Luxury Furniture Market is expected to witness steady growth during 2023-2032, owing to the increasing replacement of aging infrastructure. Old infrastructure, such as buildings, require renovations, and there is an increasing tendency to replace old furniture during the renovation process, which will drive market growth.
In addition, the key players operating in the luxury furniture industry are constantly incorporating strategic initiatives such as partnerships, mergers, and acquisitions, and new product launches to strengthen their foothold in the market. For instance, in July 2021, Herman Miller completed its previously announced acquisition of Knoll, Inc. With this acquisition, the combined companies now boast of operating in more than 100 countries across the world.
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To cite another instance, in December 2022, Zebrano, the Turkey-based furniture brand opened a new branch in North Olmsted, Ohio. Sprawled across 9,000 sq. ft., the new branch will offer classical, elegant, and even avant-garde furniture.
Overall, the luxury furniture market is bifurcated in terms of type, distribution channel, and region.
On the basis of type, the chairs segment held over USD 5 billion market share in 2022 and is expected to demonstrate massive growth by 2032. The increasing number of households and office spaces, along with the "working from home" scenario, is slated to augment the demand for the luxury chair segment. The WFH culture has highlighted the earlier neglected ergonomic furniture section. Ergonomic furniture such as chairs can be easily installed in homes and not only are they fully adjustable, but also help with back pain, reduce neck pain, improve blood circulation, and boost productivity. Such attributes are slated to drive the market progression between 2023 and 2032.
Based on the distribution channel, the offline segment will grow at more than 3.5% CAGR by 2032. The growth can be attributed to the increased customization and physical experience opportunities. In addition, several benefits offered by offline furniture purchases, such as no waiting for shipping, the ability to inspect the product before purchasing, and simple returns, are expected to augment market growth in the coming years.
In the regional context, the Asia Pacific luxury furniture market is projected to register notable gains through 2032. Rising living standards coupled with an increasing number of luxury hotels, educational institutions, and hospitals are expected to boost the luxury furniture industry's penetration in the APAC region.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & working
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific
1.2.4 Latin America (LATAM)
1.2.5 Middle East & Africa (MEA)
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
Chapter 2 Executive Summary
2.1 Luxury furniture industry 3600 synopsis, 2018 - 2032
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Distribution Channel trends
2.1.4 Regional trends
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