GITNUX MARKETDATA REPORT 2024

Luxury Furniture Industry Statistics

The luxury furniture industry is projected to continue its steady growth driven by increasing disposable income and a demand for high-quality, stylish home furnishings.

Highlights: Luxury Furniture Industry Statistics

  • The global luxury furniture market size was valued at $26.4 billion in 2020.
  • The luxury furniture industry is anticipated to reach around $34.42 billion by 2028.
  • North America is the largest consumer of luxury furniture, accounting for over 25% of the global market share.
  • Europe's luxury furniture market was valued at nearly $7 billion in 2018.
  • The Asia-Pacific region is predicted to exhibit the highest CAGR of 5.2% through 2026 in the luxury furniture market.
  • Online sales in luxury furniture is predicted to grow by 6.51% over the next four years.
  • China is projected to become the second-largest luxury furniture market, growing at a CAGR of 9% by 2024.
  • Market analysts predict that by 2026, the global market for luxury outdoor furniture will reach $14.3 billion.
  • Marble furniture segment is projected to grow at the fastest rate during the forecast period for luxury furniture.
  • Commercial segment accounted for the majority share of around 59% in terms of value in the global luxury furniture market in 2020.
  • Online platforms for luxury furniture saw a 20% increase in sales over the past year due to the COVID-19 pandemic.
  • Italy is set to remain a major exporter of luxury furniture, accounting for approximately 30% of the market.
  • In the United States, the luxury furniture industry was estimated to be worth $4.79 billion in 2020.
  • The Middle East and Africa luxury furniture market is expected to grow by $7.7 billion from 2021 to 2026.
  • The leather furniture segment contributed to over 19% share of the overall revenue in the luxury furniture market in 2019.
  • San Francisco, United States alone is anticipated to reach approximately $32 billion in the luxury furniture market by 2028.

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The Latest Luxury Furniture Industry Statistics Explained

The global luxury furniture market size was valued at $26.4 billion in 2020.

The statistic indicates that the total value of the global luxury furniture market reached $26.4 billion in 2020. This figure quantifies the total revenue generated by the luxury furniture sector worldwide during that year. The market size provides insight into the scale and economic significance of the luxury furniture industry, reflecting the demand for high-end furniture products and the consumer spending in this market segment. Understanding the market size can help businesses, policymakers, and investors make informed decisions about market opportunities, investments, and strategic planning within the luxury furniture sector.

The luxury furniture industry is anticipated to reach around $34.42 billion by 2028.

The statistic mentioned indicates the projected size of the luxury furniture industry by the year 2028, with an expected value of approximately $34.42 billion. This figure suggests a significant growth trajectory for the industry, reflecting increasing demand for high-end furniture products. Factors driving this anticipated growth could include rising disposable income levels, evolving consumer preferences towards luxury goods, and expanding global market opportunities. Such projected industry growth could present opportunities for businesses operating within the luxury furniture sector to capitalize on market demand, innovate new products, enhance marketing strategies, and expand market presence to harness the potential economic benefits offered by this burgeoning industry.

North America is the largest consumer of luxury furniture, accounting for over 25% of the global market share.

The statistic that North America is the largest consumer of luxury furniture, with a market share exceeding 25% globally, indicates the significant presence and influence of the region in the luxury furniture industry. This highlights the strong demand for high-end furniture products in North America, driven by factors such as high disposable incomes, a culture of luxury consumption, and a preference for upscale and stylish home furnishings. As the leading consumer market for luxury furniture, North America plays a crucial role in shaping trends, driving innovation, and impacting the overall growth and dynamics of the global luxury furniture market. Manufacturers and designers in the industry need to pay close attention to North American consumer preferences and behaviors to effectively cater to this important market segment and maintain a competitive edge in the luxury furniture industry.

Europe’s luxury furniture market was valued at nearly $7 billion in 2018.

The statistic indicates that the luxury furniture market in Europe had a total value of approximately $7 billion in the year 2018. This figure represents the amount of money consumers spent on purchasing high-end furniture items across various European countries during that particular year. The substantial valuation suggests a strong market demand for luxury furniture within Europe, reflecting consumer preferences for high-quality, premium furniture products. This statistic is essential for businesses in the furniture industry as it highlights the potential market size and economic opportunity available for luxury furniture manufacturers and retailers in Europe.

