The global luxury furniture market
is expected to grow notably in the upcoming years. The key players in
the market are rapidly working on establishing the manufacturing units
in the developing economies owing to the low initial costs and
investments. Aggressive marketing techniques are being used in the
entire market by most of the leading players, to create a lasting
impression among the consumers. Some of the major players operating in
the global market are Nella Vetrina, Muebles Pico, Laura Ashley Folding
PLC, Henredon Furniture Industries Inc., Scavolini S.p.A., Giovanni
Visentin srl, Turri S.r.l, Iola Furniture Ltd, and Heritage Home Group
LLC.
According to a recent report by
Transparency Market Research (TMR), the global luxury furniture market
is estimated to expand at a steady CAGR of 5.2%, during the forecast
period from 2017 to 2022. The market is prognosticated to reach around
worth of US$29,496.7 mn by the end of 2022, from US$22,937.6 mn back in
2017.
On the basis of material types utilized
in making of furniture the market is led by wooden luxury furniture
segment, with highest revenue in forthcoming years. This is attributed
to the monetary value, durability of the material, and aesthetic value
in the global luxury furniture market. Regionally, Asia Pacific is
providing a huge scope for players in future. Particularly, China is
expected to be one of the key revenue generating nation owing to rise in
urbanization and increase in disposable income of the people.
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Easy Online Payment to Surge Development in Market
The pattern of safely online bill payment
and e-shopping through net-banking is estimated to help the development
of the market. In addition, with simple EMI alternatives and rise in
number of middle class people are also ready to afford the cost of
luxury furniture. Moreover, rise in disposable income of the entire
population is as well supporting the development of the luxury furniture
market all over the globe. This is on the grounds that a rise in income
has prompted people to shift from standard furniture to luxury
furniture products. The growing tendency of buying luxury things as a
sign of value of space and status symbol are among the key factors
surging the demand for luxury furniture in the market.
Fake Luxury Furniture Material to Hamper Market Growth
One of the difficulties hampering the
development of the global luxury furniture market is the developing
awareness among the buyers with respect to the negative effect on the
nature on utilizing wooden furniture. As wood is a noteworthy income
procuring material, it might influence the development of the market in
the years to come. The developing accessibility of fake luxury material
furniture which are valued at a much lower rate and worked with low
quality materials is debilitating the development of the luxury
furniture market. Nevertheless, the surging in real estate and
construction sectors is foreseen to boost the development of the luxury
furniture market.
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