Furniture fittings industry in India is an emerging market. It has seen substantial growth rate in the last few years and is likely to see an upward trend in the years to come. Several factors influence the performance of an industry in any given market. While some of these factors pull the industry down others contribute towards its expansion. Luckily for the furniture fittings industry, the Indian market is ruled by factors that are giving it a boost. Read on to find out about the factors that have impacted the Indian furniture fittings industry for good benefitting the furniture fittings manufacturers and how this industry is likely to change in the coming years.
Factors Impacting the Furniture Fittings Industry in India
Many factors have impacted the furniture fittings industry in India in the last few years. These have largely contributed in the growth of this industry. Here is a look at some of the major factors influencing this industry:
The Indian market is said to have higher growth potential compared to many other markets around the world. One of the factors responsible for this is the growing urbanization in the country. With the development of the private sector, more and more people in India are moving to the cities and adopting a better lifestyle. These people are also adaptive of the new and upcoming trends in the furniture fittings hardware market. This shift from rural areas to urban lands has thus given rise to this market and is likely to help it grow further in the times to come.
Increasing Purchasing Power
India is a fast-growing economy. It has seen a boom in several industries in the last few decades. The flourishing industries and growing market have helped increase the purchasing power of the people in the country. This has, in turn, benefited the furniture fittings industry in India just as it has been beneficial for various other industries. People, these days, do not mind shelling few extra bucks to try new and advanced furniture hardware fittings available in the market. The buying capacity of people is likely to increase in the years to come and this will have a positive impact on the furniture fittings industry as it will on the overall market.
Growing Craze of Online Shopping
Gone are the days when Indians went to the local market to shop for furniture fittings hardware. Today, the educated youth of India prefers online shopping owing to the several benefits it offers. This way they get to research and explore the new standards set in the furniture fittings industry. Most of them are ready and receptive of trying the latest in the market thereby increasing the industry business. The craze of online shopping has just started in India. The number of online shoppers is likely to increase tremendously in the coming years thereby benefiting the furniture fittings manufacturers.
Increasing Use of Social Media
Social media platforms are a great way to connect with the existing as well as potential customers. By way of these platforms, businesses do not only get a chance to showcase all that they have on offer but also get direct reviews and feedback from the customers. This is helpful in understanding the customers’ expectations which in turn can be the basis of making improvisations in the product.
Furniture Fittings Industry in India in the Coming Years
The Indian market is big and includes customers belonging to different income brackets. A lot of new strategies and techniques need to be implemented from time to time to cater to the varying demands of customers. Only those who can offer new and advanced products at cost-effective rates can survive in such a market
In the furniture fittings industry, the local, unorganized sector, that ruled the market for decades, is seeing a slow down as more and more people are looking for professional furniture fittings manufacturers. The trend will grow in the coming years and big brands with innovative strategies and cutting edge technology are likely to take over the market.
All in all, we can say that the future of furniture fittings market in India is bright. However, the competition is equally high. So, the furniture fittings manufacturers need to work really hard to rise and shine in this booming industry.