Market Trends of India Wallpapers Industry
Residential Sector to Grow Rapidly
- The home decor industry is experiencing significant expansion in India, driven by various unique factors and industry dynamics. A surge in consumer disposable income, coupled with an escalating focus on interior aesthetics, enhances the home's functionality, offers comfort, and creates ambiance, which positively impacts mood and well-being, is the driving force behind the industry’s remarkable progress.
- A well-decorated wall, with its varied colors and textures, not only influences emotions but also improves the home’s overall ambiance. Unlike in the West, where wallpaper is often used throughout the house, Indians typically use wallpaper to create accent walls. This aesthetic choice impacts the availability, price, and cost-effectiveness of wallpaper types in India.
- For instance, the Indian residential market witnessed a significant surge in 2023, with the launch of over 350.75 (in thousands) new housing units, an increase from 146.63 (in thousands) in 2021. Despite robust demand, the trend of consistently high residential launches continues and is expected to continue to grow in the coming years.
- With the housing sector undergoing modernization and real estate residential spaces expanding, the stage is set for a robust wallpaper manufacturing, distribution, and selling landscape in the region. This growth trajectory is poised to unlock substantial market opportunities for wallpaper manufacturers during the forecast period.
Understand The Key Trends Shaping This Market
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E-commerce Segment to Witness Significant Growth
- E-commerce platforms provide a vast reach beyond geographical boundaries. This allows Indian wallpaper manufacturers and retailers to showcase their products to a much wider audience, including customers in remote areas who may not have access to physical stores.
- According to the India Brand Equity Foundation, the Indian e-commerce industry is experiencing significant growth and is projected to reach USD 350 billion by 2030.
- E-commerce platforms such as Amazon and India Mart offer convenience to consumers, allowing them to browse and purchase products from the comfort of their homes. This convenience factor can increase wallpaper sales as customers find it easier to explore various designs and make purchases online.
- By selling through e-commerce platforms, Indian wallpaper manufacturers can potentially reduce costs associated with maintaining physical stores, such as rent, utilities, and staffing. These cost savings can be passed on to the customers through competitive pricing, making wallpapers more affordable and appealing.
- E-commerce platforms often provide valuable data and insights into consumer behavior and preferences. Indian wallpaper manufacturers can leverage this data to understand customer preferences better, optimize their product offerings, and effectively tailor their marketing strategies to target specific customer segments.
