Luxury furniture refers to movable pieces of furniture made by skilled craftsmen using the best quality material and designed with zero margin for error. It adds to the aesthetic value of the commercial and household establishments, such as hotels, offices, homes and other indoor and outdoor areas. The changing lifestyles and constantly improving living standards of the people in the urbanised regions are increasingly adopting luxury furniture. Moreover, manufacturers are coming up with striking new designs of furniture and collaborating with interior designers to increase their visibility to capture a wider customer base. According to the latest report by IMARC Group, titled “Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global luxury furniture market reached a value of around US$ 25 Billion in 2018.
The significant growth in the real estate sector is continuously influencing the demand for luxury furniture across both the residential and commercial sectors. In addition to this, the increasing penetration of online retailing and growing population, particularly in the developing nations, are fostering the growth of the luxury furniture market. Further, the rising disposable incomes have inclined the consumers towards purchasing luxury items which act as a status symbol and add value to a space, catalysing the global luxury furniture market. Some of the other factors spurring the market growth are growing preference for branding and positioning, accelerating demand for eco-friendly luxury furniture, rising impact of globalisation, the low operational cost and expanding infrastructure investments. Looking forward, the market value is projected to reach a value of US$ 31 Billion by 2024, expanding at a CAGR of 3.8% during 2019-2024.
This report provides a deep insight into the global luxury furniture market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the luxury furniture industry in any manner.
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