Luxury Furniture Market Size to Forecasted to Surge $ 42.7
Newark, Jan. 01, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 23.4 billion luxury furniture market will reach USD 42.7 billion by 2032. High-end materials are used to create luxury furniture, which is available in a range of styles. Metal, glass, wood, and other materials are often utilised in producing these goods. In addition to other variables like family debt levels, per capita income, and consumer expectations, the industry is mostly driven by general consumer expenditure. The market is expanding due to rising disposable income, living standards, and furniture demand. In addition, the growing urban population’s inclination towards home décor and restoration has spurred business advancement. The proper choice of furniture for homes, workplaces, hotels, and schools is essential to enhancing people’s mental and physical well-being. Incorporating premium materials like leather and wood into the finished product improves furniture pieces’ visual appeal and increases their durability. The market share of luxury furniture has increased due to the growing usage of designer furniture in homes.
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Europe to account for the largest market size during the forecast period.
The main factors driving the market’s expansion in this region are the availability of high-quality wood, highly qualified labour, and increased funding from the European government. The main cause is the region’s abundance of reputable high-end furniture producers. Residents’ disposable income has significantly increased, which has changed consumer behaviour by favouring the purchase of luxury furnishings.
The wood segment dominated the market with the most significant revenue of USD 7.4 billion.
The wood segment dominated the market with the most significant revenue of USD 7.4 billion. People choose wooden furniture because of its stunning natural appearance, ease of upkeep, great resistance, and longevity. Each of these variables greatly enhances the overall expansion of this segment.
The residential segment dominated the market with the most significant revenue of USD 13.5 billion.
The residential segment dominated the market with the most significant revenue of USD 13.5 billion. Beautifully designed and manufactured accent furniture is typically found in domestic homes’ living rooms, bedrooms, and kitchen areas, accelerating the market’s total expansion.
The offline segment dominated the market with the most significant revenue of USD 12.6 billion.
The offline segment dominated the market with the most significant revenue of USD 12.6 billion. Customers prefer offline sales channels because they search for customised furniture products for domestic and commercial use.
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Market Dynamics:
Drivers: Rising home decor projects
The developments in the luxury furniture sector have been driven by the growing consumer demand for aesthetically pleasing and environmentally sustainable luxury products to furnish homes, workplaces, hotels, and restaurants with high-end furniture, hardwood floors, and other accents. Migration from rural to urban areas and rising consumer spending on high-end décor items have also opened up several economic prospects for the sector. In emerging nations, people are becoming more conscious of global brands and trends, and as their spending power has increased, they are treating themselves to opulent furniture pieces. These are a few of the important elements driving the market’s advancement.
Restraint: Rise in the access to counterfeit products
The development of comparable knockoffs of luxury goods, such as furniture, is made easier by easy access to several technologies, impeding industry expansion. These actions have a detrimental effect on firms’ profit margins and deter them from making significant investments in intensive R&D. Counterfeit products are manufactured globally. That is common in developing nations with robust but affordable industrial capacities. Counterfeiting is using a well-known brand’s trademark or logo on a product not approved or made by that brand. Manufacturers’ brand image has suffered due to increased sales of counterfeit goods, which has led to a decline in client confidence.
Opportunity: Rise in online retailing
The worldwide e-retail industry is expanding owing to significant technological advancements, including the availability of high-speed internet networks and the increasing use of smart gadgets. Customers may find it simpler to buy furniture online due to these developments. Additionally, many businesses have opened online furniture stores to cater to the growing demand for online shopping worldwide.
Challenge: High cost
Luxury furniture is typically quite expensive, beyond the reach of many people’s budgets. Because these pieces of luxury furniture are constructed from premium raw materials, the total cost of the products is higher. But it’s anticipated that the high price of luxury furnishings will impede the market’s expansion.
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Some of the major players operating in the luxury furniture market are:
● Muebles Pico
● Giovanni Visentin
● Laura Ashley Holding Plc
● Nella Vetrina
● Turri S.r.l.
● Duresta Upholstery Ltd.
● Valderamobili
● Scavolini
● Iola Furniture Ltd.
● Henredon Furniture Industries Inc.
Key Segments cover in the market:
By Raw Material:
● Metal
● Wood
● Plastic
● Others
By End-User:
● Commercial
● Residential
By Distribution Channel:
● Offline
● Online
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About the report:
The global luxury furniture market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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