Luxury Furniture Market by Type (Chairs, Sofas, Tables, Beds, Cabinets, Others) by Materials (Material, Wood, Metal, Glass, Leather, Plastic, Others) by Applications (Domestic use (Living & Bedroom, Kitchen, Lighting, Outdoor, Bathroom), Commercial use (Hospitality, Office, Others)): Global Industry Size, Share, Statistics and Forecast 2015 - 2027

Luxury Furniture Market Analysis

With increasing brand-consciousness comes a renewed desire to upgrade one’s surroundings with the best of the best. Nowhere is this more evident than in the market for luxury furniture, wherein people are spending more and more on timeless, one-of-a-kind pieces that accentuate the aesthetics of their homes and add a touch of richness to their interior. In fact, it is estimated that the burgeoning demand for natural-looking furniture items – due, in part, to the adoption of stylish/comfortable furniture in the residential segment – will augment further growth at CAGR rate of 5.10% through 2027. Of course, this is only exacerbated by growing disposable income in emerging markets with large populations, such as India, China, Indonesia, South Korea and Malaysia. Improved economic conditions have rendered these the ideal markets for luxury furniture. The trend is set to continue with construction and renovation in the household segment and increased government spending on hospitals, schools and colleges, etc. In 2020 alone, the global luxury furniture market closed in on USD 20.5 billion.

Overcoming the negative consequences of COVID 19, Global Luxury Furniture industry is projected to exhibit CAGR of over 5.10% during the forecast period. This in turn expected to create revenue generation opportunity between 2021 and 2027 which will be valued around USD 206 billion.

Interesting Facts about Luxury Furniture Industry

  • Office space is increasing across the world at rapid pace
  • Luxury Furniture cost anywhere between USD 100,000 to USD 500,000
  • India will be home to third largest population of high-income group population by 2030
  • Large number of Luxury Furniture brands find their origin in Europe
  • China will be largest market for Luxury Furniture by 2027
  • U.S. was the single largest national market for luxury furniture in 2020

Chairs and Sofas to Drive the Demand for Luxury Furniture

Chairs, Sofas, Tables, Beds, Cabinets and Others are major types of luxury furniture. Luxury furniture is conducive to inspired living, adding elements of richness and elegance to one’s living space. Sophisticated engineering, modern styles and plush fabrics combine to make sofas, chairs, beds, cupboards and dressers, etc., distinct from relatively cheaper and commonplace items. They show one’s status in society. No wonder luxury chairs and sofas are expected to account for up to 18% to 20% of the luxury furniture market share by 2027.

Improved Standard of Living and Exponential Growth in Disposable Income to Drive the Demand for Luxury Furniture  

The global luxury furniture market is seeing an increase in the demand for items made of premium-quality woods, especially alder and mahogany. Individuals employed in the trade of these particular kinds of wood ought to take advantage of this, boosting supply and offering purchase packages to generate greater sales.

Having said that, art-deco metal furniture is also a hot new trend these days. Together, the luxury furniture segment offers ample business to traders of other necessary materials such as glass, leather, cotton, steel, etc.

Challenges for Growth of Luxury Furniture Industry Growth

Much like everything else, the luxury furniture market has also been adversely affected by the ongoing covid-19 pandemic. Both commercial and residential construction have undergone a sharp decline in terms of revenue. Not only was work stalled for months during the lockdown, the transport of items from China was also delayed due to sundry travel restrictions. Hotels, hospitals, and high-end restaurants – all of which use luxury furniture – also saw demand drop.

Naturally, this put a damper on consumer spending on luxury goods of all kinds, including furniture. While the situation is beginning to get better now, the road to recovery is likely to be a rather long one.

Residential Luxury Furniture to Hold Major Share

Domestic/residential and commercial are major types of Luxury Furniture. Increasing residential construction activity across the world is driving the demand for luxury furniture. While commercial luxury furniture is expected to grow in tandem with office space across the world.  

Offering Premium Quality is Major Focus Area for Key Players

Giovanni Visentin S.R.L. (Italy), Scavolini S.p.a. (Italy), Heritage Home Group (US), Iola Furniture Limited (UK), Muebles Pico, Laura Ashley Holding Plc, Herman Miller, Inc. (US), Duresta Upholstery Ltd (UK), Muebles Picó (Spain), Turri SRL (Italy), Steinhoff International (South Africa), Henredon Furniture Industries Inc., Valderamobili (S.R.L.) (Italy) and Nella Vetrina (Italy) are some of the leading players in global luxury furniture industry. Wooden is the most preferred material among end-users. Other key materials used in luxury furniture include metal, plastics, leather, glass and others.

Frequently asked questions about global Luxury Furniture industry

Likewise other industries, COVID 19 also taken a toll on Luxury Furniture market with around 12.34% decline in 2020 in its revenue as compare to 2019

Europe is the largest regional market with highest share in the total volume of Luxury Furniture consumed in 2020

Increasing expenditure by women on skin care products to drive the demand

Skincare Luxury Furniture segment dominated the Luxury Furniture market in 2020

Supermarkets/Hypermarkets was the largest distribution channel of Luxury Furniture in 2020

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Published Date:  Nov 2021
Category:  Consumer Goods
Report ID:   58136
Report Format:   PDF
Pages:   120
Rating:    4.1 (40)
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