Luxury Furniture Market

Luxury Furniture Market Forecasts to 2028 - Global Analysis By Raw Material (Wood, Plastic, Metal and Other Raw Materials), Product Type (Tables, Bedroom and Other Product Types), End User, Point of Sale, Distribution Channel and By Geography

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Published: 2023 ID: SMRC23068

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $21.67 BN

Projected Year Value (2028)

US $33.44 BN

CAGR (2022 - 2028)


Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market


According to Stratistics MRC, the Global Luxury Furniture Market is accounted for $21.67 billion in 2022 and is expected to reach $33.44 billion by 2028 growing at a CAGR of 7.5% during the forecast period. Luxury furniture is manufactured from high-quality materials and comes in a range of styles. Metal, glass, wood, and other materials are commonly utilised to manufacture these objects. The business is generally driven by total consumer spending as well as other factors like as family debt levels, per-capita income, and consumer expectations. The rising disposable income, rising living standards, and rising demand for furniture all contribute to market expansion. Furthermore, the growing trend of house restoration and decoration among the urban population has supported industry growth.

According to the Ministry of Housing and Urban Affairs, the Indian government approved approximately 1 billion residences during the fiscal year 2019-2020 under the Pradhan Mantri Awas Yojana scheme.

Market Dynamics:


Rapid growth of the real estate

Due to rising demand for business and residential spaces, the real estate sector has lately enjoyed significant expansion. The increased need for office space, a pleasant corporate environment, and urban and semi-urban housing has aided the rise of the real estate sector. Furthermore, rising residential and commercial building construction will propel market growth. In addition, the strong demand for luxury houses has increased the use of luxury interior furniture in areas such as bedrooms, offices, and kitchens. This aspect is also likely to boost sales of high-end furniture.


Availability of counterfeit products

The ease with which numerous technologies may be used to create identical replicas of luxury furniture can severely impair its overall quality, design, and finishing. This might have a negative impact on a manufacturer's revenue margin and deter them from investing more in in-depth research and development. Counterfeiting also involves using a well-known brand's trademark or logo on a product that is not made or authorised by that brand. The growing selling of counterfeit goods has harmed manufacturers' brand image, resulting in a loss of customer trust.


Rising online retailing

Major technological advancements, such as the availability of high-speed internet networks and the increasing usage of smart gadgets, are boosting the growth of the worldwide e-commerce business. These advancements may make it easier for people to purchase furniture online. Furthermore, to accommodate the growing worldwide demand for online purchasing, numerous corporations have started their own online furniture sites. Customer’s affinity for online buying has grown as a result of the availability of many product alternatives and price comparisons on online shopping sites. Online shopping is also getting more popular since it allows customers to read reviews from past purchasers, compare different stores and items, and compare product pricing from other vendors. These reasons may favour using online shopping platforms to purchase luxury furniture.


Scarcity of skilled labours

Skilling has taken on a completely new dimension in the age of automation. People are no longer happy with classic things as their tastes evolve. The trend is towards sleek, western-style furniture that is both aesthetically pleasing and well-made. The lack of highly qualified personnel in the global luxury furniture market, as well as the rising price of raw materials, are the significant obstacles for the sector, impeding market expansion. Increasing costs and the need to improve supply chain visibility and efficiency are other major challenges.

Covid-19 Impact

The worldwide market was harmed by the COVID-19 epidemic. This occurred owing to the imposition of lockdown and other limitations in 2020, which resulted in the total closure of international and internal borders. Import and export restrictions on commodities and raw materials were also enforced. Furthermore, a scarcity of available personnel prompted manufacturers to halt production of premium furniture goods. These problems hampered the growth of the global furniture business.

The wood segment is expected to be the largest during the forecast period

The wood segment is estimated to have a lucrative growth, due to its versatility and finishing, wood is likely to have a strong market share. Because of its great aesthetic appeal, monetary worth, and durability, wood is the most favoured material. The fast expansion of the residential sector, fuelled by economic growth, population, smart cities, and foreign direct investment (FDI), is fuelling demand for wooden furniture. A consistent increase in the need for trendy and customisable furniture to assist clients live a pleasant lifestyle will drive market.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the highest CAGR growth during the forecast period, due to the increasing production of home décor and furnishing items, the residential segment is expected to have a considerable market share. Rapid urbanisation, higher disposable income, a greater emphasis on aesthetics, and widespread adoption of urban lifestyles are driving up sales of luxury furniture. Consumer tendencies towards creative and attractive furniture goods will raise the industries worth even more. The high demand for eco-friendly and multifunctional luxury furniture in both established and emerging nations may boost market expansion further.

