The global luxury furniture market size was valued at USD 22.78 billion in 2023. The market is projected to grow from USD 23.98 billion in 2024 to USD 37.33 billion by 2032 at a CAGR of 5.69% during the forecast timeframe of 2024-2032.
The market is expected to grow at a strong rate due to rising consumer spending and other factors such as household debt levels, per-capita income, and consumer expectations. Moreover, since the average disposable income of the world population is increasing each year, there has been a significant improvement in their living standards. This factor has boosted the demand for luxurious furniture, thereby fueling the market growth.
Fortune Business Insights™ presents this information in a report titled, "Global Luxury Furniture Market, 2024-2032."
COVID-19 Impact
COVID-19-related Trade and Movement Restrictions Dampened Market Progress
The COVID-19 outbreak had an adverse impact on the global luxury furniture market growth as governments enforced stringent travel and movement restrictions in 2020. This resulted in the complete closure of international as well as domestic borders. The import and export activities were disrupted, causing several production and supply chain disturbances. These aspects further hampered the market growth.
Top Leading Companies Covered in the Luxury Furniture Market:
- SCAVOLINI S.P.A. (Italy)
- Cassina S.p.A (Italy)
- Kimball International, Inc. (U.S.)
- Brown Jordan International (U.S.)
- Herman Miller, Inc. (Knoll Inc) (U.S.)
- Vivono (India)
- Boca do Lobo (UK)
- DURESTA (UK)
- Haworth, Inc. (Italy)
- MUEBLES PICO SA (Spain)
Information Source: https://www.fortunebusinessinsights.com/luxury-furniture-market-107326
Segments
Wooden Furniture Products Gain Traction for their Aesthetic Design and High Durability
Based on raw material, the market is divided into wood, metal, plastic, and others. The wood segment is expected to hold a significant market share owing to its adaptability and high-quality finishing. Wood is considered the most popular material due to its high aesthetic value and durability, further enhancing its usage in the production of luxurious furniture. A notable rise in the import and export of wood-based raw materials to build furniture and flooring products will also fuel the market progress.
Rising Commercial Construction Projects to Enhance Market Forecast
In terms of end-user, the market is divided into residential and commercial. The commercial segment is predicted to hold a major share during the forecast period as the construction of commercial complexes, such as office spaces, hotels, and schools, is rising at a notable rate every year.
Increase in E-Commerce Platforms to Accelerate Adoption of Online Sales Channels
Based on distribution channel, the market is further divided into online and offline. The online segment is projected to account for a large share due to strong rise in e-commerce platforms. Many luxury furniture manufacturers are launching their own online stores to enhance customer satisfaction and create additional revenue streams, thereby enhancing the market outlook.
Report Coverage:
The research report analyzes the industry in detail and highlights several crucial aspects such as competitive landscape, prominent companies, end users, raw materials, and distribution channels. Apart from this, the report also offers insights into the industry trends and underlines many important developments in the market.
Drivers and Restraints:
Rise in Online Retailing in the Furniture Industry to Drive Market Development
Online furniture shopping platforms are gaining steady traction among clients as they offer a wide range of options in terms of shapes, sizes, and colors. Customers can also compare the price of their desired product with different online sellers before confirming their purchase. They can also read the reviews from previous buyers, which can save them from purchasing a low-quality furniture piece. These advantages will accelerate the market expansion.
Production of Counterfeit Products to Decelerate Market Progress
The availability of counterfeit products might hinder the market growth. Counterfeiting also involves placing the logo or trademark of a famous brand on a product, but the product is not manufactured or authorized by that brand. The growing sale of such products has tarnished the brand image of manufacturers, leading to loss of customer confidence and further restricting the industry growth.
Regional Insights:
Based on region, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA). The Asia Pacific region is expected to showcase substantial growth during the forecast timeframe. The construction of residential and commercial properties is increasing exponentially due to several factors such as notable rise in disposable income, urbanization, and high employment rate in the region. This scenario is expected to spur the sales of luxury furniture products.
The Europe region is likely to account for a sizeable luxury furniture market share during the forecast period. Many companies across the region are involved in in-depth innovation & research and are constantly upgrading their technologies to manufacture luxury furniture. This has spurred the product sales across the region.
Competitive Landscape:
Acquisitions and Partnerships by Key Firms to Boost Market Growth
Leading companies, such as Scavolini S.P.A., Cassina S.p.A., Kimball International, Inc., Brown Jordan International, and many others, are developing a wide range of growth strategies to fortify their presence in the global market. For example, in November 2021, Haworth Inc. announced that it completed the acquisition of Interni, a firm specializing in interior design and furniture products. The acquisition will help improve the company’s product design and quality.
Key Industry Development:
- In December 2022, Kogan.com took over the management of Brosa, one of Australia's largest online retailers of luxury furniture. The deal is anticipated to revive the operations of the popular furniture brand, with the support of the Kogan Group.
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