The luxury furniture market size is estimated to stand at USD 38.97 billion by 2033. Over the forecast period, the market is assessed to trail at a CAGR of 5.6%. For the year 2023, FMI has estimated the market to be worth USD 22.6 billion.
Growth-inducing Market Factors:
Emerging Trends Spotted in the Luxury Furniture Market Report
Soaring consumer demand for eco-friendly and aesthetically appealing luxury furniture to adorn homes, hotels, offices, and restaurants is stimulating the emergent trends related to luxury furniture. Furthermore, robust urbanization and growing demand for high-quality décor products have enhanced the growth prospects for luxury furniture. A considerable rise in awareness pertaining to global brands and trends in emerging economies is also favoring the market in focus.
Established luxury furniture market players like Herman Miller, Inc., DURESTA, Kimball International, Inc., and Cassina S.p.A, among others, are catching up with the constantly evolving purchasing pattern of the surging younger population. By leveraging the above insight, companies are updating their extant luxury furniture portfolio for enhanced market revenue. In addition to this, incessant innovations by companies in the design, production, and material incorporated in furniture pieces are expected to bolster market growth.
Manufacturers are adopting social media platforms as their choice of promotion by deploying intense marketing campaigns. This strategy helps brands reach the masses in a cost-effective and time-efficient manner.
Rise in the Access to Counterfeit Products Pulling the Market Downwards
Easy access to several technologies to develop similar imitations of luxury products, including furniture, is interrupting market growth. Such practices negatively impact manufacturers’ revenue margins and discourage them from heavily investing in intense research and development activities.
Counterfeit production is common across the globe. However, it is quite a frequent phenomenon in developing countries that have strong yet cheap manufacturing capacities.
Counterfeiting involves incorporating a logo or trademark of an established brand on a product, which is not authorized or manufactured by their respective brand. A surge in the sales of counterfeit products has caused the brand image of manufacturers to dwindle, thereby losing customer confidence.
The growth of online platforms that facilitates the purchase and sale of products is propelling a robust increase in the supply of counterfeit items globally. As a result, negatively impacts market growth.
| Market Value (2023) | USD 22.6 billion |
|---|---|
| Market Forecast Value (2033) | USD 38.97 billion |
| Market CAGR (2023 to 2033) | 5.6% |
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The luxury furniture market generated a revenue of USD 21.40 billion in 2022. The market was aided by surging projects related to home décor in the historical period. Looking forward, the market is set to register a CAGR of 5.6% to reach USD 22.6 billion in 2023. By 2033 end, the market is anticipated to reach a market valuation of USD 38.97 billion.
From 2023 to 2033, the market is expected to observe many changes and trends shaping the overall market development. FMI outlines such developments in the following box.
Predicted Growth of the Luxury Furniture Market Over the Forecast Period
| Duration | Market Analysis |
|---|---|
| Short-term Growth | The luxury furniture market is anticipated to stand at a valuation of USD 25.20 billion by 2025. The rapidly growing e-commerce sector is pushing relevant brands to expand their offerings online. By doing so, the accessibility of luxury furniture is expected to enhance, leading to its increased purchase. |
| Mid-term Growth | By 2028 end, the luxury furniture market is estimated to surpass a market worth of USD 29.68 billion. Increasing prioritization of self-care and wellness is expected to boost the adoption of luxury furniture like adjustable standing desks and ergonomic chairs in the years to come. |
| Long-term Growth | The luxury furniture market is projected to amass a total of USD 38.97 billion by 2033. Over the predicted period, the market is set to witness a greater focus on sustainability. Since consumers are shifting towards investing in eco-friendly and socially responsible items, manufacturers are expected to develop products while keeping sustainability in mind. |
The wood segment is expected to occupy a massive market share, based on raw materials. The growth of the segment is grounded in the fact that luxury furniture made of wood has fine furnishing and adaptability. Additionally, the growing popularity of wood owing to its high monetary value, aesthetic value, and durability, is resulting in its heightened use in luxury furniture.
The robustly growing residential sector is accelerated by increasing population, economic growth, foreign direct investment (FDI), and smart cities. This further increases the demand for wooden furniture. Steadily-growing demand for customizable and modern furniture to drive enhanced customer experience is propelling customers’ demand for the same.
