We are aware of how economic slowdown had adversely impacted the global economy. The effects were seen on every industry, be it gems and jewelery sector, handicrafts, apparel or auto components.
As the recession wanes off slowly, the Indian industries are looking up and slowly getting back on their feet. An apparent change seen during these times is the emergence of the Indian middle class as big spenders due to the change in their lifestyles. Their looking upto better style of living has positively impacted the growth of small scale sectors in the country.
IndiaMART Knowledge Services (IKS), an in-house unit at IndiaMART.com engaged in SME research, analysis, forecast and education, conducted a survey amongst small and medium enterprises (SMEs) in home furnishings and home decor sector to gauge their market scenario post recession.
When asked whether they experienced any positive change in the market, 58.3 percent responded that the market had picked up and 29.17 per cent did not see any change. A majority of them (70.8%) felt that the consumer sentiments had shown an upward trend while 12.5 per cent said it had risen beyond their expectations.
Reiterating the fact that the consumers are now increasingly becoming conscious of plethora of home décor and furnishing items, the IKS survey revealed that apart from 16.67 per cent of respondents whose saw a decline in sales when compared to 2009, 66.67 per cent saw their sales increase up to 20 per cent. The group of SME respondents that witnessed an increase in their sales by more than 20 per cent constituted 16.67 per cent.
When product prices were compared with 2009, the IKS Survey found that 45 per cent respondents reported marginal increase while 25 per cent experienced substantial increase in 2010. Only five per cent responded that the prices had declined since 2009. As far as input costs were concerned, 60 per cent said that it had risen enormously, 5 per cent said there was no increase and 35 per cent said there was slight increase.
The export demand also looked better for many as the products from India became a hot favourite in foreign marketplaces. Corroborating this, about 62.5 per cent saw an improvement in export demand up to 20 per cent, however, 16.67 per cent of SMEs said the export demand decreased in 2010. Seeing a positive trend, 20.8 per cent respondents reported an increase of more than 20 per cent.
Expecting to grow manifolds after a brief setback in 2009, the Indian home furnishing sector will be supported by the middle class section of India and the rising number of retail chains across the country.
As the recession wanes off slowly, the Indian industries are looking up and slowly getting back on their feet. An apparent change seen during these times is the emergence of the Indian middle class as big spenders due to the change in their lifestyles. Their looking upto better style of living has positively impacted the growth of small scale sectors in the country.
IndiaMART Knowledge Services (IKS), an in-house unit at IndiaMART.com engaged in SME research, analysis, forecast and education, conducted a survey amongst small and medium enterprises (SMEs) in home furnishings and home decor sector to gauge their market scenario post recession.
When asked whether they experienced any positive change in the market, 58.3 percent responded that the market had picked up and 29.17 per cent did not see any change. A majority of them (70.8%) felt that the consumer sentiments had shown an upward trend while 12.5 per cent said it had risen beyond their expectations.
Reiterating the fact that the consumers are now increasingly becoming conscious of plethora of home décor and furnishing items, the IKS survey revealed that apart from 16.67 per cent of respondents whose saw a decline in sales when compared to 2009, 66.67 per cent saw their sales increase up to 20 per cent. The group of SME respondents that witnessed an increase in their sales by more than 20 per cent constituted 16.67 per cent.
When product prices were compared with 2009, the IKS Survey found that 45 per cent respondents reported marginal increase while 25 per cent experienced substantial increase in 2010. Only five per cent responded that the prices had declined since 2009. As far as input costs were concerned, 60 per cent said that it had risen enormously, 5 per cent said there was no increase and 35 per cent said there was slight increase.
The export demand also looked better for many as the products from India became a hot favourite in foreign marketplaces. Corroborating this, about 62.5 per cent saw an improvement in export demand up to 20 per cent, however, 16.67 per cent of SMEs said the export demand decreased in 2010. Seeing a positive trend, 20.8 per cent respondents reported an increase of more than 20 per cent.
Expecting to grow manifolds after a brief setback in 2009, the Indian home furnishing sector will be supported by the middle class section of India and the rising number of retail chains across the country.
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