The home textiles market in India is growing in leaps and bounds since the last few years. This has come in the backdrop of a rise in disposable incomes in the last few years. The housing boom of the past years too has fuelled demand for home textiles in India.
According to estimates, the current domestic market for home textiles is around US $4 billion. However, the Indian market is dominated by the unorganized sector, which has a massive 95 percent share, with the rest accounted for by branded home textile retailers.
“With organized home retailers and a larger number of national brands, the consumers have started seeing the merit of doing up their homes tastefully,” says Mr. Rajesh Mahajan, Managing Director of Maspar.
“However”, he adds by saying, “The home textiles business in India today is still about 10 years behind the apparel industry in India in terms of consumer acceptance of brands.”
Maspar is a home fashion brand and is present across the whole value chain from production to retail. The brand has also extended its footprint in to the markets of France and Canada.
When qizzed if the Indian market is as matured as those in the west, he informs, “The Indian market is still far behind the western markets in terms of product offering. In India, primarily home textiles are related to sheets, towels, quilts, curtains and upholstery.
“Very few Indian consumers look at doing the complete interior of a room at one time. Further, the extremely uneconomical rentals make it unviable to showcase home textile in a proper environment to create a desire for consumers. Product is primarily sold off the shelves with very little visual merchandising.”
The Indian home textile market is estimated to grow at a brisk 9 percent (CAGR) and is expected to reach $9 billion by 2020.