Luxury Furniture Market Report 2027

The Luxury Furniture Market size was registered at USD 21.08 Billion in 2020 and is expected to exceed USD 28.41 Billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 4.5.

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.

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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.

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.

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.

The North America luxury furniture market is expected to grow with a CAGR of 4.4% by 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.

The establishment of commercial areas and computer parks are increasing the demand for efficient office furniture across 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.

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A few points from the table of contents:

Chapter 4 Luxury Furniture Market, By Type

4.1 Global Luxury Furniture Market Overview by Type

4.2 Tables

4.2.1 Market Estimates and Forecasts from Tables, 2017- 2027, (Thousand Tons) (USD Billion)

4.2.2 Market estimates and forecast by region, 2017- 2027, (Thousand Tons) (USD Billion)

4.3 Chairs

4.3.1 Chairs Market Estimates and Forecasts, 2017- 2027, (Thousand Tons) (USD Billion)

4.3.2 Market estimates and forecast by region, 2017- 2027, (Thousand Tons) (USD Billion)

4.4 Sofas & lounges

4.4.1 Living Room Sofas Market Estimates and Forecasts, 2017- 2027, (Thousand Tons) (USD Billion)

4.4.2 Luxury Furniture Market Estimates and Forecasts by Region, 2017- 2027, (Thousand Tons) (USD Billion)

4.5 Kitchen

4.5.1 Kitchenware Market Estimates and Forecast, 2017- 2027, (Thousand Tons) (USD Billion)

4.5.2 Market estimates and forecast by region, 2017- 2027, (Thousand Tons) (USD Billion)

4.6 Lighting

4.6.1 Lighting Fixture Market Estimates and Forecast, 2017- 2027, (Thousand Tons) (USD Billion)

4.6.2 Market estimates and forecast by region, 2017- 2027, (Thousand Tons) (USD Billion)

4.7 Interior accessories

4.7.1 Interior Accessories Market Estimates and Forecast, 2017- 2027, (Thousand Tons) (USD Billion)

4.7.2 Market estimates and forecast by region, 2017- 2027, (Thousand Tons) (USD Billion)

4.8 Beds

4.8.1 Bedding Market Estimates and Forecasts, 2017- 2027, (Thousand Tons) (USD Billion)

4.8.2 Luxury Furniture Market Estimates and Forecasts by Region, 2017- 2027, (Thousand Tons) (USD Billion)

4.9 Other luxury furniture

4.9.1 Luxury Furniture Market from Other Luxury Furniture Market Estimates and Forecasts, 2017- 2027, (Thousand Tons) (USD Billion)

4.9.2 Market estimates and forecast by region, 2017- 2027, (Thousand Tons) (USD Billion)

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