According to the latest report by IMARC Group, titled “Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global luxury furniture market size reached US$ 23.2 Billion in 2022. Luxury furniture is crafted with exceptional attention to detail, using top-notch materials and exquisite designs. It consists of a sofa, chair, bed, table, cabinet, chandelier, wardrobe, and dresser. It is associated with elegance, sophistication, and superior craftsmanship, which makes them stand out in terms of aesthetics and functionality. It is commonly made from high-quality materials, such as solid wood, fine leather, premium fabrics, metals like brass or gold accents.
Global Luxury Furniture Market Trends:
There is an increase in the inclination towards premium-quality and aesthetically appealing luxury furniture in residential complexes on account of rapid urbanization and inflating income levels. This, coupled with substantial growth in the construction sector, represents one of the major factors supporting the market growth around the world. Moreover, rising number of nuclear families is driving the sales of foldable and compact luxury furniture that can be easily organized in smaller spaces. In addition, the growing number of commercial establishments, including shopping malls, restaurants, cafes, theaters, stores, airports, offices, and hotels, is influencing the market positively. Apart from this, product manufacturers are increasingly investing in digital marketing campaigns to expand their customer base on account of the rising influence of social media platforms on the purchasing decision of shoppers. Looking forward, the market value is projected to reach US$ 31.0 Billion by 2028, expanding at a CAGR of 4.8% during 2023-2028.
- Based on the raw material, the market has been segmented into wood, metal, glass, leather, plastic, multiple, and others. Presently, 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). Domestic currently accounts for the biggest share in the market.
- Based on the distribution channel, the market has been divided into conventional furniture stores, speciality stores, online retailers, and others. At present, speciality stores dominate the market.
- Based on the design, contemporary dominates the market, followed by modern.
- Region-wise, the market has been classified into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, Netherlands, Switzerland, Sweden, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Taiwan, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates, and others). Amongst these, Europe enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, 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., and Cassina S.p.A.
|Base Year of the Analysis
||Raw Material, Application, Distribution Channel, Design, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, Netherlands, Switzerland, Sweden, China, Japan, India, South Korea, Australia, Taiwan, Brazil, Mexico, Turkey, Saudi Arabia, United Arab Emirates
||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. and Cassina S.p.A
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