The global luxury furniture market basis its soaring profits on unwavering branding and marketing strategies. The steady rise of this market can be attributed to the legacy of designer furniture brands and their art-like collections. Transparency Market Research predicts that the global market is poised to see newer heights in the coming years as the number of high net worth individuals is increasing. Furthermore, the mushrooming real estate industry and improving disposable incomes in developing countries are also likely to propel market growth in the near future. The market’s progress will also be a result of the emergence of the various distribution channels, especially e-commerce. The convenience of shopping and making payments has surely made a positive difference to the revenue of the global market. The research report states that the global luxury furniture market is likely to be worth US$22,937.6 mn by the end of 2017, only to reach US$29,496.7 by the end of 2024. Between the years of 2017 and 2024, the global market is slated to register a steady a CAGR of 5.2%.
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Urbanization and Improving Disposable Incomes Stir Market Growth
Rapid urbanization and increasing disposable incomes have been extremely important for the soaring profits of the global market. In the coming years, growing number of commercial spaces such as restaurants, hotels, and clubs are likely to be key end users of luxury furniture items as they persistently try to create luxurious experience for the customer. Entry of various designers, focus on providing an opulent lifestyle choice to the end user, and a higher awareness about the artistic value of the luxury furniture have also been identified as the important growth drivers for the global market.
Wood Trumps over other Materials to Lead the Global Luxury Furniture Market
Out of the various types of materials used for making luxury furniture, the wooden luxury furniture is likely to sell the most in the coming years. The higher aesthetic value, monetary value, and durability of wood makes it the most preferred material in the luxury furniture market. Between the forecast years of 2017 and 2024, this material segment is estimated to register a CAGR of 5.8%. The other materials used for making luxury furniture goods are metal, glass, and leather.
The end users of the luxury furniture are commercial spaces and residential units. The study estimates that commercial spaces are likely generate higher revenue for the overall market as they are the obvious big buyers. Hotels, restaurants, resorts, holiday homes, and luxury stores are some of the key end users of the luxury furniture. Thus, the emergence of these spaces is likely to have a positive impact on the global market. Amongst the residential spaces, demand for luxury furniture in bedrooms and living rooms will be the highest.
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Europe Emerges as Leading Regional Market at 5.1% CAGR
Geographically, the global luxury furniture market is segmented into Europe, Asia Pacific, Latin America, Western and Eastern Europe, Asia Pacific, Japan, and the Middle East and Africa. Of these, Europe is anticipated to the lead the pack, registering a steady CAGR of 5.1% over the forecast period. On the other hand, China is projected to be the key player in the Asia Pacific region due to growing urbanization and improving disposable incomes. The hospitality sector of the Middle East has been identified as a region that will provide the global market many lucrative opportunities in the near future.
Some of the leading players operating in the global luxury furniture market are Nella Vetrina, Muebles Pico, Scavolini S.p.A., Laura Ashley Folding PLC, Henredon Furniture Industries Inc., Iola Furniture Ltd, Turri S.r.l, Giovanni Visentin srl, and Heritage Home Group LLC. These players are investing in product differentiation through state-of-art designing to stay ahead of the competition.
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Booming Real Estate Sector and Rapidly Changing Lifestyle to Bring Promising Growth for Luxury Furniture Market
Swift urbanization and escalating disposable income have led to an increase in the sales of luxury products and items. The luxury furniture market has also observed notable growth over the years. The luxury furniture market is expected to observe promising growth during the assessment period of 2017-2022.
- The overwhelming growth of the real estate sector is bringing extensive growth advancements for the luxury furniture market. The hospitality industry has also transformed greatly over the years. Thus, these aspects will assure promising growth for the luxury furniture market across the forecast period of 2017-2022. Furniture made from premium wood such as alder and mahogany is also gaining immense popularity among a large populace. This trend is anticipated to invite exceptional growth opportunities for the luxury furniture market.
- The use of social media for attracting a considerable customer base is one of the vital factors influencing the growth of the luxury furniture market. Online and offline magazines are also playing a crucial role in creating a buzz about various luxury furniture brands and types. Offline stores are also gaining substantial traction. All these factors bring promising growth opportunities for the luxury furniture market.
- Luxury has become an essential part of an individual’s life. With the rising purchasing power parity among a large populace, the demand for luxury furniture is increasing to a great extent. Hence, this factor will bring immense growth opportunities for the luxury furniture market.
- The lockdown restrictions imposed across the globe due to the novel coronavirus pandemic has brought tremendous losses to almost all businesses and sectors. The luxury furniture market is no exception. Shops and units manufacturing luxury furniture were shut for a brief period. This factor led to a decline in the demand and production of luxury furniture. However, the relaxation in lockdown restrictions has helped the luxury furniture market to revive its lost growth. Online sales are gaining traction as compared to offline sales during the ongoing pandemic situation.
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