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Home furnishing is more suitable for e-commerce than apparel
Debashish Poddar, CEO of Bombay Dyeing (Textiles) is a well-known name in the Indian home furnishing industry. In an interview with Mary Christine Joy, he shares some industry insights, its current size and future growth, strengths and challenges faced.
What is the size of the global home furnishing market?
Approximately close to US$ 700 billion of which about 65 per cent is furniture.
How is the home furnishing market in India shaping up?
In India, it has been growing at an average CAGR of 8-9 per cent. Growth in the branded category and premium segment is higher due to one-side lower baseline, and at the same time, people`s desire to spend more money in this area. The higher desire is because of higher disposable income per family. Women's empowerment (actually for this category and segment, women are the target group and key decisionmakers), urbanisation, exposure of international markets, better sense of hygiene lead to more number of washing and frequent re-purchase, etc.
What are the emerging trends in terms of technology and innovation in the home furnishing collections?
In my view, nanotechnology is one of the new focus areas here. Functional finishes are also very much in, like stain-repellent and release, quick-dry, anti-fungal and anti-microbial, reactive col base print, vitamin-enriched, scented-finish, etc.
What is the size of the Indian home furnishing market?
Indian home textile market is estimated to be Rs 26,000 crore (without furniture). Major categories are bed linen (about Rs 13,000 crore) and bath (about Rs 4750 crore) CAGR of about 9 per cent. The organised part will be just about 5 to 6 per cent.
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