Worldwide luxury furniture market was estimated at USD 21,389 in 2014 and is anticipated to cross over USD 28,600 million by 2022.The market is rapidly growing at a CAGR of 3.2% over the coming years. Increasing disposable income results in growth in demand for luxury living; therefore, it is impacting overall industry growth.
Adoption of online retailing methods and development of multi-functional furniture to decrease operating expenses engaged in sales and distribution are expected to expand the market. Furthermore, Real estate industry is expected to go through moderate advancement in future. Growth in real estate industry for commercial and residential places is expected to drive the luxury furniture industry market demand.
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Lifestyle of consumers in urban areas is undergoing a significant change owing to rising disposable income. Consumers are ready to spend on luxurious products as these products are becoming key part of their life. Moreover, increased investment on these products will assist in escalating the market demand .Although; investment associated with raw material procurement used for furniture designing will hamper the market growth further. Lack of skilled workforces for integration of visual designs in furniture is expected to restrain the sector development.
Existence of jackfruit, teak and mahogany trees as a resource for furniture designing due to maximum durability strength are attributing for high share of this material in revenue generation. Innovative and breakthrough developments in other materials used for designing luxury furniture like marble and stone are expected to boost the segment demand. In 2014, living & bedroom segment dominated the other segments with the highest revenue share .This was mainly due to existing consumers that are mostly in purchase of right kind of furniture to give aesthetic and rich look to their living room.
In 2014, Europe dominated the industry with total revenue share of over USD 7,329 million. Furthermore, changing lifestyle of consumers coupled with existence of large number of players in the region due to significant rise in disposable income are factors impacting for elevated share in Europe.
Rapid development in residential real-estate industry in Asian countries like China and India will increase the lucrative CAGR of 5.2% during 2014 to 2022. This is mainly owing to fast development in the region which is driving the luxury furniture market growth.
Information Source: Grand View Research