Luxury Tableware Market Analysis

The luxury tableware market has been growing substantially year after year. The market is driven by high supply and demand, meeting at a perfect equilibrium, causing the GDP to grow bigger. More so, the sales of high-end luxury tableware are also related to home sales. The more homes are sold, the more there’s a demand for tableware. The market drivers are also cashing in by implementing product differentiation, giving a wide range of variety to their final consumer(s). In addition, the market is expected to grow further from a forecasted period from 2022 to 2028.

Global Luxury Tableware market is expected to witness CAGR of 6.25% during the forecast period. The revenue generated by the global Luxury Tableware market in 2021 was over USD 24,492 million and expected to generate revenue worth USD 39,638 million in 2028. The incremental growth opportunity offered by the global Luxury Tableware is estimated to be USD 234 billion between 2022 and 2028.     

Interesting Facts about Luxury Tableware Industry

• Key materials used in Luxury Tableware include Metalware, Glass, Plastic/fiberware and Ceramic
• Luxury Tableware can be broadly classified into Western, Japanese and Chinese Style
• Luxury Tableware industry characterised with presence of large number of manufacturers
• Japan and China lead the demand in Asia Pacific
• UK, France, Germany, Italy and Spain held over 50% share in Europe

Key Players Focused on Market Size Expansion

Some of the key players in global Luxury Tableware market include, Fornasetti, Gien, Minton, Noritake, Oneida, Rosenthal, Gorham, Iittala, Juliska, Kate Spade, Alessi, Arte Italica, Artemest, Christofle, Corelle, David Mellor, Ercuis, Leilani, Versace, Villeroy and Boch, Vista Alegre, Lenox, Michael Aram, Mikasa, Royal Doulton, Ten Strawberry Street, Vera Wang, Waterford and Wedgwood. This may not be a big surprise, but leading brands such as Versace, Vera Wang, Alessi, and Kate Spade dominate the market by having the largest chunk of the market share. The market share is calculated by measuring revenues generated across different regions, cities, and eventually countries.

These brands are big on their advertising, but that’s not the only factor that has helped them acquire such a position in the tableware market. They know best what to produce for their audience, spending millions on research and development, and even manufacturing. Moreover, their product has specific detailing, providing what is needed the most.

Growing Awareness

First and foremost, more people are becoming well aware of the difference between good tableware and bad. The desire to furnish their homes with a decent piece of furniture that screams poise and sophistication is what most people are lately going for, and manufacturers are giving them just what they need.

Growing Income Level

Economic factors have a huge role to play in this as well. The more money a country generates, the more it can provide it to its citizens. That can be done in two ways; one, reduce prices, which positively impacts affordability and spending. Two, increase incomes of working individuals. The more people earn, the better their lifestyle can get. Hence, when the quality of living increases, people turn to high-end products, such as tableware (among other things), to represent their lifestyle patterns.

Increasing Online Services

Finally, another driver that is fueling the tableware market is the increase in online service. E-commerce businesses have been booming, giving customers a platform to book and purchase their choice of tableware. Such online businesses implement clever strategies like Christmas discounts or Black Friday sales to attract more customers to their online array of quality tableware.

Lower Income Level in Developed and Underdeveloped Economies

The main restraint preventing the tableware market from capturing an even higher market share is the low disposable incomes of people in different countries. People are paid well in countries such as America, Australia, Canada, and England. However, lesser developed countries such as the Central African Republic, Mali, and Sierra Leone cannot provide the same for their citizens.

The people there aren’t able to accommodate their lifestyle by purchasing luxury tableware for their homes. And it isn’t just the people; the hotels and cafes aren’t making many revenues to purchase commercial tableware. Hence, these are a few restraints that are posing as a threat to the luxury tableware market. 

Frequently asked questions about global Luxury Tableware industry