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Luxury Furniture Market by Distribution Channel, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 132
  • SKU: IRTNTR43980
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The luxury furniture market share is expected to increase by USD 7.00 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5%.

This luxury furniture market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers luxury furniture market segmentations by distribution channel (offline and online), application (residential and commercial), and geography (Europe, North America, APAC, MEA, and South America). The luxury furniture market report also offers information on several market vendors, including Club House Italia S.p.A, Giorgio Armani Spa, Herman Miller Inc., Minotti S.p.A., MUEBLES PICO SA, Natuzzi SpA, Opera Contemporary, Reflex S.p.a., Rugiano srl, and Vaughan Bassett among others.

What will the Luxury Furniture Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Luxury Furniture Market Size for the Forecast Period and Other Important Statistics

 

Luxury Furniture Market: Key Drivers, Trends, and Challenges

The increasing number of new luxury furniture showroom launches is notably driving the luxury furniture market growth, although factors such as frequent product recalls may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the luxury furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Luxury Furniture Market Driver

One of the key factors driving the luxury furniture market is the increasing number of new luxury furniture showroom launches. The growth of the global luxury furniture market is being invigorated by the frequent launch of products and showrooms globally. Major and regional players have been assessing the growth opportunities in the luxury furniture category in various parts of the world. With an aim to efficiently tap into the enormous growth potential of this market, new showrooms of luxury furniture are being launched globally to attract more customers. In February 2019, the Natuzzi Spa. opened its new store in Istanbul within the Home Design Center. In March 2020, the Reflex Spa. opened its showroom in Brussel. In April 2019, the Reflex Spa. opened its showroom in Milan, Italy. In July 2019, the Club House Italia Spa launched The Residence, U.S. Showhouse, designed exclusively by Design Force Miami in collaboration with Orlean, Emilio Robba, and Opera Gallery. In March 2020, the Club House Italia Spa launched the Outdoor Collection, in collaboration with Orlean & Storia Flooring Luxury Living Group.

Key Luxury Furniture Market Trend

Another key factor driving the luxury furniture market growth is the rapid emergence of eco-friendly and organic luxury furniture. The demand for and popularity of eco-friendly luxury furniture have increased in the past few years as there has been growing concern globally about the negative effects of deforestation and toxic furniture finishes on the environment. The aforementioned factors have encouraged many vendors operating in the global luxury furniture market to develop eco-friendly furniture using green technology. Biodegradable, sustainable, and renewable raw materials, such as wood, are used in the manufacturing of eco-friendly luxury furniture. North American Hardwood is one of the best eco-friendly raw materials used for manufacturing eco-friendly and organic luxury furniture. Furthermore, bamboo has emerged as an eco-friendly substitute for conventional wood used for the manufacturing of luxury furniture. Alta Decoraci n ArtesMoble SL and Vermont Woods Studios LLC are among the popular manufacturers of eco-friendly and organic luxury furniture globally. The growth of the eco-friendly and organic luxury furniture category is being invigorated by recognition such as awards. Therefore, the aforementioned factors render the rapid emergence of eco-friendly and organic luxury furniture a vital trend, which will positively impact the global luxury furniture market.

Key Luxury Furniture Market Challenge

Frequent product recalls and unstable prices of raw materials are one of the key challenges hindering the call center outsourcing market growth. The increasing number of product recalls featuring sub-categories, such as bar stools, recliner chairs, sofas, beds, and dining tables, is a major challenge that is anticipated to hinder the growth of the global luxury furniture market during the forecast period. Product recalls hamper the reputation of any sector and result in operational and financial constraints among players operating in the global luxury furniture market. There have been quite a significant number of instances of such recalls in the past few years in the global luxury furniture market. Moreover, the instability in prices in the global luxury furniture market has been caused by various factors, including the increasing costs of raw materials. An increase in costs of raw materials presents a two-way challenge for major players as they should either accept the high prices of raw materials or sell products at higher prices, with the risk of losing customers to competitors offering the same products at lower prices. Therefore, the unstable raw material prices are a major challenge, which is expected to negatively impact the global luxury furniture market during the forecast period.

This luxury furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global luxury furniture market as a part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the luxury furniture market during the forecast period.

Who are the Major Luxury Furniture Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Club House Italia S.p.A
  • Giorgio Armani Spa
  • Herman Miller Inc.
  • Minotti S.p.A.
  • MUEBLES PICO SA
  • Natuzzi SpA
  • Opera Contemporary
  • Reflex S.p.a.
  • Rugiano srl
  • Vaughan Bassett

 

This statistical study of the luxury furniture market encompasses successful business strategies deployed by the key vendors. The luxury furniture market is fragmented and the vendors are deploying growth strategies such as strategic collaborations, M&A, and partnerships to expand their R&D activities, gain access to advanced technologies, and establish a distribution network for successful product commercialization to compete in the market.

Product Insights and News

  • Club House Italia S.p.A- The company offers luxury furniture such as Margaret bracelet armchair, Truman sofa, and more under the brand name FENDI Casa.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The luxury furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Luxury Furniture Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the luxury furniture market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Luxury Furniture Market?

