Office furniture is a multi billion dollar industry which is growing by leaps and bounds post recession. As more and more real estate developers are jumping into the fray of commercial construction, the demand for office furniture is getting fuelled like never before.
Furniture demand in India has dramatically expanded during the last decade amid rapid urbanization. This incredible growth story can also be attributed to two other factors – increase in disposable income and changing life style. Even in the midst of economic downturn, the furniture industry stood strong and posted year on year (Y-O-Y) growth in 2009. Moreover, the office furniture demand is anticipated to grow at more than 10% during the next fiscal year, making India one of the most attractive furniture markets in the world.
Among the office furniture items, modular furniture and portable cubicles are the ones which never run out favour. The main benefit of a modular furniture (within a large work space) is that one can create a variety of smaller work environments which have now become an essential requirement.
Despite of the fact that the furniture industry posted positive figures, it still did not remain immune to the worsening global economic situation. Furniture industry’s revenues could have been better, had they not, witnessed a decline in orders in the middle of 2009. However, by the end of 2010, there was a considerable increase in the consumption which improved the rather gloomy scenario.
On the global scene, USA is still the market leader. According to the latest research reports, the furniture manufacturing industry in the US generates about $65 billion in sales from 20,000 companies.
One of the upcoming trend that is being seen among the furniture manufacturers is that they are hiring a space planners or professional office designers who help their clients take a better decision. Some manufacturers (specially those, who specialize in modular furniture or cubicles) offer free space planning as a part of their offerings to further enhance their clientele.
Another trend which is being observed is the growing awareness and demand for ergonomic office furniture. Due to long working hours and mostly sitting jobs, some new age medical complications are arising like cervical problems etc. which is why, offices are leaving no stone unturned to keep their employees fit by providing the ergonomic furniture to ensure healthy working conditions.
All in all, office furniture manufacturers are looking forward to the forthcoming exciting times to reap in best of revenue and post record profits in 2011.