A Brief Overview of the Luxury Furniture Industry
Posted by Nicky Arora on November 19th, 2019
Global Luxury Furniture Market is expected to reach USD 28,600.7 million by 2022 growing at an estimated CAGR of 3.7% from 2015 to 2022, according to a new study by Grand View Research, Inc. This expected growth in demand can be ascribed to rapid urbanization and growing demand for home furnishings.
Additionally, disposable income of individuals in North America and Asia-Pacific region has also witnessed high growth. Thus, increasing disposable income of individuals is acting as a major driver for the industry progress.
Luxurious products are becoming an essential part of life; as a result, population is ready to spend on luxurious products. This would contribute to drive the sector growth. In addition, increasing disposable income of individuals has led to think regarding the social status, driving the increased spending on products including furniture.
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Further key findings from the study suggest:
About the AuthorNicky Arora
Joined: October 15th, 2019
Articles Posted: 389
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