Global Luxury Furniture Market 2017-2021
About Luxury Furniture
Luxury furniture is differentiated from regular furniture on the basis of price range of different categories covered in the report. The price ranges are provided further in the report for different categories. Luxury furniture includes chairs, tables, desks, beds, storage, and many other products used for residential and commercial applications. The furniture is made up of raw materials such as wood, plastic, metal, and wicker.
Technavio’s analysts forecast the global luxury furniture market to grow at a CAGR of 4.92% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global luxury furniture market for 2017-2021. To calculate the market size, the report considers value sales of luxury furniture through distribution channels studied.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Luxury Furniture Market 2017-2021
Technavio recognizes the following companies as the key players in the global luxury furniture market: Inter IKEA Systems, Heritage Home Group, Herman Miller, HNI, MUEBLES PICO, Steinhoff International, and Williams-Sonoma.
Other Prominent Vendors in the market are: Ashley HomeStores, Berkshire Hathaway Duresta, Giovanni Visentin, Kimball International, Knoll, LAURA ASHLEY, La-Z-Boy, Nella Vetrina, Rooms To Go.com, Scavolini, Steelcase, and Turri.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market increase in demand for eco-friendly and green furnishings. The awareness of eco-friendly and green furniture in the Americas and Europe has increased. It is also being witnessed among the consumers of developing countries such as China. Consumers are currently showing more preference toward eco-friendly furniture such as those made from Moso bamboo, which is harder and more durable than oak. These materials also allow designers to obtain an aesthetic look for their products.”
According to the report, one of the major drivers for this market is branding and positioning. The global luxury furniture market is characterized by various brands and their value propositions. Brands work on different positioning strategies to position the brand as luxury and ultra-luxury. The strategies aim to improve the brand image and product positioning, characterized by quality and unique designs. It is imperative for brands to strengthen the perception of exclusivity and rarity of their products. Thus, branding and positioning have become the most powerful marketing strategies for furniture retailers, which mainly target the affluent consumer segment. The demand mostly stems from HNWIs and upper-middle class families with high purchasing power.
Further, the report states that one of the major factors hindering the growth of this market is cost challenge faced by manufacturers and retailers. One of the key operational challenges faced by the market is the cost of raw materials and manufacturing. Luxury wooden furniture requires wooden parts as well as several metallic components for manufacturing the finished product. Hence, the cost of manufacturing rises with an increase in the price of wood, metal, or any other raw material. This adversely affects the profit margins for manufacturers and retailers. Manufacturers need to produce and sell a certain quantity of units to maintain a significant profit margin.
Inter IKEA Systems, Heritage Home Group, Herman Miller, HNI, MUEBLES PICO, Steinhoff International, and Williams-Sonoma.
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