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Luxury Furniture Market Will Exceed $38.9 Billion By 2031: TMR Study

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  • Infrastructure development in emerging economies to continue to drive profitable opportunities in the luxury furniture market; Manufacturers lean towards adopting greener furniture materials for competitive gains among customers
  • Wood-based luxury furniture will continue to be popular during the forecast period; The rise in online retailing of home improvement products catalyzes a massive increase in sales, particularly in Europe

ALBANY, New York, June 22, 2022 /PRNewswire/ — The size of the luxury furniture market has expanded thanks to the growing propensity for premium home improvement products that are a combination of aesthetics, durability and made from eco-friendly materials. Leading luxury furniture manufacturers have seen huge revenue gains from increased demand in commercial facilities, including but not limited to hotels and restaurants. Advancing at a CAGR of 5.2% from 2022 to 2031 (forecast period), the global luxury furniture market is projected to exceed $38.9 billion by 2031.

Most of the leading manufacturers are increasingly focused on strengthening their distribution channels, primarily by increasing their emphasis on online retailing. The 2022 luxury furniture market statistics suggest that the expansion of the e-commerce industry is giving a strong impetus to the expansion of the luxury furniture market. The key players are expected to benefit from the popularity of luxury furnishings among customers in emerging economies, and have witnessed significant prospects in the hospitality industry.

The continued expansion of hypermarkets and supermarkets has boosted the prospects for the luxury furniture market. An increasing number of players are turning to revealing new designs and adopting innovative promotional mix strategies to attract demand. Many furniture manufacturers globally are interested in promoting the luxury experience as a key customer proposition.

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Key Findings of the Luxury Furniture Market Study

  • Companies find enormous opportunities in commercial spaces: The demand for home decoration products has been growing in the residential sector. On the other hand, the commercial sector especially has been at the forefront in generating lucrative opportunities for market players, find the authors of the TMR study on the luxury furniture market. Demand is expected to grow rapidly at an attractive rate, given the shift towards adopting premium décor products to attract customers in commercial installations.
  • Increasing demand for wood-based luxury furniture to drive consistent revenue streams: The demand for wood-based furniture has been on the rise in the luxury furniture market. Wood is one of the popular raw materials, says the study on the luxury furniture market. In addition, wooden products attract customers for their high aesthetic value, remarkable value for money due to their durability and unique façade.
  • The inclination towards ecological materials underpins incredible avenues: The use of ecological and sustainable raw materials has become one of the main attractions of products in the luxury furniture market. Furniture manufacturers are promoting their sustainability practices by adopting green raw materials for furniture.

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Luxury Furniture Market: Key Drivers

  • Rising disposable income of populations in several emerging economies is a key driving force for demand for luxury interior furnishings. This is a key driver of the luxury furniture market. Among residential users, the rapid pace of urbanization has stimulated demand for luxury home furnishing products.
  • Developments in the e-commerce sector are driving the outlook for the luxury furniture market

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Luxury furniture market: regional growth dynamics

  • the Europe The luxury furniture market has been lucrative and has had a significant share globally. The regional market is anticipated to advance at a promising CAGR during 2022-2031. Substantial online sales of home improvement products and abundant demand in the urban population have stimulated income growth.
  • Pacific Asia it is a potentially profitable luxury furniture market. Earning potential has been high, especially in Porcelain.
  • the middle East is anticipated to witness significant growth opportunities during the forecast period. The expansion will be based on the increase in demand in the hospitality sector.

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Luxury Furniture Market: Key Players

Some of the key players in the market are Heritage Home Group LLC., Giovanni Visentin srl, Turri Srl, Iola Furniture Ltd, Cassina SpA, Pico Furniture and Nella Vetrina.

Segmentation of the luxury furniture market

  • kind of product
    • tables
    • Chairs
    • sofas and lounges
    • Beds
    • cabinets
    • Others (Accessories, Lighting, etc.)
  • Material
    • Metal
    • The plastic
    • Wood
    • Others (Glass, Leather, etc.)
  • end use
    • Commercial
    • Residential
      • Kitchen
      • living room and bedroom
      • Bath
      • Exterior
  • Distribution channel
    • Online
      • Company owned websites
      • e-commerce websites
    • Disconnected
      • Specialized stores
      • Supermarket / Hypermarket
      • Independent furniture retailers

Covered Regions

  • North America
  • Europe
  • Pacific Asia
  • MEA
  • South America

countries

  • U.S
  • Canada
  • France
  • Germany
  • United Kingdom
  • Porcelain
  • India
  • Japan
  • GCC countries
  • South Africa
  • Brazil

Explore TMR’s latest consumer goods and services industry research reports

Outdoor Furniture Market: The Accounted Outdoor Furniture Market $17 billion in 2020, which is expected to expand at a CAGR of 6% in value terms during the forecast

Online home decoration market: The online home decoration market represented US$151.1Mn in 2019, which is expected to expand at a CAGR of ~8% in value terms over the forecast period

Children’s furniture market: It is estimated that the children’s furniture market exceeds $109 billion in 2019, and expanding at a CAGR of ~6% in value terms over the forecast period

Online Premium Home Improvement Marketplace – The North America The online premium home improvement market is expected to cross the value of $1 billion by the end of 2031, expand at a CAGR of 6.2% from 2022 to 2031

Premium Highchair Market: The global premium highchair market is expected to exceed the value of US$368.2Mn by the end of 2031, expand at a CAGR of 4.7% from 2021 to 2031

Mid-Range High Chair Market – The global mid-range high chair market is expected to cross the value of US$661.2Mn by the end of 2031, expand at a CAGR of 5.5% from 2021 to 2031

Market for outdoor structures and beach chairs/camping chairs – North America The market for outdoor structures and beach chairs/camping chairs is estimated to reach the value of $3 billion by 2030, expanding at a CAGR of ~5% over the forecast period

Luxury Hotel Market: The luxury hotel market is expected to exceed the value of $304.6 billion by the end of 2031, it is estimated to expand at a CAGR of 6.2% from 2021 to 2031

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