Luxury Furniture Market Market Trends, Drivers, Growth Opportunities, Challenges

BROOKLYN, N.Y. - April 4, 2019 - PRLog -- It is generally fabricated using wood, glass and metal to render aesthetic value to households as well as commercial establishments like offices, hotels, cafés and restaurants. Owing to the growing brand-consciousness and inflating income levels of consumers, they are foregoing inferior furniture items and investing in luxury furniture products. As per the luxury furniture market report by IMARC Group, the market reached a value of US$ 25 Billion in 2018.

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While the home and living sector in developed economies is growing at a rapid pace, manufacturers are foraying into emerging countries in order to widen their consumer base. This can be accredited to the surging incomes, rapid urbanization, increasing middle-class population, and burgeoning real-estate, hospitality and infrastructure industries in these countries. Additionally, with the growing environmental concerns worldwide, manufacturers are coming up with environment-friendly luxury furniture to reduce their carbon footprint and minimize the negative impact on human health. Apart from this, with constant progressions in technology, luxury furniture manufacturers are now offering innovative and personalized products to end users. Further, on account of rising internet penetration, consumers are increasingly relying on e-commerce websites to purchase luxury furniture items. Looking forward, the luxury furniture market size is anticipated to reach US$ 31 Billion by 2024, expanding at a CAGR of 3.8% during 2019-2024.

Market Segmentation: Based on Raw Materials, Applications and Distribution Channels

·         Luxury furniture is produced from a number of raw materials which include wood, metal, glass, leather, plastic and others. Currently, wood represents one of the most popular raw materials as it offers durability, and monetary as well as aesthetic value in both domestic and commercial spaces.

·         On the basis of applications, the global luxury furniture market has been bifurcated into domestic and commercial sectors. Amongst these, the domestic sector exhibits a clear dominance in the market due to the rising trend of purchasing furniture products for home décor purposes. It is classified into living room and bedroom, kitchen, bathroom, outdoor, and lighting segments. On the other hand, the commercial sector is segmented into office, hospitality and others.

·         Based on distribution channels, the market has been divided into departmental stores, online stores, independent furniture retailers, factory outlets and others. Presently, departmental stores account for the majority of the total market share as these stores offer a diverse range of consumer goods from different brands under a single roof. In addition to this, they provide advantages like convenience of shopping and reduce interaction with shop assistants. These stores sell their products at a lower price-point with numerous offers running on a regular basis.

ExExplore Report Description:

https://www.imarcgroup.com/luxury-furniture-market

Current Market Scenario

At present, Europe dominates the luxury furniture market, holding the majority of the global share as several key players in the region are launching their online websites and forming alliances with e-commerce retail stores to strengthen their distribution networks.

The competitive landscape of the market is characterized by the presence of numerous established as well as emerging manufacturers. Some of the key players include Giovanni Visentin Srl, Laura Ashley Holdings, Muebles Pico Sa, Scavolini Spa and Hfi Wind Down, Inc.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the luxury furniture industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company's offerings include:

·         Market Research

·         Plant setup

·         Plant Expansion

·         Marketing and sales

·         Procurement and Distribution

·         Innovation and Product Development

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