New Delhi: India's online furniture and home market is expected to reach USD 40 billion in the next five years, according to a new report released on Monday. Online furniture and home sales are expected to grow at a strong 39 percent CAGR over the next five years. Home decor, furnishings, mattresses, and lighting are all included in the online home category. In the next five years, the online furniture category will see a 3X increase in shoppers and a 1.8x increase in annual spending per shopper.

According to data provided by Bengaluru-based market research firm ResSeer, this will enable 5x GMV (gross merchandise value) growth for the category between FY21 and FY26. The online furniture category is booming, with more and more people turning to the internet for big-ticket purchases like furniture.

"Similarly, the online home category is expected to grow 2.5 times in shoppers in the next 5 years, with a 1.3 increase in annual spending per shopper, indicating 4x GMV growth," according to the report. Verticals have carved out a niche for themselves in the furniture industry. The premium "Solid Wood" market is dominated by verticals, while the budget "plastic/metal and engineered wood" market is dominated by horizontals. "The average selling price (ASP) on verticals is 10x higher for furniture and 2x higher for decor than on horizontals, indicating a difference in target customer base," according to the report.

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