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According to the report “Luxury Furniture Market by Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc, the luxury furniture market valuation will exceed 28.41 billion dollars in 2027.
The Global Market Insight Inc report states that this growth will be driven by factors such as increased new construction, renovation activity and consumer spending on home improvements, as well as demand for luxury furniture.
Indeed, the demand for luxury goods has surged since the lifestyles in emerging countries have improved significantly. Also, the increase in residential construction activities in emerging countries is driving the growth of the luxury furniture market.
Companies in the market include Bentley Home, Knoll, Inc, Boca do Lobo, MARIONI, IKEA Group, Brabbu, Herman Miller, Inc, Kohler, Haworth Inc, Furniture Concepts, HNI Corporation, and Godrej & Boyce Manufacturing Co, Ltd.
Factors influencing customer purchasing power include environmental compatibility, exceptional durability, high resistance to mechanical damage, high comfort level and impressive visual appeal.
Increasing urbanisation
Increasing urbanisation in emerging countries such as China, India, Brazil and South Africa is reflected in the growing construction of hotels, restaurants, clubs and shopping complexes. This, coupled with the availability of consumer income, is driving demand for luxury furniture in the commercial sector.
Indeed, the rapid creation of commercial areas and IT parks due to the increase in the number of corporate offices is increasing the demand for efficient office furniture worldwide.
Office furniture is designed specifically for use in corporate and commercial spaces such as individual workstations, meeting rooms, lounges and cafeterias. Seats, tables and filing cabinets are some of the important furniture elements that enhance the overall aesthetics of these spaces.
However, it is important to note that the COVID-19 outbreak has disrupted supply chains, caused a shortage of materials and terminated contracts to control spending.
Labour shortages also remain a barrier to the overall expansion of the luxury furniture market, particularly in countries such as Italy, Spain and Brazil. This could slow down the industry’s growth over the forecast period.
More precisely…
The table category is expected to reach over $4 billion by 2027, driven by increased investment in the hospitality industry as well as the number of educational institutions.
The online distribution channel will grow at a rate of 5.5% until 2027 due to the increasing presence of several high-end furniture manufacturers on several e-commerce platforms, as well as the launch of new augmented reality applications to support the furniture section.
The North American luxury furniture market is expected to grow at a CAGR of 4.4% through 2027, driven by increasing consumer spending on construction.
Considerable demand for durable, high quality, innovative design and classy furniture that fits into compact spaces is also driving this market.
Read also > ANALYSIS OF THE LUXURY PACKAGING MARKET 2021-2026
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According to the report “Luxury Furniture Market by Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc, the luxury furniture market valuation will exceed 28.41 billion dollars in 2027.
The Global Market Insight Inc report states that this growth will be driven by factors such as increased new construction, renovation activity and consumer spending on home improvements, as well as demand for luxury furniture.
Indeed, the demand for luxury goods has surged since the lifestyles in emerging countries have improved significantly. Also, the increase in residential construction activities in emerging countries is driving the growth of the luxury furniture market.
Companies in the market include Bentley Home, Knoll, Inc, Boca do Lobo, MARIONI, IKEA Group, Brabbu, Herman Miller, Inc, Kohler, Haworth Inc, Furniture Concepts, HNI Corporation, and Godrej & Boyce Manufacturing Co, Ltd.
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According to the report “Luxury Furniture Market by Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc, the luxury furniture market valuation will exceed 28.41 billion dollars in 2027.
The Global Market Insight Inc report states that this growth will be driven by factors such as increased new construction, renovation activity and consumer spending on home improvements, as well as demand for luxury furniture.
Indeed, the demand for luxury goods has surged since the lifestyles in emerging countries have improved significantly. Also, the increase in residential construction activities in emerging countries is driving the growth of the luxury furniture market.
Companies in the market include Bentley Home, Knoll, Inc, Boca do Lobo, MARIONI, IKEA Group, Brabbu, Herman Miller, Inc, Kohler, Haworth Inc, Furniture Concepts, HNI Corporation, and Godrej & Boyce Manufacturing Co, Ltd.
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