London, 09 October 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Furniture Market 2014-2018, which is expected to grow at a CAGR of 3.38 percent during the forecast period of 2013-2018.
“People buy luxury furniture to enhance their status in society rather than for its utility,” says Faisal Ghaus, Vice President of TechNavio.
“The primary driver of the increased demand is the increasing number of high-net-worth individuals who look for luxurious goods to maintain their social status.”
Key Market Drivers
- Increased Influence of Globalization on Market
- Increased Household Disposable Income
- Growth in Real Estate Industry
- Increased Media Penetration
- Growth in Organized Retailing
Key Market Trends
- Increasing Demand for Luxury Furniture
- Increasing Demand for Eco-friendly Furniture
- Boom in Online Retailing
- Development of Multifunctional Furniture
Key Market Vendors
- Ashley Furniture Industries Ltd.
- Inter IKEA Group
- Sears Holdings Corp.
- Steelcase Inc.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.