The global luxury furniture market is likely to grow at a CAGR of over 5% through the forecast period 2017-2022, according to a new report added to the vast repository of Market Research Reports Search Engine (MRRSE). The report projects the global luxury furniture market to reach a value of nearly US$ 30 billion by 2022. The report titled “Luxury Furniture Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022” offers valuable insights on the key factors that are impacting the global market.
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Luxury furniture has often remain limited to the consumers with high disposable incomes, and as the percentage of people with high disposable income has increased, demand for luxury furniture has witnessed a boost. In addition to residential demand, use of luxury furniture by real estate developers is also offering opportunities for growth. Construction of five-star hotels, resorts, malls, government buildings etc. is a positive indicator for the luxury furniture market. Also, availability of luxury furniture through online channels has meant that a large section of consumers can now have access to luxury furniture.
In contrast, minimalism and questions on the ethics of using high-priced furniture are driving important segments of target audience away from the market. Many consumers with high disposable income are turning away from wooden furniture, and are instead adapting a minimalist lifestyle. Also, availability of a large number of duplicate products is hampering global market.
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Muebles Pico, Henredon Furniture Industries Inc., Laura Ashley Folding PLC, Iola Furniture Ltd, Giovanni Visentin srl, Nella Vetrina, Scavolini S.p.A., Turri S.r.l, and Heritage Home Group LLC are some of the key players in the global luxury furniture market. These players are collaborating with leading interior design companies to launch new designs and forms in the market. To give readers detailed insights on the competitive landscape of the market, the report offers clear insights on the key strategies employed by players. The strengths, weakness, opportunities, and threats faced by competitors are discussed in detail in the report. The key development of companies, any mergers and acquisitions, and changes in strategy are also offered in the report. The detailed company profiling helps readers in understanding the position of various players in the market. Company profiling can also help new entrants to the market gain credible insights on their competitors.
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