According to a recent research report by Transparency Market Research (TMR), leading players within the global luxury furniture market are increasingly setting up their manufacturing units in emerging economies on account of reduced cost of both operations and investment. The most commonly used strategy adopted by majority of the players within the global luxury furniture market is the use of aggressive marketing methods so as to make a solid good impression on customers. Leading players profiled within the report are Muebles Pico, Nella Vetrina, Laura Ashley Folding PLC, Scavolini S.p.A., Henredon Furniture Industries Inc., Giovanni Visentin srl, Iola Furniture Ltd, Turri S.r.l, and Heritage Home Group LLC.
According to TMR, the global luxury furniture market is expected to rise from US$22,937.6 mn in 2017 to reach US$29,496.7 mn by 2022 expanding at a healthy CAGR of 5.2% between 2017 and 2022. On the basis of material, it is expected that wood will emerge as a leading segment in the luxury furniture market and expand at a healthy CAGR of 5.8% from 2017 to 2022. On the basis of geography, it is Europe which will emerge as the most lucrative market for luxury furniture and reach the figure of US$8,779.6 mn by 2022.
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In addition to Europe, the Middle East will also be an attractive market in years to come on account of the growing hospitality sector. Asia Pacific will also be a lucrative market for luxury furniture on account of the growing disposable income of the people as well as rapid urbanization. China will emerge as the consumer of luxury furniture within the Asia Pacific region.
Strong Distribution Channels Helping Market to Grow
One of the key factors favoring the growth of the luxury furniture market is the emergence of various distribution channels. The convenience of online shopping as well as increasing visibility of luxury furniture through displays in malls and furniture shops are together bolstering the growth of the global luxury furniture market. The powerful branding and marketing strategies adopted by key players is also benefiting the market. In addition to this, manufacturers are continuously adding new products to their existing line of furniture items which will drive more customers towards purchasing luxury furniture items.
Easy EMI Options Driving More Customers to Purchase Luxury Furniture
The trend of e-shopping and facility of paying bills safely through Internet banking will also aid the growth of the market. Moreover, with easy EMI options an increasing number of middle class consumers are also able to afford luxury furniture. Growing disposable income of the people is also supporting the growth of the luxury furniture market across the globe. This is because an increase in the income has led to a shift in the preference of consumers from ordinary furniture to luxury furniture items. The increasing inclination towards purchasing luxury items which act as status symbol and value to spaces are some of the other factors boosting the demand for luxury furniture. The growing desire to own furniture that is rare, exclusive, and unique in their crafting similar to an art piece will propel the growth of the global luxury furniture market.
Negative Environmental Impact On Account Of Use of Wood for Furniture Building to Hamper Growth of Market
One of the challenges hampering the growth of the global luxury furniture market is the growing awareness among consumers regarding the negative impact on the environment on using wooden furniture. As wood is a major revenue earning material segment, it may affect the growth of the market in the years to come. The growing availability of fake luxury furniture items which are priced at a much lower rate and built with low quality materials is threatening the growth of the luxury furniture market.
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On a bright note however, the booming construction and real estate industries are expected to propel the growth of the luxury furniture market. In addition to this, the increasing number of high net worth individuals will also drive the growth prospects of the global luxury furniture market.
The global luxury furniture market is segmented on the basis of:
- Departmental Stores
- Online Sales
- Independent Furniture Retailers
- Factory Outlets