The luxury furniture market is likely to touch USD 183 billion at a 3.14% CAGR between 2019- 2027, as per the recent report by Market Research Future (MRFR). American Luxury Furniture, simply put, are furniture of elite designs and quality. They are crafted out of different materials such as lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood, which help to add aesthetic value to offices, hotels, homes, or other outdoor/indoor areas.
Various factors are adding to the luxury furniture market growth. According to the new MRFR report, such factors include the booming real estate industry, globalization, movement of people to the urban areas from the rural areas, and increasing personal disposable income. Additional factors adding market growth include rising environmental consciousness, growing demand for eco-friendly luxury furniture, increasing penetration of online retailing across the world, and change in lifestyle.
On the contrary, the increased cost of raw materials and scarcity of skilled workers are factors that may limit the luxury furniture market growth over the forecast period.
Market Research Future (MRFR) believes that the luxury furniture market will project a growth rate of 3.14% from 2020 to 2027. Meanwhile, the market value by the end of 2027 will be around USD 183 billion, adds MRFR.
COVID-19 Analysis/COVID-19 Impact on Luxury Furniture Market
Various coronavirus related factors have resulted in declined revenue and sales of the luxury furniture selling business. Firstly, following the lockdown and social distancing, people are confined at home mandatorily or voluntarily. Owing to the pervading feeling of insecurity regarding their financial future, they have limited their expenses to essential items only such as supplies and food, and purchasing furniture is currently not a priority. Secondly, supplies of furniture from China are either disrupted or delayed for issues related to manufacturing & shipment due to the COVID-19 outbreak. China is the largest exporter and manufacturer of furniture in the world. Italy that exports the best luxury furniture is in the severe grip of the novel coronavirus. All these factors have affected the profitability as well as functionality of luxury furniture sellers across the world.
The MRFR report offers an inclusive segmental analysis of the global luxury furniture market report based on end use, furniture type, material type, and product type.
By product type, the global luxury furniture market is segmented into non-RTA and RTA furniture.
By material type, the global luxury furniture market is segmented into lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood. Of these, wood will lead the market over the forecast period.