Luxury furniture market projected to reach $38.97 billion

NEWARK, Del. -- The global luxury furniture market is predicted to register a CAGR of 5.6% over the forecast period, as per FMI's analysis. The industry's size is anticipated to increase from $22.6 billion in 2023 to $38.97 billion by the end of 2033.

The introduction of such advanced technologies helps make the purchase of furniture easier. Additionally, the growing demand for online shopping has resulted in several companies launching their online stores, further expanding their reach and clientele.

Nilkamal Pvt. has introduced an online shopping portal that showcases an exclusive range of home furnishings, home furniture, and upholstery. The presence of multiple product options and features to compare prices are some factors that are propelling customers to shop online. When shopping online, customers can also check previous reviews, compare multiple products and stores, and analyze prices from different sellers.

SCAVOLINI S.P.A, Cassina S.p.A, Kimball International, Inc., Brown Jordan International, Herman Miller, Inc., Vivono, Boca do Lobo, DURESTA, Haworth, Inc., MUEBLES PICO SA.

Highlights from the FMI's analysis 

  • Europe's luxury furniture market is expected to gain a handsome market share over the forecast period.
  • The Asia Pacific is expected to witness robust growth in the years to come.
  • Wood as the raw material is predicted to acquire a massive market share over the forecast period owing to its fine finishing and touch, adding to its aesthetic appeal.
  • The offline channel holds a considerable market share. This can be attributed to the wide consumer base that prefers in-person purchases of luxury furniture.

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Larry Adams | Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).