Global luxury furniture market to grow nearly 5 percent by 2023Tuesday, January 8, 2019
Washington, D. C. –
The global luxury furniture market is projected to grow at the rate of 4.7% during the forecast period 2018-2023, according to a new report from ResearchAndMarkets.com.
The desire for furniture made from premium wood - mainly mahogany and alder - is driving the demand of the market. The demand for furniture to be incorporated with leather, glass, and metal is also on the rise.
Rise in hospitality and infrastructure industry in developing economies is playing key role to drive the demand of luxury indoor furniture from the office and hotel segment. The growing popularity of luxury indoor furniture such as bedroom, bathroom, kitchen, and others is likely to boost the sales of luxury furniture in the domestic segment. In developed economies, the domestic luxury furniture segment is expected to hold significant market whereas, wood and metal luxury segment marked substantial share in the developed economies.
A growing real estate industry and rising urban population in the developing economies is supporting growth.
Luxury furniture made from wood and metal are gaining popularity among consumers due to its high aesthetic value and durability. The wood luxury furniture segment is expected to witness the higher growth rate due to increasing demand from the hospitality and corporate sector. On the other hand, the luxury furniture market is likely to witness slow growth rate across the globe owning increasing environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials used for luxury furniture manufacturing.Read all News