Global Luxury Furniture Market 2019-2023
Global Luxury Furniture Market: About this market
Luxury furniture usually refers to the high-end and premium class of commercial and residential furniture. Technavio’s luxury furniture market analysis considers sales from distribution channels including offline and online. Our analysis also considers the sales of luxury furniture in APAC, Europe, North America, South America, and MEA. In 2018, the offline segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the tangential factor associated with the offline distribution of luxury furniture will play a significant role in the offline segment to maintain its market position. Also, our global luxury furniture market report looks at factors such as the increasing number of new luxury furniture showroom launches, growing influence of different retailing channels, and rising popularity of multi-functional luxury furniture. However, frequent product recalls, unstable prices of raw materials, and stringent regulations related to luxury furniture may hamper the growth of the luxury furniture industry over the forecast period.
Global Luxury Furniture Market: Overview
Rising popularity of multi-functional luxury furniture
Single and two-person households are looking for ways to maximize space in their rooms by spending on small, portable, multi-purpose, foldable, and technologically-influenced luxury furniture. The adoption of these furniture allows them to quickly re-configure an entire area using their transforming features. Multitude of benefits of multi-functional luxury furniture will lead to the expansion of the global luxury furniture market at a CAGR of about 5% during the forecast period.
Rapid emergence of eco-friendly and organic luxury furniture
There is an increase in the adoption of green technology due to the growing awareness of negative impact of deforestation on the environment. This is encouraging manufacturers to use biodegradable, sustainable, and renewable raw materials to build eco-friendly and organic luxury furniture. This will boost the product launches, which in turn, will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global luxury furniture market during the forecast period 2019-2023, click here.
With the presence of several major players, the global luxury furniture market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading luxury furniture manufacturers, that include Herman Miller Inc., HNI Corp., Inter IKEA Group, Muebles Picó SA, and Steinhoff International Holdings NV.
Also, the luxury furniture market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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