The luxury furniture market is likely to touch USD 183 billion at a 3.14% CAGR between 2019- 2024, as per the recent report by Market Research Future (MRFR).
They are crafted out of different materials such as lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood, which help to add aesthetic value to offices, hotels, homes, or other outdoor/indoor areas.Various factors are adding to the Luxury Furniture Industry growth.
According to the new MRFR report, such factors include the booming real estate industry, globalization, movement of people to the urban areas from the rural areas, and increasing personal disposable income.
Additional factors adding market growth include rising environmental consciousness, growing demand for eco-friendly luxury furniture, increasing penetration of online retailing across the world, and change in lifestyle.On the contrary, the increased cost of raw materials and scarcity of skilled workers are factors that may limit the luxury furniture market growth over the forecast period.COVID-19 Analysis/COVID-19 Impact on Luxury Furniture MarketVarious coronavirus related factors have resulted in declined revenue and sales of the luxury furniture selling business.
Owing to the pervading feeling of insecurity regarding their financial future, they have limited their expenses to essential items only such as supplies and food, and purchasing furniture is currently not a priority.
Secondly, supplies of furniture from China are either disrupted or delayed for issues related to manufacturing & shipment due to the COVID-19 outbreak.