Luxury Furniture Market

Global Luxury Furniture Market Size, Share & Trends Analysis Report By Distribution Channel (Offline, and Online), By Materials (Wood, Metal, Leathers, Glass, Plastic, and Others), By End User, By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-23279 Publication Date: June-2024 Number of Pages: 309
2023
USD 22.9 Billion
2031
USD 34.5 Billion
CAGR
5.4%
Historical Data
2020 to 2022

Market Report Description

The Global Luxury Furniture Market size is expected to reach $34.5 billion by 2031, rising at a market growth of 5.4% CAGR during the forecast period.

Hospitality's primary goal is to provide guests with a memorable and enjoyable experience. This furniture plays a crucial role in achieving this by ensuring comfort, beauty, and an aura of exclusivity. Consequently, the hospitality segment would acquire nearly 46.1% of the total market share in commercial segment by 2031. High-quality, aesthetically pleasing furniture can significantly elevate a guest’s perception of a hotel or resort, impacting their overall satisfaction and likelihood to return or recommending the establishment.

Luxury Furniture Market Size - Global Opportunities and Trends Analysis Report 2020-2031

Consumers today view their living spaces as extensions of their identity and lifestyle. There is a growing desire to customize spaces to reflect personal tastes, achievements, and experiences. Furthermore, platforms like Instagram, Pinterest, and Houzz have heightened consumer awareness and interest in interior design. Users regularly share and consume home aesthetics content, inspiring others to invest in their living environments. Hence, the rising importance of home décor and aesthetics drives the market's growth. Additionally, as more high-end residential properties are developed, there is a corresponding increase in demand for this furniture to outfit these spaces. Similarly, corporate offices, particularly those in high-end professional services, invest in this furniture to create impressive business environments that reflect their brand image and ethos. Therefore, real estate and hospitality growth is propelling the market's growth.

However, this furniture is distinguished by its use of high-quality materials, such as premium wood, fine leather, and exotic textiles. In addition, creating unique and innovative furniture designs involves considerable investment in research and development. In conclusion, the high production cost is hindering the market's growth.

Driving and Restraining Factors
Luxury Furniture Market
  • Rising importance of home décor and aesthetics
  • Real estate and hospitality growth
  • Increasing disposable income
  • High cost of production
  • Limited consumer base
  • Increase in online retailing in the furniture industry
  • Luxury rentals and subscription services
  • Availability of the counterfeit products
  • Competition from mid-range and mass market brands

Distribution Channel Outlook

Based on distribution channel, the market is segmented into offline and online. The online segment attained 30.8% revenue share in the market in 2023. Online platforms enable the furniture brands to reach a global audience beyond their physical store locations. This accessibility allows them to tap into new markets and target affluent consumers who may not have access to local showrooms.

Materials Outlook

Based on materials, the market is divided into metal, wood, plastic, glass, leathers, and others. The metal segment acquired 18.9% revenue share in the market in 2023. Metal finishes, such as stainless steel, brass, and gold, contribute to a contemporary and sleek aesthetic that appeals to modern interior design trends. They add a sense of sophistication and elegance to the furniture pieces.

Luxury Furniture Market Share and Industry Analysis Report 2023

End User Outlook

By end user, the market is segmented into residential and commercial. The commercial segment procured 38.3% revenue share in the market in 2023. For businesses, the aesthetic appeal of their office space directly reflects their brand’s prestige and professionalism. This furniture in offices, lobbies, and meeting rooms enhances the corporate image and can make a strong impression on clients, partners, and investors.

Free Valuable Insights: Global Luxury Furniture Market size to reach USD 34.5 Billion by 2031

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 37.9% revenue share in the market in 2023. North America, particularly the United States and Canada, boasts a large population with high disposable income levels. This affluence enables more consumers to invest in luxury items, including high-end furniture, to enhance their living environments and express personal style.

Luxury Furniture Market Report Coverage
Report Attribute Details
Market size value in 2023 USD 22.9 Billion
Market size forecast in 2031 USD 34.5 Billion
Base Year 2023
Historical Period 2020 to 2022
Forecast Period 2024 to 2031
Revenue Growth Rate CAGR of 5.4% from 2024 to 2031
Number of Pages 309
Number of Tables 560
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered Materials, Distribution Channel, End User, Region
Country scope
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included Ashley Furniture Industries, LLC, Lee Industries, Inc. (American Leather Holdings LLC), Maiden Home, Inc. , Williams-Sonoma, Inc., Kimball International, Inc., Century Furniture LLC (RHF Investments, Inc.), Duresta Upholstery Limited, Giovanni Visentin S.r.l., Scavolini S.p.A. and Muebles Pico S.A.
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List of Key Companies Profiled

  • Ashley Furniture Industries, LLC
  • Lee Industries, Inc. (American Leather Holdings LLC)
  • Maiden Home, Inc.
  • Williams-Sonoma, Inc.
  • Kimball International, Inc.
  • Century Furniture LLC (RHF Investments, Inc.)
  • Duresta Upholstery Limited
  • Giovanni Visentin S.r.l.
  • Scavolini S.p.A.
  • Muebles Pico S.A.

Luxury Furniture Market Report Segmentation

By Distribution Channel

  • Offline
  • Online

By Materials

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

By End User

  • Residential
    • Living & Bedroom
    • Kitchen
    • Outdoor
    • Lighting
    • Bathroom
  • Commercial
    • Hospitality
    • Office
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Frequently Asked Questions About This Report

The Market size is projected to reach USD 34.5 billion by 2031.

Rising importance of home décor and aesthetics are driving the Market in coming years, however, High cost of production restraints the growth of the Market.

Ashley Furniture Industries, LLC, Lee Industries, Inc. (American Leather Holdings LLC), Maiden Home, Inc. , Williams-Sonoma, Inc., Kimball International, Inc., Century Furniture LLC (RHF Investments, Inc.), Duresta Upholstery Limited, Giovanni Visentin S.r.l., Scavolini S.p.A. and Muebles Pico S.A.

The expected CAGR of this Market is 5.4% from 2023 to 2031.

The Wood segment led the Market by Materials in 2023; thereby, achieving a market value of $13.7 billion by 2031.

The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $12.4 billion by 2031.

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