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35% of the market’s growth will originate from Europe during the forecast period. Germany, UK and Italy are the key markets for luxury furniture in Europe. Market growth in this region will be faster than the growth of the market in MEA and South America regions.

The increasing number of single-occupancy households will facilitate the luxury furniture market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The European economy, along with the regional luxury furniture market, was highly affected by the COVID-19 pandemic in 2020. Furthermore, luxury stocks were highly affected in January 2020. There was a reduction of $54 billion in market value. The regional luxury furniture market was severely affected due to the pandemic in 2020 and in the first half of 2021. However, the market is expected to witness a growth in luxury furniture sales via e-commerce channels during the forecast period. Such shifts in marketing strategies along with vaccination drives are expected to support the growth of the regional luxury furniture market during the forecast period.

What are the Revenue-generating Distribution Channel Segments in the Luxury Furniture Market?

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The luxury furniture market share growth by the offline will be significant during the forecast period. Offline distribution channels include the sale of luxury furniture market through various offline media such as specialty furniture stores, department stores, discount stores, hypermarkets, supermarkets, warehouse clubs, manufacturer-branded stores, and designer stores. The offline distribution channel is the most preferred means for the distribution of luxury furniture items by vendors, manufacturers, and distributors operating in the global luxury furniture market, the major factor being the tangential factor associated with the offline distribution of luxury furniture.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury furniture market size and actionable market insights on post COVID-19 impact on each segment.

 

Luxury Furniture Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 5%

Market growth 2021-2025

$ 7.00 billion

Market structure

Fragmented

YoY growth (%)

3.58

Regional analysis

Europe, North America, APAC, MEA, and South America

Performing market contribution

Europe at 35%

Key consumer countries

US, Germany, UK, Italy, and China

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Club House Italia S.p.A, Giorgio Armani Spa, Herman Miller Inc., Minotti S.p.A., MUEBLES PICO SA, Natuzzi SpA, Opera Contemporary, Reflex S.p.a., Rugiano srl, and Vaughan Bassett

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Luxury Furniture Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive luxury furniture market growth during the next five years
  • Precise estimation of the luxury furniture market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the luxury furniture industry across Europe, North America, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of luxury furniture market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis

    3 Market Sizing

    • 3.1 Market definition
      • Exhibit 03: Offerings of vendors included in the market definition
    • 3.2 Market segment analysis
      • Exhibit 04: Market segments
    • 3.3 Market size 2020
      • 3.4 Market outlook: Forecast for 2020 - 2025
        • Exhibit 05: Global - Market size and forecast 2020 - 2025 ($ billion)
        • Exhibit 06: Global market: Year-over-year growth 2020 - 2025 (%)

      4 Five Forces Analysis

      • 4.1 Five forces analysis
        • Exhibit 07: Five forces analysis 2020 & 2025
      • 4.2 Bargaining power of buyers
        • Exhibit 08: Bargaining power of buyers
      • 4.3 Bargaining power of suppliers
        • Exhibit 09: Bargaining power of suppliers
      • 4.4 Threat of new entrants
        • Exhibit 10: Threat of new entrants
      • 4.5 Threat of substitutes
        • Exhibit 11: Threat of substitutes
      • 4.6 Threat of rivalry
        • Exhibit 12: Threat of rivalry
      • 4.7 Market condition
        • Exhibit 13: Market condition - Five forces 2020

      5 Market Segmentation by Application

      • 5.1 Market segments
        • Exhibit 14: Application - Market share 2020-2025 (%)
      • 5.2 Comparison by Application
        • Exhibit 15: Comparison by Application
      • 5.3 Residential - Market size and forecast 2020-2025
        • Exhibit 16: Residential - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 17: Residential - Year-over-year growth 2020-2025 (%)
      • 5.4 Commercial - Market size and forecast 2020-2025
        • Exhibit 18: Commercial - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 19: Commercial - Year-over-year growth 2020-2025 (%)
      • 5.5 Market opportunity by Application
        • Exhibit 20: Market opportunity by Application

      6 Market Segmentation by Distribution channel

      • 6.1 Market segments
        • Exhibit 21: Distribution channel - Market share 2020-2025 (%)
      • 6.2 Comparison by Distribution channel
        • Exhibit 22: Comparison by Distribution channel
      • 6.3 Offline - Market size and forecast 2020-2025
        • Exhibit 23: Offline - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 24: Offline - Year-over-year growth 2020-2025 (%)
      • 6.4 Online - Market size and forecast 2020-2025
        • Exhibit 25: Online - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 26: Online - Year-over-year growth 2020-2025 (%)
      • 6.5 Market opportunity by Distribution channel
        • Exhibit 27: Market opportunity by Distribution channel

