Manufacturers to Benefit from Lucrative Profitable Avenues in the Global Luxury

Posted by VISHAL PAHURKAR on March 23rd, 2021

The global luxury market consist of nine segments including personal cars, personal luxury goods, luxury hospitality, luxury cruises, fine food, fine wine and spirits, luxury furniture, private jet and yachts. Out of these segments, luxury furniture has showcased boom all over the world. Luxury furniture enhances the artistic value of homes, offices, restaurants and hotels in addition to various outdoor and indoor spaces. Over the past few years, the significant growth in real estate industry fostered the growth of luxury furniture market. Movement of people from rural to urban areas, globalization and inclination in the personal disposable income is strengthening the growth of the global luxury furniture market. Rising environmental consciousness among people will lead to rising demand for eco-friendly luxury furniture all over the world till 2025. Besides this, rising penetration of online retailing all across the world is expected to further stimulate the global luxury furniture market. Change in the lifestyle along with rising disposable income would provide substantial opportunities in the global luxury furniture market over the period 2016-2024.

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The global Luxury Furniture market is segmented on the basis of type of materials which include wood, metal, plastic, glass, leather and others. Wooden furniture segment contributed the highest share in the overall global luxury furniture market in 2014. Over the past few years, furniture manufacturers are introducing products including materials such as leather, metal, leather, glass in order to replace wood. The global luxury furniture market is also divided on the basis of end use which include commercial and domestic use. The commercial segment is further sub-segmented on the basis of hospitality, office and others. Whereas the domestic segment is sub-segmented by living and bedroom, bathroom, kitchen, lighting, outdoor and others. In 2014, the domestic luxury furniture segment contributed the highest share in the overall revenue of global luxury furniture market. Bedroom and living room segment marked substantial share in the global luxury furniture market in 2014. The global luxury furniture market is also segmented on the basis of unorganized and organized sector.

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Inclination in the online retailing and higher media penetration are some of the major factors driving the growth of global luxury furniture market. Apart from that, rising impact of globalization, organized retailing, and robust growth in real estate sector is anticipated to foster the growth of global luxury furniture market. Rising demand of eco-friendly luxury segment is also expected to bolster the growth of global luxury furniture market. Apart from this, rising trend of modular kitchen is also strengthening the demand for global luxury furniture market and will impel the market from the period 2016-2024.