Luxury Furniture Market Outlook, Growth, Industry Analysis, and Forecast

Market Overview:

The global luxury furniture market size reached US$ 24.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 36.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032. The increasing requirement for premium luxury furniture, rising number of commercial spaces, and the growing adoption of WFH models represent some of the key factors driving the market.

Advent of Environment Friendly Furniture Augmenting Market Growth

The luxury furniture market has been experiencing moderate growth. Rising environmental concerns and spreading awareness to reduce carbon footprint, save production costs, conserve energy, and manage waste represent one of the major factors driving the demand for environment friendly luxury furniture around the world. It is made using recyclable and sustainable materials like salvaged wood, bamboo, and seagrasses.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented as the market is controlled by international as well as various local players. The volume of new entrants is moderate in the luxury furniture industry due to high product differentiation and high capital investments negating the threats. It is also characterized by moderate product differentiation as manufacturers employ innovative technologies to manufacture products.

What is Luxury Furniture?

Luxury furniture refers to movable furniture designed with skilled craftsmanship. It is manufactured using high quality materials, such as metal, glass, velvet, silk, and wood. It comprises a sofa, chair, bed, table, cabinet, chandelier, wardrobe, and dresser. It assists in enhancing the artistic and aesthetic value of indoor and outdoor spaces, restaurants, and rooms of commercial and residential complexes. It is more durable and available in various styles, shapes, sizes, and colors in attractive designs as compared to conventional furniture.

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a significant impact on the luxury furniture industry and imposed unprecedented challenges on numerous countries. At the outset of the outbreak, the industry experienced a sudden and considerable slowdown as supply chains were disrupted and factories were forced to shut down due to lockdowns. This led to delays in delivery and production, which, in turn, affected the bottom line of several companies. Moreover, as the pandemic progressed, the demand for luxury furniture shifted to meet the needs of the home office with consumers investing in comfortable and stylish furniture to create a suitable work environment. This trend was especially prevalent as many people transitioned to work from home (WFH) models, which led to an increase in the demand for office chairs and desks. Besides this, as restrictions began to ease, the need for outdoor furniture improved as people sought to create comfortable and inviting outdoor spaces. The pandemic also brought about changes in the way luxury furniture companies marketed and sold their products. With showrooms and retail stores closed, the industry turned to virtual showrooms and online sales to reach customers. This shift to digital marketing and sales proved to be a success for some companies, with online sales reaching unprecedented levels.

Luxury Furniture Market Trends:

The increasing requirement for premium quality and aesthetically appealing luxury furniture in residential areas on account of rapid urbanization and the expanding purchasing power of consumers represents one of the major factors bolstering the market growth around the world. Moreover, the rising number of commercial spaces, such as offices, shopping malls, hotels, restaurants, cafes, and airports is favoring the growth of the market. In addition, the growing adoption of WFH models in various industry verticals is driving the demand for luxury furniture to help create a safe and productive environment for work and maintain business continuity. Apart from this, key players are introducing multi-purpose luxury furniture with improved aesthetics, functionality, comfort, and storage capacities. They are also offering customization solutions to meet the requirements of the consumer and enhance their experience. Furthermore, the rising preference for online shopping applications as they provide convenience, wider collection, fast shipping facilities, discounted deals, and innumerable payment options is creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury furniture market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on raw material, application, distribution channel and design.

Raw Material Insights:

• Wood
• Metal
• Glass
• Leather 
• Plastic
• Multiple 
• Others
   

The report has provided a detailed breakup and analysis of the luxury furniture market based on the raw material. This includes wood, metal, glass, leather, plastic, multiple, and others. According to the report, wood represented the largest segment due to its durability and modern yet antique look, which makes it a good fit for household and commercial usage. Moreover, the high aesthetic value associated with wooden furniture and the introduction of hardwood items is influencing the market positively.

Application Insights:

• Domestic
  • Living Room and Bedroom
  • Kitchen
  • Bathroom
  • Outdoor
  • Lighting
• Commercial
  • Office
  • Hospitality
  • Others
     

A detailed breakup and analysis of the luxury furniture market based on the application has also been provided in the report. This includes domestic (living room and bedroom, kitchen, bathroom, outdoor, and lighting) and commercial (office, hospitality, and others). According to the report, domestic (living room and bedroom, kitchen, bathroom, outdoor, and lighting) accounted for the largest market share on account of rapid urbanization and inflating income levels, along with the rising interest of consumers in furnishing their homes with luxurious furniture. Moreover, the increasing demand for furniture with innovative styles and designs with less space utilization and more comfort is favoring the market growth.

Distribution Channel Insights:

• Conventional Furniture Stores
• Speciality Stores
• Online Retailers
• Others
   

A detailed breakup and analysis of the luxury furniture market based on the distribution channel has also been provided in the report. This includes conventional furniture stores, speciality stores, online retailers, and others. According to the report, specialty stores accounted for the largest market share as they allow for easy comparison of brands and enable customers to make informed decisions before buying. Moreover, these stores help in brand promotion and spread awareness to the wider consumer base.

Design Insights:

• Modern
• Contemporary
   

A detailed breakup and analysis of the luxury furniture market based on the design has also been provided in the report. This includes modern and contemporary. According to the report, contemporary accounted for the largest market share as it offers comfortable seating, dining, and storage functions. Moreover, the growing consumer interest to upgrade their workplace with smart furniture is influencing the market positively.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Taiwan
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Netherlands 
  • Switzerland 
  • Sweden
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • United Arab Emirates
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include 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). According to the report, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, Netherlands, Switzerland, Sweden, and others) was the largest market for luxury furniture. The increasing adoption of handcrafted authenticity over mass produced pieces and the growing trend back towards antique with interesting usage of metals represents one of the major factors driving the Europe luxury furniture market. Moreover, the rising number of fashion brands, along with the online presence, is favoring the growth of the market in the region. Apart from this, the growing focus on aesthetics and the increasing focus on environment friendly furniture is creating a positive outlook for the market in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global luxury furniture market. Some of the companies covered in the report include:

• 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.
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the luxury furniture market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global luxury furniture market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the luxury furniture industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.