing at a CAGR of 5%. Dominated by leading domestic players like Nilkamal, Godrej & Boyce, Bombay Dyeing & Co, Durian Industries, Hindware Home retail, Furniturewalla etc, the total number of furniture retail stores exceeded 50,000 across the country growing at a CAGR of 5%. However with the recent relaxations in the FDI policy and the rising disposable incomes of the Indian household, several globally reputed furniture retailers like Ikea, Versace are planning to enter into India. With growing competition from local players and reputed foreign brands entering in the near future, the organised Indian furniture manufacturers are faced with the challenge of upgrading their products to keep up with the consumer’s preferences. In this respect, the underlying cultural and lifestyle beliefs and dimensions with respect to furniture buying play an important role for furniture manufacturers who aim to capture consumer preferences. Consumer consumption theory as a field is extensively researched and some of these can be applied to the furniture buying context in the Indian scenario.