Global Luxury Furniture Market Overview:
Luxury Furniture is that furniture which is conducive to sumptuous living, and that includes elements that are elegant, sumptuous and indulgent. The global luxury furniture market is expected to witness high growth in the forecasted period due to rapid urbanization and upliftment in the consumer living standards in developing countries such as India, South Africa, and China. Increasing the use of the garden as a living space, a place for active and passive recreation by people is also driving the market for luxury furniture. Some of the key players profiled in the study are Steelcase (United States), Ashley Furniture Industries (United States), Inter IKEA Group (Netherlands), Sears Holdings (United States), Haworth (United States), Herman Miller (United States), HNI (United States), Kimball International (United States) and Knoll (United States).
On the basis of geography, the market of Luxury Furniture has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Furniture Type, the sub-segment i.e. Chairs will boost the Luxury Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Commercial Use will boost the Luxury Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Metal will boost the Luxury Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Disposable Income and Affordability
- Globalization and Major Population Shift to the Urban Areas Worldwide
- Up surging Demand for Luxury Furniture in Garden, Outside Porches, and Balcony
- Rising Penetration of Online Retailing All Across the World
- Stringent Government Regulation
- Changing Consumer Demographics as well as Tourism & hospitality Industry Growth
- Increasing Demand from Emerging Market such a China, India and Others
- Increased Cost of Raw Material
Major Market Developments:
In April 2018, Williams-Sonoma, Inc. entered into a partnership with AERIN which is a popular lifestyle brand. Through this partnership Williams-Sonoma planning to launch new summer entertaining and outdoor furniture pieces.
In August 2018, Myanmar’s leading luxury furniture brand Golden Enchant opened up its second showroom in August 2018, the showroom includes German quality furniture with the new location at the Krislite showroom on Kanbae rd.
Raw Material Suppliers, Distributors/Traders/Wholesalers/Suppliers, Regulatory Bodies, Including Government Agencies And Ngo, Commercial Research & Development (R&D) Institutions, Importers and Exporters, Government Organizations, Research Organizations, And Consulting Firms, Trade Associations And Industry Bodies and End-Use Industries
Major Objectives Focused through this Study
To define, describe, and forecast the Global Luxury Furniture market on the basis of product  , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Luxury Furniture market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Luxury Furniture industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are KOKUYO Furniture (Japan), Poltrona Frau (Italy) and Masco (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Luxury Furniture market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.