Future of Furniture Industry Post COVID 19
Future Of Furniture Industry Post COVID 19
The coronavirus pandemic is a huge occurrence that has affected virtually every single area of human living. One of the most affected aspects of life affected by the pandemic is the economic sector world over. No part of the economic sector has been spared from the consequence of the pandemic especially not the furniture industry.
Before now, revenue and demand chains of the furniture industry flowed through several sectors such as the private usage sector, public and commercial usage sector, etc.
This multiple streams of demand chain also accounted for a steady advancement of the furniture industry’s market revenue, giving economists an estimated growth margin of the industry within a speculated time. All of these however have now taken a back seat because of a swift overhaul of the market demands.
You may be wondering what then is the future of the furniture manufacturers and exporters in India post the pandemic. If so, you have come to the right spot because Best of Exports is invested in creating insight into the issues of the furniture industry to enable spectators and actors alike to have a grasp on the potentials of the furniture industry.
Here is what to expect for the furniture industry post-Covid-19;
- Limited Demand Chain
Ordinarily, the demand and rising expenditure of various furniture consumer sectors are responsible for the revenue and demand growth of the furniture industry.
Offices, schools, restaurants, clubs, cafes, homes, etc; The growth in these sectors determine the growth in the furniture industry and the demand for furniture by these sectors as newer or existing establishments mold their design demands.
However, the pandemic has affected these sectors causing some brands to either close shop or be forced to make important innovations thereby leaving the furniture industry, which plays a support role for virtually every sector with limited options as to the furniture demand.
Nowadays, people are working from home, schooling from home, and so forth. As a result, the demand for comfortable home furniture or work furniture that fits into the ambiance of a home is in higher demand thereby causing a lopsided demand chain in the furniture industry with other furniture markets suffering less demand.
- Furniture Industry Digitalisation
Another glaring impact of the pandemic is how fluid businesses have to become to accommodate the changing market space. The world has come to embrace the digital space much more than ever before. Everyone has gone digital and online stores are the new market space.
As a result, brands have begun prioritizing digital merchandising and their online presence to be able to keep their business afloat. Some of the digital marketing strategies implored by brands at this point include virtual product tours, podcasts and webinars, showroom presentations, virtual shopping, and lots more.
- Supply Chain Efficiency
One of the major aspects on which the furniture industry is to expand on is the efficiency and efficacy of supply chains. The pandemic has taught business owners that an event can disrupt supply chains and they need to be ready with handy solutions to this problem to maintain low risk and effective supply chains in case of further interruptions.
In addition, the importance of this can be stressed by the fact that the present demand rate based on online venues particularly requires the go, fast delivery service for each demand.
- New Furniture Trends
As per innovative design demands of the various sectors post Covid-19, the furniture industry is faced with more demands for innovative furniture designs as brands begin to identify an increased consumer preference for eco-friendly, multifunctional, and customized furniture designs.
This is particularly linked to the office furniture market where a careful study of the market size, trends, and analysis show the emerging trend of increasingly technological offices, flexible and multifunctional spaces, and dark-colored office furniture items, amongst others.