The impact of the COVID-19 pandemic has led everyone to reconsider and realign the way they function. From mindset change to behavioural and attitudinal shift, each transition has been radical and conscious. The furniture industry is a perfect example of this transition. Being one of the most pollutive industries with around 15 billion tonnes of furniture being incinerated or dumped into landfills each year, there is a strong inclination towards pre-owned and refurbished products for sustainable living.
Today, there is an increased focus on the values and philosophy around ‘reuse’ resulting in the adoption of business models that are exclusively focused on resale, refurbishment, recycling, and remanufacturing. Grant Thornton Bharat’s report, Refurbished furniture and appliances: The next big revolution, throws light on how the integration of circularity in businesses is generating value for stakeholders globally and has huge potential to do so in the furniture and appliances segment in India.
“The circular economy is a dynamic manufacturing and production concept that encourages the reuse and re-utilisation of resources and materials at multiple levels. In any business, this will lead to the lowering of costs and wealth creation throughout the value chain. India, with the largest young population and a growing middle class, is at the right stage of transformation where the adoption of circular practices can bring about phenomenal change,” said Rahul Kapur, Partner, Growth, Grant Thornton Bharat.
The report enumerates the following aspects:
- Global pre-owned and refurbished furniture and appliances market trends and size
- The refurbished furniture market in India, its drivers and the growth contributors
- The untapped opportunity in the circular economy in India
- What would it take for a firm to succeed in the remanufactured furniture and renewed appliances market in the country