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).
- 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.
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