Fast unit sales of luxury furniture to generate additional revenue in the market

The luxury furniture market is expected to gain momentum given the increase in consumer spending on luxury goods and home furnishings. The increase in disposable income has encouraged consumers to purchase high quality, durable and fashionable home furnishings for their homes. A report from the U.S. Department of Commerce and the U.S. Census Bureau indicates retail consumer spending grew 0.6% in August 2020, with furniture and home furnishings being the notable categories to outperform overall retail spending . The report adds that the furniture and furnishings category achieved an estimated revenue of $10.23 billion, up from $10.02 billion in July 2020.

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Global Market Insights, Inc. predicts the luxury furniture market size to exceed USD 28.41 billion by 2027. Some additive manufacturing companies regularly take advantage of 3D printing technology to develop new, complex furniture designs that limit the waste of wood. Highlighting such an example, in 2021 Forust, a subsidiary of 3D printing and rapid prototyping company Desktop Metal, was inaugurated with a vision to use 3D printing technology to recycle wood waste from trees into luxurious and high quality wood pieces. used in consumer goods and furniture.

Here are some factors that will influence the demand for luxury furniture:

Improving the standard of living and the urban way of life

Rising demand for renovation activities, new constructions and increasing consumer spending on home improvement will drive the demand for luxury furniture. Improved living standards in emerging economies have increased consumer spending on luxury homes and home furnishings. This trend is increasingly seen in countries like China, India, Brazil, and South Africa, regions that are major contributors to the growth of the construction industry. The increasing constructions of hotels, clubs, restaurants, shopping complexes and clubs can boost the demand for luxury decorative furniture in the commercial sector.

Emerging demand in all offices

The creation of commercial areas and computer parks are increasing the demand for efficient office furniture all over the world. Designer furniture such as tables and filing cabinets can enhance the overall aesthetic of corporate and commercial spaces such as individual workstations, lounges, meeting rooms and cafeterias. Some of the companies that specialize in offering such furniture are Herman Miller, Inc., MARIONI, Knoll, Inc., Godrej & Boyce Manufacturing Co., Ltd., Haworth Inc., Boca do Lobo, IKEA Group, Brabbu, Kohler, Furniture Concepts, HNI Corporation and Bentley Home.

Presence of luxury furniture brands in North America

The North America market is expected to grow with a CAGR of 4.4% between 2021 and 2027. Growth in the regional market will be primarily attributed to improving consumer spending on home improvement. According to a latest report from Harvard University, the US home improvement market is currently valued at over $400 billion per year. The growing demand for the development of new construction residential and commercial buildings will favor luxury furniture companies. Some of the major furniture brands operating in North America include Stickley, Floyd, Simplicity Sofas, Vermont Woods Studio, Eastvold Furniture, Vaughan-Bassett, The Joinery.

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Table of contents (ToC) of the report:

Chapter 1 Methodology and Scope

1.1 Methodology

1.1.1 Initial data exploration

1.1.2 Statistical model and forecasts

1.1.3 Industry Overview and Validation

1.1.4 Definitions of forecast parameters and considerations

1.2 Basic estimates and work

1.2.1 North America

1.2.2 Europe

1.2.3 Asia-Pacific

1.2.4 Latin America

1.2.5 Middle East and Africa (MEA)

1.3 Market estimation and forecast parameters

1.3.1 Calculations of the impact of COVID-19 on the industry forecast

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Luxury Furniture Market Summary

2.1 Global Luxury Furniture Industry 3600 summary, 2017 – 2027

2.1.1 Trade trends

2.1.2 Type trends

2.1.3 Distribution channel trends

2.1.4 Regional trends

Chapter 3 Luxury Furniture Market Overview

3.1 Industry Segmentation

3.2 Industry Landscape, 2017 – 2027

3.2.1 Impact of COVID 19 on the industry landscape

3.3 Industry Ecosystem Analysis

3.3.1 Raw material suppliers

3.3.1.1 Challenges faced by raw material suppliers

3.3.1.2 Impact of COVID-19 on raw material supply

3.3.2 Manufacturers

3.3.2.1 Challenges faced by furniture manufacturers

3.3.3 Suppliers and distributors

3.3.4 Luxury furniture assemblers

3.3.5 Distribution Channel Analysis

3.3.5.1 B2B

3.3.5.2 B2C

3.3.5.3 E-commerce

3.3.5.4 Value Chain Disruption Analysis (COVID-19 Impact)

3.3.6 Evolution of the profit margin

3.3.7 Supplier matrix

3.4 Luxury Furniture Key Players by Regions

3.4.1 North America

3.4.2 Europe

3.4.3 Asia-Pacific

3.4.4 Latin America

3.4.5 Middle East and Africa

3.5 Technology and innovation landscape

3.5.1 Computer Aided Design (CAD)

3.5.2 Computer Aided Manufacturing (CAM)

3.5.3 CNC bending and cutting

3.5.4 New materials

3.5.5 Innovating for sustainability

3.5.6 Marketing innovation

3.6 Industry Best Practices and Key Buying Criteria

3.7 Analysis of consumer buying behavior

3.8 Regulatory landscape

3.8.1 North America

3.8.1.1 United States

3.8.2 Europe

3.8.3 Asia-Pacific

3.8.3.1 China

3.8.4 Latin America

3.8.4.1 Mexico

3.8.4.2 Brazil

3.8.5 AME

3.8.5.1 South Africa

3.9 Price Analysis

3.9.1 Regional pricing

3.9.2 Price by Type

3.9.3 Impact of COVID-19 on prices

3.10 Industry impact forces

3.10.1 Drivers of growth

3.10.1.1 Changing consumer buying behavior due to changing lifestyles across the world

3.10.1.2 Increasing replacement of aging infrastructure

3.10.2 Industry Pitfalls and Challenges

3.10.2.1 Limited availability of skilled labor to meet fluctuating consumer demand

3.10.2.2 Rising Costs and the Need to Improve Supply Chain Visibility and Efficiency

3.11 Analysis of growth potential

3.12 Competitive Landscape

3.12.1 Business Performance Analysis

3.12.2 Brand Analysis

3.12.3 Main players

3.12.4 Strategy Dashboard

3.13 Porter’s analysis

3.13.1 Supplier Power

3.13.2 Purchasing power

3.13.3 Threat of new entrants

3.13.4 Substitute Threat

3.14 PILON analysis

3.15 Impact of COVID-19 on Luxury Furniture Market Demand by Application

3.15.1 Residential

3.15.2 Commercial

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