Luxury Furniture Market to Grow with a CAGR of 5.7% Globally through 2028
Rising luxury real estate development and evolving
consumer preferences are driving the Global Luxury Furniture Market in the
forecast period 2024-2028.
According to TechSci Research report, “Global Luxury
Furniture Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Luxury Furniture Market stood at USD
24.59 Billion in 2022 and is anticipated to grow with a CAGR of 5.7% in the
forecast period, 2024-2028. The global luxury furniture market is a dynamic and
ever-evolving industry that caters to the discerning tastes and desires of
high-net-worth individuals and those seeking opulent, aesthetically pleasing
furnishings. This market encompasses a wide range of luxury furniture items,
from sofas and dining sets to intricate décor pieces, and is characterized by
its focus on quality, design, and exclusivity.
Changing consumer preferences play a pivotal role in
shaping the global luxury furniture market. Luxury furniture is not just about
functionality but also reflects a statement of style and status. Consumers are
increasingly gravitating towards unique, bespoke, and custom-made pieces. There
is a growing demand for personalized furniture that aligns with individual
tastes and interior design preferences. Additionally, there is a trend toward
minimalism and versatility, as consumers, particularly in urban areas, seek
furniture that complements smaller living spaces and offers multifunctional
utility.
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The advent of digitalization and the dominance of e-commerce
have revolutionized the luxury furniture market. Online distribution channels
have become increasingly popular for consumers looking for high-end
furnishings. Virtual showrooms, augmented reality tools, and 3D visualization
technology allow customers to explore, customize, and visualize luxury
furniture in their own spaces. E-commerce platforms enable customers to access
a vast array of luxury furniture options from around the world, making the
market more accessible to a global audience. The COVID-19 pandemic further
accelerated the shift towards online shopping, solidifying e-commerce's role in
the luxury furniture market.
Sustainability has become a prominent factor in the
global luxury furniture market. Consumers are increasingly concerned about the
environmental impact of their purchases and seek eco-friendly and responsibly
sourced furniture options. Luxury furniture manufacturers are responding to
this demand by incorporating sustainable materials, eco-friendly production
processes, and responsible sourcing into their product lines. This not only
aligns with ethical considerations but also enhances the reputation and desirability
of luxury furniture brands. The use of reclaimed wood, recycled materials, and
energy-efficient manufacturing practices has become more common, driving the
market towards eco-conscious design.
The luxury furniture market is fiercely competitive,
with numerous established and emerging brands vying for market share. Building
and maintaining brand recognition is a critical challenge. Luxury furniture
brands need to constantly innovate, focusing on design, quality, and
exclusivity. Striking the right balance between exclusivity and accessibility
is a key aspect of brand management. Overexpansion or oversaturation can dilute
brand value and exclusivity, affecting the premium positioning of luxury furniture
brands.
Luxury furniture often involves the use of premium and
rare materials, which can expose manufacturers to supply chain disruptions and
fluctuations in raw material costs. The diversity of materials used, which may
be sourced from different parts of the world, can lead to supply chain
complexity. Additionally, factors such as climate change and environmental
regulations have led to increased pressure to source materials responsibly and
sustainably, necessitating investments in research and development for eco-friendly
alternatives.
In conclusion, the global luxury furniture market is a
vibrant industry characterized by evolving consumer preferences,
digitalization, sustainability concerns, intense competition, and complex
supply chain dynamics. As consumers continue to seek unique and aesthetically
pleasing furnishings, and as technology and sustainability trends shape the
market, luxury furniture brands that adapt to these changes and prioritize
innovation and sustainability will be better positioned to succeed in this
dynamic and competitive market.
The Global Luxury Furniture Market is segmented into material,
end use, distribution channel, regional distribution, and company.
Based on material the market is segmented into metal,
wood, plastic, and others. Wood furniture
is experiencing a significant surge in demand within the Global Luxury
Furniture Market. As consumers increasingly prioritize natural aesthetics and
sustainability, wood's timeless appeal resonates strongly. It aligns with the
eco-conscious consumer's preference for responsibly sourced materials. The
versatility and diverse options offered by wood in luxury furniture, such as
different wood species and finishes, cater to a wide range of tastes,
contributing to its growing popularity and the market's shift towards more
environmentally friendly and aesthetically pleasing offerings.
Based on end use the market is segmented into residential
and commercial.
Based on distribution channel the market is segmented
into offline and online.
Based on region the market is segmented into five
regions, North America, Europe, Asia Pacific, Middle East & Africa, and
South America.
Major companies operating in Global Luxury
Furniture Market are:
- Laura Ashley Holding Plc
- Henredon Furniture Industries Inc.
- Turri S.r.l.
- Valderamobili
- Nella Vetrina
- Muebles Pico
- Scavolini
- Giovanni Visentin
- Iola Furniture Ltd.
- Duresta Upholstery Ltd.
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“Customization and personalization in furniture is a
significant trend that is expected to have an impact on growth over the
forecasted period. Rising luxury real estate development, evolving consumer
preferences and increasing disposable income will positively impact the Global Luxury
Furniture Market. Due to the wide range of products available to meet specific
needs of, as well as the growing popularity of the online distribution channel,
the market is growing at impressive rate through projected period,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Luxury
Furniture Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Material (Metal, Wood, Plastic, Others), By End Use
(Residential, Commercial), By Distribution Channel (Offline, Online), By
Region, By Competition, 2018-2028”, has evaluated the future growth
potential of Global Luxury Furniture Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Luxury Furniture Market.
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