As industry leaders expect a higher push to infrastructure spending in the upcoming budget scheduled to be announced on July 23, 2024, IKEA India’s CEO and Chief Sustainability Officer Sussanne Pulverer shares what the furniture retail company in India expects particularly in prioritising expenditure in key areas that will drive quality and innovation in the industry. According to Statista, in 2024, the Furniture market in India is projected to generate a revenue of $5.48 billion. The country’s furniture market is experiencing a surge because of the growing middle class and increasing urbanisation.
Pulverer says “We look forward to the continued rapid expansion of infrastructure, particularly digital infrastructure, across the country. Additionally, we aim to deepen the Make in India initiative to help us cater to both domestic and export markets, and advocate for provisions that promote sustainable practices, including incentives for eco-friendly materials and green manufacturing.”
A Swedish retailer of well-designed products and solutions for home furnishings, Ingka Group’s IKEA is presently online in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru. Presently, the company has five stores with three big format IKEA stores operational in Hyderabad, Navi Mumbai and Bengaluru and two city centre stores in Mumbai which opened in December 2021 and July 2022. The company in January announced the launch of its e-commerce deliveries across 62 districts in the states of Maharashtra, Karnataka, Telangana, and Andhra Pradesh.
Working with around 65 suppliers and 500,000 people in the supply chain in India producing for IKEA stores worldwide, Pulverer believes that, “Investments in vocational training are essential to equip our workforce with contemporary skills.”
“Lastly, initiatives aimed at increasing consumer income will boost purchasing power and stimulate demand,” she adds.
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