Global Luxury Furniture Market: Ken Research

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Global Luxury Furniture Market Ken Research
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Introduction Luxury Furniture was something that
only the wealthy could usually afford and
primarily still is, although there has been
significant increase in the capacity for those
who can afford to obtain luxury furniture. Rising
disposable income and the effect of cultural
globalization have boosted the demand for luxury
furniture and moved the demand center from the
hospitality sector to the homes of individuals.
While the hospitality sector was the predominant
market for luxury furniture, there is now an
increasing desire for consumers to purchase
luxury furniture. This is further supplemented by
the growing use of luxury furniture in Spas which
is one of the key markets for industrial sale of
luxury furniture due to the high reliance on
aesthetics. Market Overview The luxury
furniture market is expected to grow
significantly in the upcoming period with the
market valued at USD 23 Billion in 2017 and to be
worth over 30 Billion by the end of 2023. This
gives it a modest CAGR of 4.6. The market is
poised to grow faster beyond 2025 owing to
increasing standards of living and an expected
growth in consumer disposable income. A major
demand segment in luxury furniture is the use of
art based furniture and recycled furniture, both
of which are expected to be worth over USD 2
Billion by 2020. The luxury furniture market is
expected to be one of the key drivers behind the
growth of the furniture market.
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With increasing emphasis on design and comfort,
luxury furniture is poised to have major increase
in industrial as well as commercial demand. The
main channels for sale also play a crucial role
as most luxury furniture is unique and the
originality becomes a major selling point, hence,
brands focus on the extent of differentiation
they can offer in their design aiming to create
design that cannot easily be replicated or to use
materials that are rare for the construction of
the furniture. Primary sales channel works
through the distributor as many times,
manufacturers deal with industrial sales majorly.
Although the manufacturer winds up having
higher margins despite mostly having lower prices
than the distributor. Although the largest
contributor to the market will be in the European
region, the market is expected to experience high
growth primarily in the Asia pacific and the
Middle East region. Emerging economies are
expected to be participants in the luxury
furniture market in the long term
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Key Drivers The main drivers behind the luxury
furniture market in any region are relatively
similar, the primary driver being the increase in
disposable income. Growing changes in lifestyle
along with cultural and financial growth of the
population have led to the market demand for more
unique and authentic furniture which has
originality attached to it. Another key driver is
the increased demand from the hospitality sector
owing to the increase in construction of luxury
hospitality facilities in Asia and Europe. The
other key driver is the emergence of the
furniture art market where the entire focus is on
the design of the furniture. Competition
Scenario Some of the key players in the global
luxury furniture market include Muebles Pico,
Nella Vetrina, Laura Ashley Folding PLC, Henredon
Furniture Industries, Inc., Giovanni Visentin
srl, Iola Furniture Ltd., Turri S.r.l, Herman
Miller, Inc., Heritage Home Group LLC and others.
Companies born to serve the made to order
requirements are now opening their stores in
different geographical locations to provide
buyers creative designs that go well with time.
Besides this, many furniture manufacturers are
partnering up with artists or interior designers
to create and offer a luxury range of furniture.
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Opportunities There is a major opportunity for
authentically designed furniture which is
commercially viable. Although there are antique
pieces of furniture, due to the requirement of
functionality unlike wine, most furniture
required to be used does not increase in value
with time. The primary selling point for
furniture luxury is the functionality and the
design coupled with the extent of comfort. Most
luxury furniture is manufactured using wood and
that has been the major driver of the wooden
furniture market being worth over USD 6 Billion
in the year 2017. For more information, click on
the link below https//www.kenresearch.com/tag/co
nsumer-products-and-retail/furniture/25.html Cont
act Us Ken Research Ankur Gupta, Head Marketing
Communications sales_at_kenresearch.com 0124-423020
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