The luxury furniture market is likely to touch USD 183 billion at a 3.14% CAGR between 2019- 2024, as per the recent report by Market Research Future (MRFR). Luxury furniture, simply put, are furniture of elite designs and quality. They are crafted out of different materials such as lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood, which help to add aesthetic value to offices, hotels, homes, or other outdoor/indoor areas.
Various factors are adding to the luxury furniture market growth. According to the new MRFR report, such factors include the booming real estate industry, globalization, movement of people to the urban areas from the rural areas and increasing personal disposable income. Additional factors adding market growth include rising environmental consciousness, growing demand for eco-friendly luxury furniture, increasing penetration of online retailing across the world, and change in lifestyle.
On the contrary, the increased cost of raw materials and scarcity of skilled workers are factors that may limit the luxury furniture market growth over the forecast period.
COVID-19 Analysis/COVID-19 Impact on Luxury Furniture Market
Various coronavirus related factors have resulted in declined revenue and sales of the luxury furniture selling business. Firstly, following the lockdown and social distancing, people are confined at home mandatorily or voluntarily. Owing to the pervading feeling of insecurity regarding their financial future, they have limited their expenses to essential items only such as supplies and food, and purchasing furniture is currently not a priority. Secondly, supplies of furniture from China are either disrupted or delayed for issues related to manufacturing & shipment due to the COVID-19 outbreak. China is the largest exporter and manufacturer of furniture in the world. Italy that exports the best luxury furniture is in the severe grip of the novel coronavirus. All these factors have affected the profitability as well as functionality of luxury furniture sellers across the world.
Leading players profiled in the global luxury furniture market report include Iola Furniture Limited (UK), Steinhoff International (South Africa), Herman Miller, Inc. (US), Turri SRL (Italy), Heritage Home Group (US), Giovanni Visentin S.R.L. (Italy), Nella Vetrina (Italy), Muebles Picó (Spain), Valderamobili (S.R.L.) (Italy), Scavolini S.p.a. (Italy), and Duresta Upholstery Ltd (UK).
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The MRFR report offers an inclusive segmental analysis of the global luxury furniture industry report based on end use, furniture type, material type, and product type.
By product type, the global luxury furniture industry is segmented into non-RTA and RTA furniture.
By material type, the global luxury furniture industry is segmented into lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood. Of these, wood will lead the market over the forecast period.
By furniture type, the global luxury furniture industry is segmented into cabinets, beds, tables, sofas, chairs, and others.
By end use, the global luxury furniture industry is segmented into household and commercial. Of these, the household segment will have a major share in the market over the forecast period.
Based on the region, the global luxury furniture market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, Europe will dominate the market over the forecast period. The established hospitality sector, increasing focus on interior designing that is influencing the luxury furniture sales, presence of a strong economy, and France & Italy being the hub of fashion trends, are adding to the market growth in the region.
The global luxury furniture industry in the APAC region is predicted to grow at a fast pace over the forecast period. Product promotion by key players, booming real estate industry, increasing per capita disposable income, the demand for elegant acoustics at vehicles, hotels, restaurants, and home, and preference for posh ambiance such as luxurious architecture are adding to the growth of the market in the region.
The global luxury furniture industry in Europe will have notable growth over the forecast period while that in the Rest of the World will have sound growth.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.