Future Outlook of the Global Luxury Furniture Market 2024-2033: Size and Growth Rate Predictions
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Luxury Furniture Market: What is the Projected CAGR for 2024-2033?
Recent years have seen a robust growth in the size of the luxury furniture market. The market, which stood at $24.1 billion in 2023, is projected to rise to $25.71 billion in 2024, representing a compound annual growth rate (CAGR) of 6.7%. The impressive growth recorded in the historical period can be linked to factors such as economic prosperity, trends in architecture and interior design, the surge in luxury real estate, cultural factors, endorsements from celebrities, and influencers.
Positive growth is anticipated for the luxury furniture market in the coming years, with the size of the market expected to increase to $32.29 billion by 2028, recording a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this growth during the forecast period include the expansion of luxury e-commerce, the implementation of sustainable and environmentally friendly methods, the global redistribution of wealth, and the focus on comfort and wellbeing in design. Key advancements projected within the forecast period encompass the digitization and personalisation of design, partnerships with contemporary artists, increased transparency in the supply chain, and the adoption of diverse and inclusive designs, not forgetting the rise of virtual and augmented reality shopping.
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What Are the Primary Drivers Supporting the Growth of the luxury furniture Market?
Anticipated development of the upscale furniture market is projected to be spurred by the increasing popularity of home makeovers. Home renovation, essentially a thorough transformation, enhancement, or upgrade of a residential house, can be significantly contributed to by luxury furniture. This type of furniture brings elegance, panache, and sophistication to living spaces, thus playing a pivotal role in home revamps. For instance, Verana Ltd, an American e-commerce firm selling kitchen faucets and various other domestic appliances, reported in August 2022 that last year’s house renovation sector represented 53% of homeowners. Consequently, the booming trend of home makeovers is the driving force behind the growth of the high-end furniture market.
What Are the Core Segments of the Luxury Furniture Market?
1) By Type: Tables, Chairs, Sofas And Lounges, Kitchen, Lighting, Interior Accessories, Beds, Other Types
2) By Material: Wood, Metal, Plastic, Glass, Leathers, Other Materials
3) By Distribution Channel: Online, Offline
4) By End User: Residential, Commercial
What Trends Are Paving the Way for Change in the Luxury Furniture Market?
The use of advanced recycled materials is a rising trend gaining traction in the arena of luxury furniture. Major players in this market are turning towards this new age of progressive recycled substances to create high-end green furniture and maintain their market presence. For instance, in March 2023, the US-based company House of Ecologie, known for their sustainable furniture and home goods, unveiled a range of luxury furniture designed with an eco-friendly focus and utilizing cutting-edge recycled materials. The partnership will feature a selection of classic, artisanal pieces to enhance a modern, functional home, driven by Ecogensus’ commitment to prioritize both human and environmental well-being.
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Which Regions Are Leading the Charge in Luxury Furniture Market Development?
Asia-Pacific was the largest region in the luxury furniture market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Luxury Furniture Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the luxury furniture market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Luxury Furniture Market Include
1. Luxury Furniture Market Executive Summary
2. Luxury Furniture Market Segments
3. Luxury Furniture Market Size And Template Market Growth Rate
4. Key Luxury Furniture Market Trends
5. Major Luxury Furniture Market Drivers
……
25. Key Mergers And Acquisitions In The Luxury Furniture Market
26. Top Luxury Furniture Companies
27. Luxury Furniture Market Opportunities And Strategies
28. Luxury Furniture Market, Conclusions And Recommendations
29. Appendix
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https://www.thebusinessresearchcompany.com/report/furniture-global-market-report
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