The Asia-Pacific region is predicted to exhibit the highest CAGR of 5.2% through 2026 in the luxury furniture market.

This statistic indicates that the luxury furniture market in the Asia-Pacific region is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.2% from the current year to 2026. This suggests that there is a strong and consistent upward trend in the demand for luxury furniture in this region, driven by factors such as increasing disposable income, urbanization, and changing consumer preferences. The high CAGR of 5.2% signifies significant potential for growth and investment opportunities in the luxury furniture market in the Asia-Pacific region over the forecast period, making it an attractive market for businesses operating in the luxury furniture industry.

Online sales in luxury furniture is predicted to grow by 6.51% over the next four years.

The statistic indicates that there is a forecasted increase in online sales specifically within the luxury furniture market, with a predicted growth rate of 6.51% over the course of the next four years. This projection suggests a positive trend in consumer behavior towards purchasing high-end furniture items through digital platforms. Factors contributing to this expected growth could include the convenience and accessibility of online shopping, changing consumer preferences, and potential advancements in technology and e-commerce strategies within the luxury furniture industry. This statistic may be useful for businesses operating in the luxury furniture sector to make informed decisions and strategic plans to capitalize on the projected growth in online sales.

China is projected to become the second-largest luxury furniture market, growing at a CAGR of 9% by 2024.

The statistic indicates that China is expected to see significant growth in its luxury furniture market, becoming the second-largest market globally by 2024. The Compound Annual Growth Rate (CAGR) of 9% suggests a steady and robust expansion in the demand for luxury furniture in China. This growth projection signals increasing consumer confidence and purchasing power within the Chinese market, likely driven by factors such as rising disposable incomes, changing lifestyle preferences, and a growing appreciation for high-end furniture products. As a result, the luxury furniture industry is poised to capitalize on the evolving consumer landscape in China and presents opportunities for businesses to tap into this lucrative market segment over the coming years.

Market analysts predict that by 2026, the global market for luxury outdoor furniture will reach $14.3 billion.

The statistic indicates that market analysts have forecasted a significant growth in the global market for luxury outdoor furniture, with projections suggesting that by the year 2026, the market size will have expanded to $14.3 billion. This prediction implies a strong demand for high-end outdoor furniture products worldwide, reflecting potential consumer preferences for luxury and high-quality items in this segment. The forecasted figure is indicative of a prosperous market outlook for manufacturers, retailers, and stakeholders involved in the luxury outdoor furniture industry, signaling opportunities for growth and expansion in the coming years.

Marble furniture segment is projected to grow at the fastest rate during the forecast period for luxury furniture.

The statistic indicates that among the various segments of luxury furniture, the marble furniture segment is expected to experience the highest growth rate over the forecast period. This suggests that there is a growing demand for luxury furniture items made from marble compared to other materials. Factors such as changing consumer preferences, increasing disposable income, and evolving interior design trends may be driving this growth in the marble furniture segment. Businesses operating in the luxury furniture market may consider focusing on or expanding their offerings in marble furniture to capitalize on this projected growth and meet the increasing demand from consumers looking for high-end and stylish furniture options.

Commercial segment accounted for the majority share of around 59% in terms of value in the global luxury furniture market in 2020.

This statistic indicates that in the global luxury furniture market in 2020, the commercial segment, which includes businesses, offices, hotels, and other public spaces, held the largest portion of market value, constituting approximately 59% of the total. This suggests that commercial entities were the primary consumers of luxury furniture products during that year. The strong presence of the commercial segment could be attributed to factors such as increased investment in commercial infrastructures, the burgeoning hospitality industry, and the rising demand for premium design and quality in commercial spaces. Consequently, this information highlights the significance of catering to commercial clients in the luxury furniture market, and underscores the potential growth opportunities within this sector for furniture manufacturers and retailers.

Online platforms for luxury furniture saw a 20% increase in sales over the past year due to the COVID-19 pandemic.

