Global Luxury Furniture Market to Reach US$ 29.6 Billion by 2027, Spurred by Expanding Real Estate Sector

June 29, 2022

The latest report by IMARC Group, titled “Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global luxury furniture market size reached US$ 22.0 Billion in 2021. Luxury furniture refer to movable articles made by skilled craftsmen using high-end quality materials and unique styles. They are manufactured with metal, glass, velvet, silk, and wood that provide a rich and elegant look to the pieces. They also add to the aesthetic value of residential and commercial establishments such as homes, hotels, offices, cafes, and other indoor or outdoor areas. In recent years, the changing lifestyles and constantly improving living standards in the urbanized regions have escalated the demand for luxury furniture across the globe.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Luxury Furniture Market Trends:

The market is primarily driven by the expanding real estate sector across the globe. Nowadays, with the rising construction of commercial and residential spaces, individuals are widely adopting luxury furniture to enhance the overall look. In addition, the increasing disposable incomes have inclined the consumers to purchase luxury items that act as a status symbol and add value to a space, representing another major growth-inducing factor. Besides this, with the growing influence of social media platforms on purchasing decisions of consumers, various key players are investing in digital marketing campaigns and celebrity endorsements to expand their consumer base. This, coupled with the escalating demand for eco-friendly luxury furniture, is positively influencing the market growth. Moreover, the introduction of innovative designs and the expanding hospitality industry in emerging economies are also creating a positive market outlook. Looking forward, IMARC Group expects the market to reach a value of US$ 29.6 Billion by 2027, exhibiting a CAGR of 4.97% during the forecast period (2022-2027).

Market Summary:

  • Based on the raw material, the market has been segmented into wood, metal, glass, leather, plastic, multiple, and others. Amongst these, wood holds the largest market share.
  • On the basis of the application, the market has been bifurcated into domestic (living room and bedroom, kitchen, bathroom, outdoor, and lighting) and commercial (office, hospitality, and others). Currently, the domestic segments exhibit a clear dominance in the market.
  • Based on the distribution channel, the market has been categorized into conventional furniture stores, specialty stores, online retailers, and others.
  • On the basis of the design, the market has been segregated into modern and contemporary.
  • Region-wise, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, Netherlands, Switzerland, Sweden, and others) exhibits a clear dominance in the market. Other major regions include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates, and others).
  • The competitive landscape of the market has been examined in the report, with some of the key players being Duresta Upholstery Ltd, Valderamobili s.r.l., Scavolini Spa, GIOVANNI VISENTIN srl, Nella Vetrina, Muebles Picó S.A., Heritage Home Group LLC, iola Furniture Limited, Turri S.r.l, Grayson Luxury, Williams-Sonoma, Inc., Cassina S.p.A.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

IMARC Group
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800

Global Luxury Furniture Market to Reach US$ 29.6 Billion by 2027, Spurred by Expanding Real Estate Sector
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More