According to FMI’s analysis, the global luxury furniture market is forecasted to demonstrate a CAGR of 5.6% throughout the forecast period. It is projected to expand from US$22.6 billion in 2023 to US$38.97 billion by the end of 2033.
Appreciable rise in the real estate sector over recent years has intensified the demand for office as well as residential spaces. Further, the surging demand for office workspace, conducive corporate culture, and urban and semi-urban accommodation have supplemented the growth of the real estate sector.
In addition to this, the soaring construction activities related to residential and commercial buildings are expected to propel the market growth. The real estate sector in India is estimated to be worth US$ 1 trillion by the end of 2030, starting from US$ 200 billion in 2021, as per the estimates by India Brand Equity Foundation (IBEF). The sector is further expected to contribute 13% to India’s GDP by the end of 2025.
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Going forward, the growing demand for luxury property has escalated the adoption of luxurious furnishings in areas like offices, bedrooms, and kitchens. Additionally, with the help of smart devices and widespread, high-speed internet networks, the e-retail industry is inclining forward at a rapid pace. The introduction of such advanced technologies helps make the purchase of furniture easier. Additionally, the growing demand for online shopping has resulted in several companies launching their online stores, further expanding their reach and clientele.
Nilkamal Pvt. has introduced an online shopping portal that showcases an exclusive range of home furnishings, home furniture, and upholstery. The presence of multiple product options and features to compare prices are some factors that are propelling customers to shop online. When shopping online, customers can also check previous reviews, compare multiple products and stores, and analyze prices from different sellers.
Top Highlights from the FMI’s Analysis of the Luxury Furniture Market:
- Europe’s luxury furniture market is expected to gain a handsome market share over the forecast period.
- The Asia Pacific is expected to witness robust growth in the years to come.
- Wood as the raw material is predicted to acquire a massive market share over the forecast period owing to its fine finishing and touch, adding to its aesthetic appeal.
- The offline channel holds a considerable market share. This can be attributed to the wide consumer base that prefers in-person purchases of luxury furniture.
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Business Growth Drivers:
- Economic Growth: When economies are booming, people tend to have higher disposable incomes, leading to increased spending on luxury items including furniture.
- Rising Affluence: As the global middle class expands, there’s a growing segment of affluent consumers who desire high-end, luxury products, including furniture.
- Urbanization: Urbanization trends lead to smaller living spaces in cities, driving the demand for innovative, space-saving luxury furniture solutions.
- Changing Consumer Preferences: Consumers are increasingly valuing experiences and quality over quantity, driving demand for high-quality, luxurious furniture pieces that can last a lifetime.
- Innovative Designs and Materials: Continuous innovation in furniture design and the use of premium materials like rare woods, metals, and fabrics attract discerning consumers looking for unique, statement pieces.
- Customization: The trend towards personalized and customized products allows luxury furniture manufacturers to cater to individual preferences, thereby enhancing customer satisfaction and loyalty.
- E-commerce: The rise of online luxury furniture retailers expands market reach, making high-end furniture more accessible to a wider audience globally.
- Brand Value and Reputation: Established luxury furniture brands with a strong reputation for quality and craftsmanship often enjoy sustained demand and customer loyalty.
Industry Restraints:
- Economic Downturns: During economic downturns, consumer spending on luxury items typically decreases, impacting the demand for luxury furniture.
- High Costs: Luxury furniture often comes with premium price tags due to high-quality materials and craftsmanship, which may limit the market to affluent consumers and make it less resilient to economic downturns.
- Competition from Mass-market Alternatives: Mass-market furniture brands are increasingly offering stylish and trendy designs at more affordable prices, posing a competitive threat to luxury furniture manufacturers.
- Supply Chain Disruptions: Disruptions in the supply chain, such as raw material shortages or transportation issues, can impact production and lead to delays in delivering luxury furniture products to customers.
- Changing Consumer Trends: Shifts in consumer preferences towards minimalism, sustainability, or functionality may affect the demand for traditional luxury furniture styles or materials.
- Regulatory Compliance: Compliance with stringent regulations related to materials, safety standards, and environmental sustainability can pose challenges for luxury furniture manufacturers, especially those using exotic or rare materials.
- Global Instability: Political instability, trade disputes, or natural disasters in key manufacturing or consumer markets can disrupt operations and affect consumer confidence, thereby impacting the luxury furniture industry.
- Environmental Concerns: Increased awareness of environmental issues may lead to scrutiny over the sustainability practices of luxury furniture manufacturers, influencing consumer purchasing decisions.
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Luxury Furniture Market by Category
By Raw Material:
- Wood
- Metal
- Plastic
- Other Raw Materials
By End User:
- Luxury Furniture for Residential Users
- Luxury Furniture for Commercial users
By Distribution Channel:
- Online Availability
- Offline Availability
By Region:
- North America Market
- Europe Market
- Asia Pacific Market
- Latin America Market
- the Middle East and Africa Market
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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