Apparel Online India Magazine April 2nd Issue 2018 | Page 28

H2F
New York Home
Fashion Market Week
Buzz indicates strong US market for Home Segment
New York Home Fashion Market Week
(19th-22nd March 2018) in Manhattan was
really fruitful for Indian home furnishing
companies as participants not only got
appreciation for their collections that were
focused on offering for Spring-Summer 2019,
but also got positive feedback regarding
market. Most of the companies confirmed
order bookings at the event or enquiries that
were in the process of confirmation. Though
there is no validation of the fact, but as
per participants more than 50 Indian home
furnishing companies exhibited in this event
which was purely by invitation. The exclusivity
and seriousness of the event can be gauged
by the fact that even the visitors (buyers) are
allowed in to the venue only if they have a
prior appointment with any of the exhibitors.
Despite having one ‘affected’ day, due to
bad weather, some of the Indian companies
were able to conduct more than 50 meetings
with their buyers over the 4-day period, and
they were quite happy too with the meetings’
outcome and overall response, as ‘positivity’
was the underlying buzz.
D
uring the event, the current
positivity of the US market
that is reflected from a buoyant
share market, good performance
of housing companies and overall
improving job scenario, was also
felt by the exhibitors. Demand
for home furnishing products is
directly linked with performance
of the broader housing market and
to the delight of retailers in the
home segment, the housing sector
hit their highest level in more than
a year in January 2018, after the
sector recovered from a decline in
December due to poor weather. It
is being said that building permits,
which are a reliable indicator of
future demand, also increased
favourably. Zacks Equity Research
highlighted that job scenario in
US was also positive as February
job growth data marked the best
in more than one-and-a-half years.
US employers added 3,13,000 jobs
in February, after an upward
revision of 2,39,000 in January and
surpassing market expectations of
2,00,000 jobs. The hourly earnings
Beautifully displayed collections from Mahajan Overseas (Maspar)
28 Apparel Online India | APRIL 16-30, 2018 | www.apparelresources.com
rose 2.6% year-over-year in
February.
Adding to the buzz, according to
Technavio’s market research the
US Home Décor Market is expected
to garner US $ 664.0 billion by
2020, registering a CAGR of 4.2%
during the forecast period 2015-
2020. Furniture, textiles and
floor covering products are key
components of home décor. The
beds and mattresses segment
currently dominate this market and
accounts for around 33% of the total
market revenue. A trend of using
eco-friendly products that have a
low-key impact on the environment
has also boosted the growth of the
home décor market.
After a lull period, people in the
US are finally willing to spend on
their home, which has for some
time not been a first priority for
them. “People in the US are willing
to buy and there is definitely
a positivity, but still market is
cautious,” shared Sumeet Nath,
Managing Partner, Raj Group,
Panipat. The company had nearly
55 to 60 meetings with its buyers
in Home Fashion Market Week
which were really beneficial. Its
collection based on various themes
was well received by the buyers.
Continuously expanding, Raj Group
is among the top groups in Panipat
and is working with the world’s best
brands.
Mahajan Overseas (Maspar),
another respected name from
Panipat in the home furnishing
industry also participated at this
event and displayed new collection
of top of bed, cushions, throws and
cotton blankets. “Our collection
was focused on ‘Rurban’ theme with
colours like grey, soft blue, peach
and many more. We had very good
meetings there and based on them
some of the orders will be finalized