Latest News- Luxury Furniture Market: Residential is expected to lead the Application segment during 2024-2028

The Luxury Furniture Market is being driven by Increasing number of new luxury furniture showroom launches

The Luxury Furniture Market is expected to grow at a CAGR of 5.16% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9543.3 million. The luxury furniture market has witnessed a significant shift towards eco-friendly products due to increasing global awareness regarding the environmental impact of deforestation and toxic furniture finishes. In response, numerous vendors in this sector have adopted green technology to manufacture sustainable and renewable luxury furniture. Notable raw materials used in this regard include North American Hardwood and bamboo, which are both biodegradable and sustainable alternatives to conventional wood. The use of these materials not only reduces the carbon footprint but also aligns with consumer preferences for eco-conscious luxury goods. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Residential
  • Commercial
• Distribution Channel
  • Offline
  • Online
• Geography
  • Europe
    • Germany
    • UK
    • Italy
  • North America
    • US
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing number of new luxury furniture showroom launches
• Growing influence of different retailing channels
• Rising popularity of multifunctional luxury furniture

However, the market also witnesses some limitations, which are as follows:

• Frequent product recalls
• Unstable prices of raw materials
• Stringent regulations related to luxury furniture

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Market Scope in Luxury Furniture Market Research Report

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Research Analysis Overview

Discover the world of luxury furniture as we explore various types, including wood furniture, dining room sets, living room pieces, and unique designs for small spaces. Social media influences the latest trends in stylish furniture for the bedroom, office, and outdoor areas. Retailers offer exclusive, personalized, and designer furniture in showrooms, while online buying guides help investors make informed decisions. Brands list includes names synonymous with luxury interior design and hospitality furniture. Unique office furniture completes the picture in this comprehensive guide to the luxury furniture market.

Market Research Overview

The luxury furniture segment, a significant portion of the global home furnishings market, encompasses manufacturers and marketers of high-end, innovative designs from affluent brands. According to Technavio, the home furnishings market size is determined by the consolidated revenue generated by entities involved in the production and distribution of consumer electronics, furniture, decorative products, household appliances, and other homeware items. Market expansion will be fueled by several factors, including the surge in residential and commercial construction projects, infrastructure development, and the increasing number of renovation initiatives, particularly in key economies such as the United States, China, and India.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/