According to a new report, published by KBV research, 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.
Luxury furniture refers to high-quality, often handcrafted furniture pieces that are designed with meticulous attention to detail, using premium materials and craftsmanship. These pieces are typically associated with elegance, sophistication, and exclusivity, making them desirable for affluent consumers and upscale environments. Luxury furniture finds its applications in various environments, each seeking to elevate its space with high-end design, superior materials, and exquisite craftsmanship.
The offline segment is registering a CAGR of 5.1 % during the forecast period. Luxury furniture is often associated with a personalized buying experience where customers prefer to see, touch, and experience the furniture in person before making a purchase.
The Wood segment led the Global Luxury Furniture Market by Materials in 2023; thereby, achieving a market value of $13.7 billion by 2031. Wood is a classic material that blends elegantly and warmly with traditional and modern decor styles. Wood's natural grains and textures add a unique character to furniture pieces, making each item distinct. High-quality wood furniture is known for its strength and durability, which can last generations with proper care.
The Residential segment is growing at a CAGR of 5 % during the forecast period. Homeowners often view their living spaces as a reflection of their style and status. Luxury furniture allows them to express these aspects through unique designs, superior materials, and exclusive brands.
Full Report: https://www.kbvresearch.com/luxury-furniture-market/
The North America region dominated the Global Luxury Furniture 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. The Europe region is anticipated to grow at a CAGR of 5% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 6.2% during (2024 - 2031).
By Distribution Channel
By Materials
By End User
Unique Offerings 