The statistic indicates that online platforms selling luxury furniture experienced a 20% growth in sales compared to the previous year, which can be attributed to the impact of the COVID-19 pandemic. As various restrictions and lockdowns were imposed to curb the spread of the virus, more people turned to online shopping for their furniture needs, including high-end and luxury items. The shift towards online shopping was likely influenced by the closure of physical stores, consumer preferences for safer shopping options, and an increase in remote work and home improvement projects during the pandemic. The 20% increase in sales suggests a significant surge in demand for luxury furniture through online platforms during a time when traditional brick-and-mortar retail was facing challenges.

Italy is set to remain a major exporter of luxury furniture, accounting for approximately 30% of the market.

This statistic indicates that Italy holds a prominent position in the global market for luxury furniture, with an estimated share of around 30%. This suggests that Italian luxury furniture manufacturers are well-established and highly regarded among consumers worldwide, positioning Italy as a leading exporter in this industry. The reputation of Italian luxury furniture for quality craftsmanship, design innovation, and heritage likely contributes to its significant market presence. As Italy continues to maintain this strong position, it can be expected to play a key role in shaping trends and standards within the luxury furniture market in the future.

In the United States, the luxury furniture industry was estimated to be worth $4.79 billion in 2020.

The statistic indicates that the luxury furniture industry in the United States had an estimated market value of $4.79 billion in the year 2020. This figure suggests the significant economic importance and scale of the luxury furniture sector within the U.S. market. The value reflects the total revenue generated by businesses involved in producing and selling high-end furniture to consumers who prioritize quality, design, and exclusivity. Factors such as affluent consumer preferences, market trends, and economic conditions likely contribute to the growth and size of the luxury furniture industry. This statistic serves as a key indicator of the industry’s standing within the broader U.S. economy and highlights the demand for upscale furniture products among certain consumer segments.

The Middle East and Africa luxury furniture market is expected to grow by $7.7 billion from 2021 to 2026.

The statistic indicates that the luxury furniture market in the Middle East and Africa region is forecasted to experience significant growth over the period spanning from 2021 to 2026, with an expected increase in market size of $7.7 billion. This growth projection suggests a positive market trend where consumers in the region are expected to invest more in luxury furniture items, reflecting increasing disposable income levels, changing consumer preferences, and potentially evolving interior design trends. The anticipated growth of the luxury furniture market highlights opportunities for businesses operating in this sector to capitalize on the expanding market demand and cater to the evolving tastes and preferences of customers in the Middle East and Africa.

The leather furniture segment contributed to over 19% share of the overall revenue in the luxury furniture market in 2019.

The statistic indicates that the leather furniture category played a significant role in the luxury furniture market in 2019 by contributing over 19% share of the total revenue generated. This suggests that consumers showed a strong preference for leather furniture within the luxury segment, as evidenced by its substantial contribution to the overall market revenue. High-quality leather furniture is often associated with luxury and sophistication, reflecting consumer preferences for premium products in the luxury market segment. The data suggests that the demand for leather furniture was robust in 2019, making it a key driver of revenue growth for the luxury furniture market during that period.

San Francisco, United States alone is anticipated to reach approximately $32 billion in the luxury furniture market by 2028.

The statistic indicates that the luxury furniture market in San Francisco, United States is expected to grow significantly, reaching an estimated value of approximately $32 billion by the year 2028. This projection suggests a robust demand for high-end furniture products in the region over the coming years, likely driven by factors such as an increase in wealth and disposable income among consumers, a growing emphasis on interior design and home decor, and possibly a trend towards luxury living spaces. The anticipated growth of the luxury furniture market in San Francisco highlights the economic opportunities and preferences within the region’s demographic and serves as a promising prospect for businesses operating in the high-end furniture industry.

References

0. – https://www.www.industryarc.com

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5. – https://www.www.iila.org

6. – https://www.www.researchandmarkets.com

7. – https://www.www.emergenresearch.com

8. – https://www.www.furnituretoday.com

9. – https://www.www.prnewswire.com

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11. – https://www.www.globenewswire.com

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How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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