High consumer awareness enhances the market for luxury furniture

Market - Mohit Shah - Nov 08,2017

Rating -

stars - based on 21 reviews

high consumer awareness enhances the market for luxury furniture

In the current phase, the mushrooming real estate industry along with improving disposable incomes across developing countries are expected to propel the market in the future. 

Luxury furniture has usually remained limited to the consumer population holding high disposable incomes. Over the years, the percentage of people having high disposable income has surged, directly motivating the demand for luxury furniture. Furthermore, residential demand and real estate demand for luxury furniture are serving good opportunities for the market.

It is analyzed that, construction of five-star hotels, malls, resorts, government buildings etc. are dropping a positive impact on the luxury furniture market. These days, the availability of luxury furniture via online platforms has helped a large section of consumers to swiftly access these goods without any hassle.

 As per active research findings, the global market for luxury furniture is projected to be worth US$22,937.6 mn by the end of 2017. This valuation might soon rise to a mark of US$29,496.7 by 2022 if the pace is carefully retained. There has been a significant boost in the count of designers, who aim to provide a lavish lifestyle choice to the customers when it comes to furniture goods. Moreover, awareness regarding the artistic value of luxury furniture has been spotted a prime growth driver in the global market.

According to reports, Europe is likely to the lead the regional market competition. Also, China is anticipated to emerge as a chief player in the Asia Pacific region as a result of growing urbanization and advancing disposable incomes. At present, the leading players functional in the global luxury furniture market are Muebles Pico, Scavolini S.p.A., Nella Vetrina, Laura Ashley Folding PLC, Iola Furniture Ltd. and Henredon Furniture Industries Inc.

 

For more information on this report visit- https://www.mrrse.com/luxury-furniture-market