      7 Customer landscape

      8 Geographic Landscape

      • 8.1 Geographic segmentation
        • Exhibit 29: Market share by geography 2020-2025 (%)
      • 8.2 Geographic comparison
        • Exhibit 30: Geographic comparison
      • 8.3 Europe - Market size and forecast 2020-2025
        • Exhibit 31: Europe - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
      • 8.4 North America - Market size and forecast 2020-2025
        • Exhibit 33: North America - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 34: North America - Year-over-year growth 2020-2025 (%)
      • 8.5 APAC - Market size and forecast 2020-2025
        • Exhibit 35: APAC - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 36: APAC - Year-over-year growth 2020-2025 (%)
      • 8.6 MEA - Market size and forecast 2020-2025
        • Exhibit 37: MEA - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 38: MEA - Year-over-year growth 2020-2025 (%)
      • 8.7 South America - Market size and forecast 2020-2025
        • Exhibit 39: South America - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 40: South America - Year-over-year growth 2020-2025 (%)
      • 8.8 Key leading countries
        • Exhibit 41: Key leading countries
      • 8.9 Market opportunity by geography
        • Exhibit 42: Market opportunity by geography ($ billion)

      9 Drivers, Challenges, and Trends

      • 9.1 Market drivers
        • 9.2 Market challenges
          • Exhibit 43: Impact of drivers and challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Landscape disruption
              • Exhibit 45: Landscape disruption
              • Exhibit 46: Industry risks

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 47: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 48: Market positioning of vendors
            • 11.3 Club House Italia S.p.A
              • Exhibit 49: Club House Italia S.p.A - Overview
              • Exhibit 50: Club House Italia S.p.A - Product and service
              • Exhibit 51: Club House Italia Spa - Key news
              • Exhibit 52: Club House Italia S.p.A - Key offerings
            • 11.4 Giorgio Armani Spa
              • Exhibit 53: Giorgio Armani Spa - Overview
              • Exhibit 54: Giorgio Armani Spa - Product and service
            • 11.5 Herman Miller Inc.
              • Exhibit 55: Herman Miller Inc. - Overview
              • Exhibit 56: Herman Miller Inc. - Business segments
              • Exhibit 57: Herman Miller Inc- Key news
              • Exhibit 58: Herman Miller Inc. - Key offerings
              • Exhibit 59: Herman Miller Inc. - Segment focus
            • 11.6 Minotti S.p.A.
              • Exhibit 60: Minotti S.p.A. - Overview
              • Exhibit 61: Minotti S.p.A. - Product and service
              • Exhibit 62: Minotti Spa - Key news
              • Exhibit 63: Minotti S.p.A. - Key offerings
            • 11.7 MUEBLES PICO SA
              • Exhibit 64: MUEBLES PICO SA - Overview
              • Exhibit 65: MUEBLES PICO SA - Product and service
              • Exhibit 66: MUEBLES PICO SA - Key offerings
            • 11.8 Natuzzi SpA
              • Exhibit 67: Natuzzi SpA - Overview
              • Exhibit 68: Natuzzi SpA - Product and service
              • Exhibit 69: Natuzzi Spa- Key news
              • Exhibit 70: Natuzzi SpA - Key offerings
            • 11.9 Opera Contemporary
              • Exhibit 71: Opera Contemporary - Overview
              • Exhibit 72: Opera Contemporary - Product and service
              • Exhibit 73: Opera Contemporary- Key news
              • Exhibit 74: Opera Contemporary - Key offerings
            • 11.10 Reflex S.p.a.
              • Exhibit 75: Reflex S.p.a. - Overview
              • Exhibit 76: Reflex S.p.a. - Product and service
              • Exhibit 77: Reflex S.p.a. - Key offerings
            • 11.11 Rugiano srl
              • Exhibit 78: Rugiano srl - Overview
              • Exhibit 79: Rugiano srl - Product and service
              • Exhibit 80: Rugiano Srl- Key news
              • Exhibit 81: Rugiano srl - Key offerings
            • 11.12 Vaughan Bassett
              • Exhibit 82: Vaughan Bassett - Overview
              • Exhibit 83: Vaughan Bassett - Product and service
              • Exhibit 84: Vaughan Bassett - Key offerings

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Currency conversion rates for US$
                • Exhibit 85: Currency conversion rates for US$
              • 12.3 Research methodology
                • Exhibit 86: Research Methodology
                • Exhibit 87: Validation techniques employed for market sizing
                • Exhibit 88: Information sources
              • 12.4 List of abbreviations
                • Exhibit 89: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The luxury furniture market growth will increase by $7 billion during 2021-2025.
              The luxury furniture market is expected to grow at a CAGR of 4.53% during 2021-2025.
              Technavio has segmented the luxury furniture market by distribution channel (Offline and Online) ,application (Residential and Commercial) , and geographic (Europe, North America, APAC, MEA, and South America).
              Club House Italia S.p.A, Giorgio Armani Spa, Herman Miller Inc., Minotti S.p.A., MUEBLES PICO SA, Natuzzi SpA, Opera Contemporary, Reflex S.p.a., Rugiano srl, Vaughan Bassett are a few of the key vendors in the luxury furniture market.
              Europe will register the highest growth rate of 35.43% among the other regions. Therefore, the luxury furniture market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the luxury furniture market growth are:
              • Increasing number of new luxury furniture showroom launches
              • Rapid emergence of eco-friendly and organic luxury furniture
              The luxury furniture market vendors should focus on grabbing business opportunities from the offline segment as it accounted for the largest market share in the base year.
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