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Luxury Furniture Market Size, Industry Forecast, Insights 2024-2033

Luxury Furniture Market

Luxury Furniture Market

The luxury furniture market size has grown strongly in recent years. It will grow from $24.1 billion in 2023 to $25.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to economic prosperity, architectural and interior design trends, rise of luxury real estate, cultural influences, celebrity endorsements and influencers.

The luxury furniture market size is expected to see strong growth in the next few years. It will grow to $32.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rise of luxury e-commerce, sustainability and eco-friendly practices, global wealth redistribution, wellness and comfort in design, rise of luxury e-commerce. Major trends in the forecast period include digitalization of design and customization, collaborations with contemporary artists, transparency in supply chain, inclusive and diverse designs, virtual and augmented reality shopping.

Market Overview -
Luxury furniture refers to expensive and rare furniture created and constructed using materials of the highest quality, excellent craftsmanship, and attention to detail. It conveys a feeling of openness and the illusion of an opulent existence.

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Home Renovation Boom Propels Surge In Luxury Furniture Market Demand
The rising trend of home renovation is expected to propel the growth of the luxury furniture market going forward. Home renovation is the process of significantly altering, enhancing, or upgrading a residential home. By bringing a touch of refinement, style, and sophistication to the living areas, luxury furniture plays a key role in home renovation projects. For instance, in August 2022, according to Verana Ltd., a US-based e-commerce company that sells kitchen taps and other home appliances, the house renovations sector contribution was 53% of homeowners in 2021. Therefore, the rising trend of home renovation is driving the growth of the luxury furniture market.

Competitive Landscape -
Major companies operating in the luxury furniture market report are IKEA Systems B.V., Ralph Lauren Home, La-Z-Boy Incorporated, Heritage Home Group LLC, Arhaus LLC, Bentley Home, Luxury Living Group, Cassina S.p.A, Scavolini S.p.A., Meco Corporation, Boca do Lobo, Interior Define, DelightFULL, Castlery, Jonathan Adler, Brabbu, Iola Furniture Limited, Turri Srl, Nella Vetrina, Koket, Henredon Furniture Industries Inc., Muebles Pico SA, Valderamobili s.r.l, Artifox, Laura Ashley Holdings PLC, Giovanni Visentin s.r.l, Duresta Upholstery Ltd., Mueble de España, Essential Home, Thomas Blakemore Ltd., Anna Casa Interiors

Emergence Of Sustainable Luxury Furniture Through A Focus On Advanced Recycled Materials In The Market
Advanced recycled materials are a key trend gaining popularity in the luxury furniture market. Major companies operating in the luxury furniture market are using a new generation of advanced recycled materials to make sustainable luxury furniture and sustain their position in the market. For instance, in March 2023, House of Ecologie, a US-based sustainable furniture and home goods brand, developed a line of luxury capsule furniture that is environmentally friendly and made using innovative recycled materials. The collaboration will include various classic, handcrafted items to enhance the contemporary, functional house, guided by Ecogensus' dedication to emphasizing the welfare of people and the environment.

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Key Segments -

The luxury furniture market covered in this report is segmented -

1) By Type: Tables, Chairs, Sofas And Lounges, Kitchen, Lighting, Interior Accessories, Beds, Other Types
2) By Material: Wood, Metal, Plastic, Glass, Leathers, Other Materials
3) By Distribution Channel: Online, Offline
4) By End User: Residential, Commercial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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