Luxury Furniture Market is set to register 4.5% CAGR through 2027; Global Market Insights Inc.
Luxury Furniture Market will experience a dynamic growth between 2021 and 2027 propelled by increasing consumer spending on luxury products and home furnishing.
Selbyville, Delaware, United States – August 4, 2021 /MarketersMedia/ —
The luxury furniture market is expected to gain momentum through 2027 in view of increasing consumer spending on luxury products and home furnishing. Rise in disposable income has encouraged consumers to purchase high-quality, durable and trending household furnishing for their home. A report by the U.S. Department of Commerce and U.S. Census Bureau states that consumer retail spending was up 0.6% in August 2020, with furniture and home furnishings being the notable categories to outperform overall retail spending. The report added that furniture and home furnishing category did an estimated $10.23 billion in sales, up from $10.02 billion in July 2020.
Global Market Insights, Inc., projects that the luxury furniture market size is likely to exceed USD 28.41 billion by 2027. Some additive manufacturing companies are steadily leveraging 3D printing technology to develop new and complex furniture designs that limit wood wastage. Highlighting such an instance, in 2021, Forust, a subsidiary of 3D printing and rapid prototyping company Desktop Metal, was inaugurated with a vision to use 3D printing technology to upcycle wood waste from trees into luxurious, high-quality, end-use wood parts used in consumer goods and furniture.
Listed below are some factors that will influence the demand for luxury furniture:
Improving standard of living and urban lifestyle
Burgeoning demand for renovation activities, new constructions, and rising consumer spending on home enhancement will boost the demand for luxury furniture. Improving standard of living in the emerging economies has raised consumer spending on luxury homes and furnishing products. This trend is increasingly witnessed across countries like China, India, Brazil, and South Africa, regions that are the key contributors to the construction industry growth. Escalating constructions of hotels, clubs, restaurants, commercial complexes, and clubs may impel the demand for luxury décor furniture in the commercial sector.
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Emerging demand across offices
Establishment of commercial zones & IT parks is increasing the demand for efficient office furniture across the globe. Designer furniture such as tables and filing cabinets can improve the overall aesthetics of corporate and commercial spaces such as individual workstations, lounges, meeting rooms, and cafeterias. Some of the companies are specializing in offering such furniture are Herman Miller, Inc., MARIONI, Knoll, Inc., Godrej & Boyce Manufacturing Co., Ltd., Haworth Inc., Boca do Lobo, IKEA Group, Brabbu, Kohler, Furniture Concepts, HNI Corporation, and Bentley Home.
Presence of luxury furniture brands in North America
The North America market is projected to rise with a 4.4% CAGR between 2021 and 2027. The regional market growth will be majorly attributed to improving consumer spending on home improvement. According to a latest Harvard University report, the U.S. market for home improvement is currently valued at over $400 billion annually. The rising demand for the development of new construction of residential and commercial buildings will nurture luxury furniture businesses. Some of the prominent furniture brands operating in North America include Stickley, Floyd, Simplicity Sofas, Vermont Woods Studio, Eastvold Furniture, Vaughan-Bassett, The Joinery.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Website: https://www.gminsights.com/pressrelease/luxury-furniture-market
Source: MarketersMedia
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