What’s in store for India’s furniture retail industry in 2021?
Here are some of the key trends we believe will dominate Indian furniture rental industry through the current year:
Renting Corporate Furniture
As most corporates and mid-sized companies are slowly opening up, at the same time looking to cut costs, more emphasis is placed on renting furniture instead of buying new furniture in large quantities. It is also projected that many companies shall also take yearly subscriptions for rented corporate furniture.
Demand For Home-Office Furniture
The second half of the year 2020 saw a large demand of home-office furniture owing to the pandemic. Inc continuation to the situation, multiple companies have declared ‘work from home’ or remote working’ as part of their work routine for the better part of 2021. Therefore, the demand for home-office furniture shall be on the cards as well opens up doors for innovation and new products.
The Rise Of Multi-Functional Furniture
As the lines between home and work are getting blurred, need for furniture that helps the need of both is on the rise. Consumers are looking for using multi-functional furniture pieces, such as sofa-cum-bed, desk-turned-cabinet, etc. Even in 2021, multipurpose, convertible and/or portable furniture will increasingly drive the furniture rental market of our country, both at offices/workspaces and inside our homes.
Market Expansion To Tier II and Tier III Cities
With the rapid proliferation of Internet and mobile devices, the scenario has changed, and several Tier II and Tier III cities or towns are now also emerging as furniture rental hotspots. A significant majority of the population in these cities is opting to rent furniture, as it is an affordable and easy way of procuring the items when needed and then returning the same once done, minus the hassle of moving the heavy, old-style furniture as and when one shifts residences.
With the changing scenario of work spaces and lifestyle of end consumers, the furniture industry is paving its way to cater to their changing needs. The competition is increasing and rental furniture industry shall see a rise in demand.