Press release
Luxury Furniture Market to reach US$ 38.9 Bn by 2031 || TMR Report
In 2021, the global luxury furniture market was valued at approximately US$ 23.4 Bn. It is projected to reach US$ 38.9 Bn by 2031, growing at a CAGR of 5.2% during the forecast period.
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Market Drivers
• Rising Disposable Incomes: Economic growth in emerging markets has led to increased consumer spending on luxury items, including high-end furniture.
• Urbanization and Real Estate Development: The expansion of urban areas and luxury real estate projects has fueled demand for premium furnishings.
• Changing Consumer Preferences: A shift towards personalized and aesthetically pleasing interiors has driven the market for customized luxury furniture.
Market Challenges
• Economic Volatility: Fluctuations in the global economy can impact consumer spending on luxury goods, including furniture.
• High Production Costs: The use of premium materials and artisanal craftsmanship increases production costs, affecting pricing and accessibility.LinkedIn
• Counterfeit Products: The proliferation of counterfeit luxury furniture undermines brand integrity and affects consumer trust.
Market Trends
• Sustainability: Consumers are increasingly favoring eco-friendly and sustainably sourced furniture, prompting manufacturers to adopt greener practices.
• Smart Furniture: Integration of technology, such as built-in charging ports and smart home compatibility, is becoming a standard in luxury furniture offerings.
• Customization and Personalization: There is a growing demand for bespoke furniture pieces that cater to individual tastes and preferences.
Competitive Landscape
The luxury furniture market is characterized by the presence of both established and emerging players. Key companies include:
• Nella Vetrina
• Muebles Pico
• Scavolini S.p.A.
• Laura Ashley Folding PLC
• Henredon Furniture Industries Inc.
• Cassina S.p.A
• Iola Furniture Ltd
• Turri S.r.l
• Giovanni Visentin srl
• Heritage Home Group LLC.
These companies focus on innovation, quality craftsmanship, and strategic collaborations to maintain their market positions.
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Future Outlook
The luxury furniture market is poised for continued growth, driven by technological advancements, sustainability initiatives, and evolving consumer preferences. Emerging markets, particularly in Asia-Pacific, present significant opportunities for expansion due to rising affluence and urban development.
Key Market Study Points
• Market Size and Forecast: Analysis of market valuation and projected growth rates.
• Consumer Behavior: Insights into purchasing patterns and preferences.
• Technological Integration: Impact of smart technologies on product offerings.
• Sustainability Practices: Adoption of eco-friendly materials and processes.
• Competitive Strategies: Examination of market positioning and brand differentiation.
Market Segmentation
By Material:
• Wood
• Metal
• Glass
• Leather
• Plastic
By End-Use:
• Residential
• Commercial
• Hospitality
• Office
By Product Type:
• Chairs
• Sofas
• Tables
• Beds
• Cabinets
By Distribution Channel:
• Departmental Stores
• Online Sales
• Independent Furniture Retailers
• Factory Outlets
Regional Analysis
• Europe: Leads the market with a rich tradition of craftsmanship and strong demand in countries like Italy, Germany, and France.
• Asia-Pacific: Fastest-growing region, driven by urbanization, rising incomes, and a burgeoning middle class in countries like China and India.
• North America: Significant market share due to high consumer spending and a strong preference for luxury home décor.
• Middle East & Africa: Emerging markets with increasing demand for luxury furnishings, particularly in the hospitality sector.
Recent Developments
• Linly Designs acquired luxury furniture brand Marge Carson in October 2022 to enhance product offerings.
• Kogan.com took over management of Brosa, an Australian online luxury furniture retailer, in December 2022.
• Haworth Inc. completed the acquisition of Interni, specializing in furniture and interior design, in November 2021.
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