The furnishing sector has evolved since its inception and has become one of the major contributing industries to the country's economy. That said, the commercial real estate industry has also come to the wider picture.
The commercial real estate market includes offices, retails, industrial, hospitality, multi-family and logistics. The cities that are highly impacted by this particular market’s growth and influence are Bangalore, Chennai, Delhi (NCR), Hyderabad, Mumbai, and Pune. This ever-growing market is further boosted by various government initiatives.
However, it is when the furniture industry was hugely gaining prominence in the commercial real estate space that the COVID-19-induced lockdown caused an initial setback in multiplying business avenues. But, the industry has made numerous efforts in transforming itself to continue doing business at a break-neck speed.
Changing trends in the industry
Over the years, major initiatives like "Make in India" and “Vocal for Local” saw the government aiming to increase the country's stake in the manufacturing sector.
Many big players in the industry have shifted their manufacturing units to the country, hence emphasizing the golden attribute of “Aatmanirbhar” in the industry.
These initiatives have helped create a climate of innovation while helping boost the economy.
Evolution of the industry amidst the pandemic
The furniture industry is a progressive sector. It had already witnessed numerous changes that kept taking place from time to time, and unfailingly catered to requirements arising from virtual classes for children or work from home for professionals.
Alongside government policies, the pandemic caused a total paradigm shift in the way people perceive things around them.
The pandemic-induced lockdown has also initiated e-meetings/ dependence on online platforms within the system to keep projects rolling.
Industry players are now looking for creative collaborations across space for delivering the best of the best. Stakeholders in any project can be easily accessible via e-meetings that in return will help in making progress in decision making faster and on effective grounds.
The sector began conducting smooth operations with the help of innovation around safety guidelines, adapting to the changes post-COVID scenario. And it is hopeful that new avenues are going to open up for both, the commercial real estate and furniture market.
Industry outlook and way forward
It is clear that to sustain through the current pandemic crisis into a post-pandemic economy, brands need to focus heavily on current furniture trends and functionality of a furniture piece over its presentability. Customer choices and preferability are subjected to alterations based on timely needs. And this is time for furniture that is multifunctional, durable, economical, and space saving.
Furniture - the basic requirement for every space - will always have an impact on the customer base and contribute to the growth of the industry.
Credit: Your Story; Carolann Hooper