New York, United States, June 22, 2022 (GLOBE NEWSWIRE) -- The market is driven by rapid urbanization globally, an increase in disposable income and the rise in the use of social media along with increased internet penetration as most of the top industry players promote their products on myriad social media platforms.
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Key Insights into the Luxury Furniture Market:
- Europe currently holds the largest market share with nearly 34 % of the worldwide market.
- Based on the type of material used, ‘Wood’ dominated the market with 46.23% of the total market share.
- By End-user, the ‘Domestic use’ segment held the highest market share at 67.21%.
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Key factors enhancing the market growth:
- With rising disposable incomes and increased home improvement projects across the world, there would be an uptick in demand for luxury furniture. In China, disposable incomes grew by 8.8% in the median per capita disposable income. In India, the expected level of rising disposable income is predicted to be 9.5% between the years 2022 and 2028. In the E.U., the gross household saving rate was 18.3%, which can be considered, in part, an equivalent to disposable income. As per the statistics of the U.S. Bureau of Economic Analysis (BEA), in 2021, there was a mean increase of 2.9% in disposable income. Thus, with a rising disposable income, we would see a surge in demand for luxury furniture as people become more affluent and spendthrift in nature.
- There is also an increasing rate of urbanization globally. According to U.S. Environmental Protection Agency, 82.66% of the population in the country lives in cities. According to World Bank data, as of 2020, 75% of the population of the European Union lived in urban areas. According to United Nations (U.N.) statistical estimates, 68% of the global population will live in urban areas by 2050. Thus, with the majority of the global population living in urban areas in the future, we will see a rise in the demand for luxury furniture.
- The top key players promote their products on social media as it has become an integral part of human lives these days. The rise in the usage of social media platforms and increased penetration of the internet at large promoted the demand for luxury furniture globally. According to the recent stats, around 93% of the marketers globally are using social media to promote their respective brands. In the present year 2022, 92% of marketers who work for firms with greater than 100 employees in the US are poised to start using social media as a tool for marketing and brand positioning of their products.
Detailed Segmentation Analysis included in the report by Strategic Market Research:
By Material Used
- Wood
- Leather
- Metal
- Glass
- Plastic
- Others
By End Users
Domestic Use
- Living and Bedroom
- Kitchen
- Lighting
- Bathroom
- Outdoor
Commercial Use
- Hospitality
- Offices
- Others
By Distribution Channel
- Online
- Offline
By Region
North America
- Canada
- USA
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Rest of Europe
Asia Pacific
- South Korea
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
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| Report Coverage | Details | |
| Forecast Period | 2020-2030 | |
| Forecast Period 2020 to 2030 CAGR | 4.23% | |
| 2030 Value Projection | USD 41.82 billion | |
| Base Year | 2020 | |
| Market Size in 2020 | USD 27.63 billion | |
| Historical Data for | 2015 - 2019 | |
| No. of Pages | 135 | |
| Companies | Kannustalo Ltd, Duresta Upholstery Ltd.Muebles Pico, Cassina, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Valderamobili, Iola Furniture Ltd. Nella Vetrina, Henredon Furniture Industries Inc. Turri S.r.l. | |
| Leading Segment Based on Material | Wood | |
| Leading Region | Europe | |
| Segments covered | By Material, By End-User and Based on Regions | |
Wood was the most used material in the market.
By Material used, ‘Wood’ dominated the market share with nearly half of the entire market. The various items made with it include beds, sofas, peg tables, dressers, chairs and nightstands. According to the U.S. Department of Agriculture, the U.S. uses approximately 10 to 15 billion cubic feet of wood each year. According to Eurostat, the gross value addition (GVA) added by the wood, furniture and wood products industry was 22 to 25% of the total share. According to the U.N. Economic Commission for Europe, between 2016 and 2020, there was an increase of 6.6% in the exports of finished furnished goods and an increase of 15.4% in the imports of furniture in the same time period. The primary reason for using wood is its long-lasting nature and reliability, and its overall look is appreciated by the customers.
The Domestic Consumer segment dominated the market.
Taking end users as a segment, ‘Domestic Use’ dominated the market with a 67.21% of the market share, with the furniture being used in various areas of household interiors such as bedrooms, living rooms, bathrooms, kitchens and outdoor. In the U.S., citizens, on average, spend USD 520 per year on bathroom furniture alone. According to Eurostat, as per 2016 data, E.U. citizens spend 5.5% of their income on furniture and household equipment. Thus, with increasing expenditure on luxury furniture globally, we would expect to see a robust increase in the demand for the same.
European Region had the largest share of the market.
Taking the regional analysis into consideration, Europe dominated the market with over 34% of the market share. Asia Pacific market ranks second in the market for luxury furniture products at 28.45%. The reason for their dominance is the significant population present in the two regions with their respective rising disposable incomes. According to U.N. data, the two regions account for nearly 70% of the global population and over 57% of the global GDP (in terms of PPP). Thus, with a large population and its ability to spend on luxury items, we would witness phenomenal growth in the luxury furniture segment as well.
Offline Channel Dominated the market.
The Offline channel of distribution of goods dominated the market with 64% of the market share. As per SMR research, the offline channel was worth USD 17.69 billion in 2020. However, the online channel would see a CAGR of 5.65% in the forecasted period. While offline would continue to increase in market value, the online channels would account for higher market share in the future.
Key Players in the Market:
- Boca do Lobo
- Cassina
- Durestra Upholstery, Ltd.
- Henredon
- Kannustalo, Ltd.
- Laura Ashley Holding PLC
- Muebles Pico
- Nella Vetrina
- Scavolini
- Valdermobili
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Recent Developments in the market:
- In June 2022, the Jumbo group a leading brand in the luxury furniture segment re-branded itself as the ONIRO group with the aim of becoming a brand with which people associate ‘multiculturalism, dreams, relativism, superlative, timelessness, beauty and alchemy’. Their concept is to engage with more creative-minded consumers.
- In June 2022, Italy’s premium furniture and design fair, Salone del Mobile, was held after two years as the pandemic halted the hosting of the event. It was held for over six days in Milan.
- In June 2022, luxury bedmaker Savoir bedmakers appointed a new M.D. - Nicholas Alexandre. Prior to his appointment at Savoir, he was the head of global operations at Maker&Son, a U.K. furniture company.
- In May 2022, the Portuguese Association of Wood and Furniture Industries (AIMMP), at a conference in Dubai, displayed its goods with the intention to bolster its market to the segment of hotels in the UAE.
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