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Luxury Furniture Market Is Booming Across the Globe, Explores the Latest Report

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The global luxury furniture market is expected to grow notably in the upcoming years. The key players in the market are rapidly working on establishing the manufacturing units in the developing economies owing to the low initial costs and investments. Aggressive marketing techniques are being used in the entire market by most of the leading players, to create a lasting impression among the consumers. Some of the major players operating in the global market are Nella Vetrina, Muebles Pico, Laura Ashley Folding PLC, Henredon Furniture Industries Inc., Scavolini S.p.A., Giovanni Visentin srl, Turri S.r.l, Iola Furniture Ltd, and Heritage Home Group LLC.

According to a recent report by Transparency Market Research (TMR), the global luxury furniture market is estimated to expand at a steady CAGR of 5.2%, during the forecast period from 2017 to 2022. The market is prognosticated to reach around worth US$29,496.7 mn by the end of 2022, from US$22,937.6 mn back in 2017.

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On the basis of material types utilized in making furniture, the market is led by the wooden luxury furniture segment, with the highest revenue in forthcoming years. This is attributed to the monetary value, durability of the material, and aesthetic value in the global luxury furniture market. Regionally, Asia Pacific is providing a huge scope for players in the future. Particularly, China is expected to be one of the key revenue-generating nations owing to the rise in urbanization and increase in disposable income of the people.

Easy Online Payment to Surge Development in Market

The pattern of safely online bill payment and e-shopping through net-banking is estimated to help the development of the market. In addition, with simple EMI alternatives and rise in number of middle class people are also ready to afford the cost of luxury furniture. Moreover, rise in disposable income of the entire population is as well supporting the development of the luxury furniture market all over the globe. This is on the grounds that a rise in income has prompted people to shift from standard furniture to luxury furniture products. The growing tendency of buying luxury things as a sign of value of space and status symbol are among the key factors surging the demand for luxury furniture in the market.

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Fake Luxury Furniture Material to Hamper Market Growth

One of the difficulties hampering the development of the global luxury furniture market is the developing awareness among the buyers with respect to the negative effect on the nature on utilizing wooden furniture. As wood is a noteworthy income procuring material, it might influence the development of the market in the years to come. The developing accessibility of fake luxury material furniture which are valued at a much lower rate and worked with low-quality materials is debilitating the development of the luxury furniture market. Nevertheless, the surge in the real estate and construction sectors is foreseen to boost the development of the luxury furniture market.

This analysis is based on a recent market research report by Transparency Market Research, titled, “Luxury Furniture Market – (Material – Glass, Metal, Plastic, Leather, and Wood; Distribution Channel – Departmental Stores, Online Sales, Independent Furniture Retailers, and Factory Outlets; End User – Commercial and Domestic) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”

Key Takeaways:

  • The pattern of safely online bill payment and e-shopping through net-banking is estimated to help the development of the market.
  • With simple EMI alternatives and rise in number of middle class people are also ready to afford the cost of luxury furniture.

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The global luxury furniture market is segmented on the basis of:

Material Type

  • Glass
  • Metal
  • Plastic
  • Leather
  • Wood

Distribution Channel

  • Departmental Stores
  • Online Sales
  • Independent Furniture Retailers
  • Factory Outlets

End User

  • Commercial
  • Domestic

Region

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • Middle East and Africa

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About Us

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyse information. Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization and full reports through MarketNgage, the unified market intelligence engine. Sign Up for a 7 day free trial!

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Shubham Jamdade

I consult businesses as a Corporate Communicator where I help companies with the growth of the market and solve their companies' growth and research challenges through my creative marketing strategies. Reach out to me in case you have something I can help with.