There is a significant rise in the import and export of wood to build flooring and furniture which is likely to augment segment growth. In 2020, the Observatory of Economic Complexity (OEC) stated that the top importers of wood are Germany, France, the United Kingdom, the United States, and Japan. The top exporters of wood and furniture in the year 2020 were Vietnam, China, Italy, Poland, and Germany.
The residential sector is expected to acquire the maximum market share over the forecast period. This is attributed to the increasing production of home furnishings and home décor. Certain factors, such as increasing per capita income, shifting focus on aesthetics, robust urbanization, and soaring adoption of urban lifestyle, are fueling product sales.
Emerging trends showing a preference for decorative and innovative furniture products are expected to propel market growth. Invigorated demand for multifunctional and sustainable luxury furniture the world over is expected to have an overall positive impact on the luxury furniture market.
Commercial sections, including school furniture, hospitality furniture, office furniture, and others, are growing at a healthy pace. Rising construction activities to construct offices and commercial complexes are predicted to foster segment growth in the years to come.
Offline distribution channel of luxury furniture is expected to represent a sizeable market share in the years to come. This can be ascribed to the personalized experience afforded by an offline section that allows customers to inspect the product quality in person. Certain factors like a surging workforce, robust urbanization, and increasing discretionary income, are propelling offline sales of luxury furniture. Retailers are additionally looking for custom luxury furniture for residential and commercial purposes, for which they are preferring offline sales channels to purchase products.
The online sales channel, which is an adjacent distribution channel, is also predicted to significantly expand over the forecast period owing to a solid increase in e-commerce platforms. Several manufacturers are introducing their e-commerce platforms to meet the growing demand for such services. In April 2021, for instance, Herman Miller introduced its new e-commerce store for luxury furniture. This launch was made with the aim to expand the existing customer base of the company and further enhance product sales.
The Europe luxury furniture market is expected to occupy the maximum market share in the coming decade. Ceaseless advancements and innovations in technologies are used to develop luxury furniture. This has consequently pushed product sales in the region. As more online stores are springing up in Europe, the region is expected to inhabit widespread original luxury pieces that showcase true craftsmanship. Growth in wealthy people that are residing in the region is further augmenting product sales.
The rising popularity of luxury indoor furniture like bathrooms, bedrooms, kitchens, and others, is expected to escalate the regional growth for the domestic segment. The luxury furniture market in the United Kingdom is being driven by the surge in luxury shopping as the country is considered one of the top destinations for luxury shopping. Additionally, an increasing proportion of individuals willing to invest in high-quality and high-end products is also favoring regional growth.
The China luxury furniture market is expected to expand at a significant CAGR over the forecast period. Surging construction of commercial as well as residential properties, as a consequence of robust urbanization, disposable income, and employment in the country is propelling the demand for luxury furniture. Easy availability of multiple luxury products on online and offline platforms alike is also expected to have a positive effect on the market. Additionally, ongoing innovation and heightened consumer preference for designer luxury furniture are expected to propel product sales in the coming years.
The luxury furniture industry is highly fragmented. Domestic and regional players in the market are mainly focused on expanding their offerings of luxury furniture in stores. For this, the key players are concentrating on implementing key strategies like mergers and acquisitions, and new product launches. This is expected to help with maintaining high-level product visibility, brand recall, and enlargement of consumer base and revenue share.
News Update:
Enlisted below are the key players in the market:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Europe; Asia Pacific; Latin America; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa, Northern Africa, Türkiye |
| Key Segments Covered | Raw Material, End User, Distribution Channel, and Region |
| Key Companies Profiled | SCAVOLINI S.P.A.; Cassina S.p.A; Kimball International, Inc.; Brown Jordan International; Herman Miller, Inc.; Vivono; Boca do Lobo; DURESTA; Haworth, Inc.; MUEBLES PICO SA |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is estimated to reach USD 38.97 billion by 2033.
Robust growth of the e-commerce sector is the key trend.
This market be valued at USD 22.6 billion in 2023.
Heightened interest in home renovation drives the market.
Growing demand for eco-friendly luxury furniture is a growth opportunity.
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Luxury Furniture Market
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