India's Home Market to Soar to USD 237 Billion by 2030

India's home and household market is projected to reach USD 237 billion by 2030, driven by higher disposable incomes, changing consumer preferences, and a focus on comfort. Tier 2 and Tier 3 cities are key growth hubs. Despite rapid expansion, businesses face challenges in after-sales support and omnichannel strategy.

India's home and household market is expected to reach USD 237 billion by 2030, growing at a compounded annual rate of over 10%, according to a Deloitte report. The surge is attributed to rising disposable incomes, shifting consumer preferences, and a focus on comfort and convenience across product categories.

The report, released at MAPIC India 2024, highlighted that Tier 2 and Tier 3 cities are emerging as growth hubs. Omnichannel retail and e-commerce are broadening market reach beyond urban centers.

Key drivers include high disposable incomes, the rise of digital platforms, easy credit access, and young consumers seeking modern designs and personalization. However, businesses must address after-sales support, warranty concerns, and comprehensive omnichannel strategies to sustain this growth.

Anand Ramanathan, Partner at Deloitte India, noted a shift towards premium branded products and a consumer-first approach, with a focus on consumer experiences and design-led innovation.

Social media and advanced technologies are facilitating precise audience targeting, while sustainability is increasingly valued by Indian consumers, driving demand for energy-efficient and eco-friendly products.

Government policies such as the PLI scheme and Pradhan Mantri Awas Yojana are also boosting industry growth.

(With inputs from agencies.)