Luxury Furniture Market, valued at $24 Billion in 2024, Expected to Reach $41.1 Billion by 2034 with a CAGR of 5.5% - Market Decipher

PUNE, India, July 22, 2024 /PRNewswire/ -- Market Decipher published its latest research report – "Luxury Furniture Market Report" estimating luxury furniture industry at $24 Billion in 2024, growing at 5.5% CAGR during 2024 to 2034. The report offers a detailed analysis of the luxury furniture industry landscape, including key market trends, growth drivers, challenges, and opportunities. The comprehensive research report by Market Decipher provides valuable insights into the current market scenario and future prospects for the luxury furniture industry.

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"The demand for luxury furniture is on the rise owning to shift in consumer preference and awareness of aesthetics and environment-friendly products for homes and offices. This trend is apparent most in home, office, hotel or restaurants, for instance, exclusive furniture and wooden flooring."

- Ranjan Singh (Research Head, Market Decipher)

The increasing of disposable income and wealth particularly across the emergent economies is highly influential in the demand for luxury furniture. As the purchasing power of individuals rises, they are willing to spend on luxurious and better-quality furniture to display their standard and improve their interior. The global population with higher purchasing power is also growing significantly, especially in countries belonging to Asia-Pacific and Middle Eastern countries leading to high demand for luxury furniture. Additionally, the emerging urbanization is factor that is increasing the demand of luxury furniture market. This shift towards urbanization coupled with the fact that people in urban areas prefer elegance and style when it comes to home furnishing is the main reason that consumers are going for luxurious furniture pieces that will suit their new way of life.

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https://www.marketdecipher.com/report/luxury-furniture-market

Key Development

• In May 2024, Casamia collaborate with Edra to highlight top-notch Italian design in furniture, emphasizing style and quality craftsmanship.
• In April 2024, Faye Toogood and Poltrona Frau reveal their collaboration, blending English folk style with Italian craftsmanship.
• In Feb 2024, Cassina announced their outstanding partnership with Bottega Veneta the maison's Winter 24 fashion show.
• In Jan 2024, Haworth and Architype have announced strategic partnership for representation and design support.
• In Dec 2023, Ralph Lauren partners with Haworth to launch a strategic collaboration focused on creating luxury furniture collections.
• In July 2023, Herman Miller has partnered with Gabriel Tan for the first time to launch two new projects focused on organic and modular design.

Luxury Furniture Market Segmentation

By Raw Material

• Wood
• Metal
• Plastic
• Leathers
• Glass
• Others

By Product Type

• Beds
• Table
• Doors
• Chairs
• Sofas & Lounges
• Kitchen
• Lightening
• Interior accessories
• Others

By End-Users

• Residential
• Commercial
• Institutional

By Distribution Channels

• Online
• Specialty Stores
• Interior Designers and Architects
• Auctions and Antique Dealers
• Others Distribution Channels

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • GCC
  • South Africa

Key Players

• SCAVOLINI S.P.A.
• Cassina S.p.A
• Kimball International, Inc.
• Brown Jordan International
• Herman Miller, Inc. (Knoll Inc)
• Vivono
• Boca do Lobo
• DURESTA
• Haworth, Inc.
• MUEBLES PICO SA

Get Luxury Furniture Market Research Report: https://www.marketdecipher.com/report/luxury-furniture-market

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SOURCE Market Decipher