COVID-19 Affecting the growth of the furniture industry

 

The pandemic has affected almost every sector especially the furniture industry.

The use of traditional furniture has strengthened the demand for wood in the manufacturing of furniture in India. Over the past few years, the utilization of wooden goods has increased sales that come from traditional channels as well as through the private sector and events, commercial office spaces, restaurants, hotels, people have started using wood for furnishing cupboards, decorating, and for other purposes. Apart from this, there is a rising demand for engineered wood furniture in metro cities, such as Delhi, Mumbai, Bangalore, and other major cities. The reason behind this is the rising popularity of ready-to-assemble home furniture in these cities. The availability of engineered wood furniture through various distribution channels provides an ease to the customer to buy status furniture products.

The rising consumption of these sectors widens the revenue of the furniture industry as almost no brand across industries goes without the basic demand for furniture. In this way, the furniture industry is one of a kind that backs the other sectors of the nation. 

One of the major sectors to be hit by the pandemic is the wood industry, which depends on the vital theorem of ethics, craftsmanship, dedication, patience, and discipline. Its market has always been on a boom for various brands, but the lockdown has slowed down business. 

There is a gradual decline in revenue from the event management sector due to the curb of its season. For all furniture brands, this has caused the offset of many bookings, and sales have been low. Eventually, the industry is facing its worst hardship. The continued decline in sales due to the pandemic will make it difficult for these sectors to have the upper hand in sales.

However, experts saw a decline in output by 10 percent in the first three months of this fiscal year. The government intervention may help in creating an upturn in sales for various brands by stimulating exports of readymade furniture, the government will not only allow the industry to grow during the downturn, but it will also concrete the way for future deals that can be made with foreign brands. Therefore, allowing the opportunities of collaboration and bilateral communication between the Indian and the global brands. Hopefully, this could provide the right stimulus that our industry has been waiting for this past couple of weeks.