The Luxury Furniture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Luxury Furniture Global Market Report 2024, The luxury furniture market size has grown strongly in recent years. It will grow from $24.1 billion in 2023 to $25.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to economic prosperity, architectural and interior design trends, rise of luxury real estate, cultural influences, celebrity endorsements and influencers.
The luxury furniture market size is expected to see strong growth in the next few years. It will grow to $32.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rise of luxury e-commerce, sustainability and eco-friendly practices, global wealth redistribution, wellness and comfort in design, rise of luxury e-commerce. Major trends in the forecast period include digitalization of design and customization, collaborations with contemporary artists, transparency in supply chain, inclusive and diverse designs, virtual and augmented reality shopping.
The rising trend of home renovation is expected to propel the growth of the luxury furniture market going forward. Home renovation is the process of significantly altering, enhancing, or upgrading a residential home. By bringing a touch of refinement, style, and sophistication to the living areas, luxury furniture plays a key role in home renovation projects. For instance, in August 2022, according to Verana Ltd., a US-based e-commerce company that sells kitchen taps and other home appliances, the house renovations sector contribution was 53% of homeowners in 2021. Therefore, the rising trend of home renovation is driving the growth of the luxury furniture market.
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The luxury furniture market covered in this report is segmented –
1) By Type: Tables, Chairs, Sofas And Lounges, Kitchen, Lighting, Interior Accessories, Beds, Other Types
2) By Material: Wood, Metal, Plastic, Glass, Leathers, Other Materials
3) By Distribution Channel: Online, Offline
4) By End User: Residential, Commercial
Advanced recycled materials are a key trend gaining popularity in the luxury furniture market. Major companies operating in the luxury furniture market are using a new generation of advanced recycled materials to make sustainable luxury furniture and sustain their position in the market. For instance, in March 2023, House of Ecologie, a US-based sustainable furniture and home goods brand, developed a line of luxury capsule furniture that is environmentally friendly and made using innovative recycled materials. The collaboration will include various classic, handcrafted items to enhance the contemporary, functional house, guided by Ecogensus’ dedication to emphasizing the welfare of people and the environment.
The luxury furniture market report table of contents includes:
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Top 5 Major Key Players Are:
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