The Asia Pacific Luxury Furniture Market would witness market growth of 6.2% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Luxury Furniture Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,664.6 million by 2031. The Japan market is registering a CAGR of 5.6% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 6.9% during (2024 - 2031).
The adoption of this furniture has been steadily growing, driven by various factors across different sectors and regions. This adoption is influenced by economic, cultural, and technological developments that shape consumer preferences and purchasing behaviors. Economic prosperity in various regions, particularly in emerging markets, has increased disposable income among the middle and upper classes. As wealth increases, so does the ability of individuals to invest in luxury items that enhance their living environments.
Rapid urbanization has resulted in a significant shift in lifestyle, with more people moving into cities and seeking comfortable and aesthetically pleasing living spaces. There is an increasing need for furniture that maximizes available space while bringing refinement and individuality to small spaces as urban inhabitants become more design aware.
China's booming real estate sector, especially in major cities like Beijing, Shanghai, and Shenzhen, has fueled the demand for this furniture. High-end residential developments and luxury apartments require premium furnishings to match upscale living standards. As per the State Council of People’s Republic of China, China’s furniture sector registered steady growth in the first eight months of 2021. The industry’s operating revenue increased 21.3 percent year-on-year to 494.04 billion yuan (about $76.7 billion). The combined profits reached 25.83 billion yuan, up 27 percent from a year earlier. In the first eight months, 706.64 million furniture items were produced, up 22.2 percent year-on-year. The presence and influence of Western luxury furniture brands and designers in China have elevated local tastes and preferences. Chinese consumers are more exposed to international design trends, leading to higher demand for luxury furniture. Hence, the growing furniture sector in the region is driving the market's growth.
Free Valuable Insights: The Global Luxury Furniture Market is Predict to reach USD 34.5 Billion by 2031, at a CAGR of 5.4%
Based on Distribution Channel, the market is segmented into Offline, and Online. Based on Materials, the market is segmented into Wood, Metal, Leathers, Glass, Plastic, and Others. Based on End User, the market is segmented into Residential (Living & Bedroom, Kitchen, Outdoor, Lighting, and Bathroom), and Commercial (Hospitality, Office, and Others). Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Distribution Channel
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