Luxury Furniture Market Size, Industry Trends Report | 2031

Report Description

The global luxury furniture market size was USD 21.67 Billion in 2022 and is likely to reach USD 35.30 Billion by 2031, expanding at a CAGR of 5.57% during 2023–2031. The growing urbanization, increasing standard of living associated with rising disposable income, and the rising demand for multi-functional furniture are boosting the global luxury furniture market.

Luxury furniture is sustainable furniture and eco-friendly products for everyday life. This furniture is made by skilled craftsmen by using high-quality material. Luxury furniture is made with a perspective for providing more comfort to the user. The luxury furniture looks stylish and elegant that made it different from normal furniture. Luxury furniture includes tables, lighting, bedroom, chairs and sofas, accessories, cabinets, and etc. Moreover, using luxury furniture adds aesthetic value to offices, hotels, restaurants, homes, and other indoor and outdoor area. Therefore, luxury home furniture is used to make the environment attractive, pleasant, and conformable.

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Luxury Furniture Market Trends, Drivers, Restraints, and Opportunities

• Increasing self-esteem, a sense of accomplishment, and proving a sense of belonging among consumers are boosting the market. 

• Changing consumers’ preference towards the adoption of eco-friendly luxury furniture is driving the market.

• The growth in the real estate projects continuously influences the demand for luxury furniture among consumers of both the household and commercial sectors. Thus, fueling the market. 

• Lack of skilled labor and increasing cost of raw material is hampering the luxury furniture market. 

• Increasing collaboration with interior designers for developing new designs for capturing a wider customer base is creating opportunities in the market.

• Growing demand for branded or premium products due to the rising spending by consumers on luxury items are generating opportunities in the market.

Scope of Luxury Furniture Market Report

The report on the global luxury furniture market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Luxury Furniture Market Segment Insights

Indoor segment to grow during the anticipated period

In terms of types, the global luxury furniture market is segmented into indoor and outdoor. The indoor segment is expected to hold a significant market share during the forecast period, due to the growing adoption of luxury furniture for living and bedroom, bathroom, kitchen, and indoor lighting. Moreover, the rising trend for modular kitchens increasing the demand for luxury furniture, which is anticipated to propel the segment during the forecast period.

Chairs and sofas segment to hold significant market share

On the basis of products, the global luxury furniture market is segregated into lighting, tables, chairs and sofas, accessories, bedrooms, cabinets, and others. The chairs and sofas segment constituted a significant market share in 2020 and is projected to grow in the near future. The sophisticated shape, design, and fabric of the luxury chairs and sofas make them exception across the household and commercial uses. The lighting segment is expected to hold a significant market share during the forecast period, attributed to the growing demand for LED lighting. The demand growing for advanced technologies in luxury furniture including OLED, brightness level, high efficiency, and lavish designs are creating demand in the market.

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Wood segment held substantial market share in 2020

Based on materials, the global luxury furniture market is segmented into wood, metal, glass, leather, plastic, and others. The wood segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period. The availability of different types of wood such as redwood, fir, teak, cedar, mahogany, and birch is driving the market. Wooden furniture requires low maintenance, provides high durability, gives its beautiful natural look, and the various other benefits are helping the segment to expand at the significant CAGR during the forecast period owing to its accurate results.

Offline segment to grow in the forecasted period

In terms of distribution channels, the global luxury furniture market is segregated into offline and online. The offline segment is further sub-segmented into retail, specialty stores, convenience stores, and others. The offline segment is expected to hold a significant share of the market during the forecast period attributed to the availability of a wide range of products. Moreover, offline purchasing provides an immediate quality check of the products and the presence of several small and mid-sized domestic manufactures are boosting the market. The specialty stores are projected to hold the maximum share of the luxury furniture market owing to the buyer's convenience and high consumer preference to visit stores for product customization. 

Commercial segment to grow at a significant pace in the near future

On the basis of end-users, the luxury furniture market is segregated into domestic uses and commercial uses. The domestic uses segment is further sub-segmented into living & bedroom, kitchen, lighting, and bathroom. The commercial uses segment is further sub-segmented into hospitality, offices, and others. The commercial uses segment is expected to hold a significant share of the market during the forecast period, attributed to the rising demand for luxury furniture by the hospitality industry. Moreover, growing urbanisation and increasing tourism activities are driving the luxury furniture market.

Europe dominates the global luxury furniture market

Based on regions, the global luxury furniture market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe constituted a significant share of the market in 2020, due to the presence of major manufacturers such as BOCA DO LOBO, Cassina S.p.A, Duresta, Inter IKEA Systems B.V., and VALDERAMOBILI s.r.l. These key players are launching their own online platform and partnership with e-commerce retailers for strengthening their distribution network. For Instance, In July 2020, Cassina S.p.A partnered with Mobilia for extending its reach in Australia. The market in the Europe is projected to expand at a significant CAGR during the forecast period, due to the increasing international trade of luxury furniture in Italy, Germany, and Poland with different countries including France, United Kingdom and United States. However, the growing expansion of luxury furniture manufacturers is propelling the market in Europe.

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