Region with highest share:

Asia Pacific is projected to hold the highest market share during the forecast period owing to the APAC region's disposable income, urbanisation, and employment are all driving the demand for the building of residential and commercial properties. Increased innovation, along with a strong customer desire for designer luxury furniture, will drive market growth in the coming years. Furthermore, the simple availability of numerous luxury furniture goods on both online and offline platforms may aid in the growth of the Asia Pacific market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the governments that are expanding their efforts in developing futuristic, publicly accessible public infrastructure, and they are collaborating with private enterprises to accomplish this aim. The Germany and UK, for example, are experiencing rapid growth in commercial and residential building to meet the growing demands of the metropolitan population. These innovations will encourage the use of appealing and high-end furnishing solutions.

Key players in the market

Some of the key players profiled in the Luxury Furniture Market include IKEA, Brown Jordan International, Scavolini S.P.A, Kimball International. Inv, Muebles PICO SA, Haworth, Inc, Vivono, Boca do Lobo, Herman Miller.Inc, Duresta, Valderamobili, Iola Furniture Ltd, Nella Vetrina, Visentin, Henredon Furniture Industries Inc, Mobel Grace, Godraj and Boyce, Ashley Furniture Industries Inc. and Durian

Key Developments:

In March 2023, IKEA and Little Sun launch SAMMANLÄNKAD exploring light sources powered by the sun, the result of the collaboration is SAMMANLÄNKAD: two sun-powered LED lamps designed to awaken interest in how the sun can power everyday objects.

In March 2023, IKEA launches the ÖMSESIDIG collection exploring festivities in Latin America, the result is ÖMSESIDIG, a limited-edition collection consisting of 30 products that help set the mood for celebrations and gatherings.

Raw Materials Covered:
• Wood
• Plastic
• Metal
• Other Raw Materials

Product Types Covered:
• Tables
• Bedroom
• Cabinets
• Chairs & Sofas
• Accessories
• Lighting
• Other Product Types

End Users Covered:
• Commercial
• Residential

Distribution Channels Covered:
• Online
• Offline

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Luxury Furniture Market, By Raw Material
5.1 Introduction
5.2 Wood
5.3 Plastic
5.4 Metal
5.5 Other Raw Materials

6 Global Luxury Furniture Market, By Product Type
6.1 Introduction
6.2 Tables
6.3 Bedroom
6.4 Cabinets
6.5 Chairs & Sofas
6.6 Accessories
6.7 Lighting
6.8 Other Product Types

7 Global Luxury Furniture Market, By End User
7.1 Introduction
7.2 Commercial
7.3 Residential

8 Global Luxury Furniture Market, By Distribution Channel
8.1 Introduction
8.2 Online
8.2.1 Company Owned Websites
8.2.2 E-Commerce Website
8.3 Offline
8.3.1 Speciality Stores
8.3.2 Super Markets
8.3.3 Hyper Markets
8.3.4 Independent Furniture Retailers

9 Global Luxury Furniture Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 IKEA
11.2 Brown Jordan International
11.3 Scavolini S.P.A
11.4 Kimball International. Inv
11.5 Muebles PICO SA
11.6 Haworth, Inc
11.7 Vivono
11.8 Boca do Lobo
11.9 Herman Miller.Inc
11.10 Duresta
11.11 Valderamobili
11.12 Iola Furniture Ltd
11.13 Nella Vetrina
11.14 Visentin
11.15 Henredon Furniture Industries Inc
11.16 Mobel Grace
11.17 Godraj and Boyce
11.18 Ashley Furniture Industries Inc.
11.19 Durian

List of Tables
1 Global Luxury Furniture Market Outlook, By Region (2020-2028) ($MN)
2 Global Luxury Furniture Market Outlook, By Raw Material (2020-2028) ($MN)
3 Global Luxury Furniture Market Outlook, By Wood (2020-2028) ($MN)
4 Global Luxury Furniture Market Outlook, By Plastic (2020-2028) ($MN)
5 Global Luxury Furniture Market Outlook, By Metal (2020-2028) ($MN)
6 Global Luxury Furniture Market Outlook, By Other Raw Materials (2020-2028) ($MN)
7 Global Luxury Furniture Market Outlook, By Product Type (2020-2028) ($MN)
8 Global Luxury Furniture Market Outlook, By Tables (2020-2028) ($MN)
9 Global Luxury Furniture Market Outlook, By Bedroom (2020-2028) ($MN)
10 Global Luxury Furniture Market Outlook, By Cabinets (2020-2028) ($MN)
11 Global Luxury Furniture Market Outlook, By Chairs & Sofas (2020-2028) ($MN)
12 Global Luxury Furniture Market Outlook, By Accessories (2020-2028) ($MN)
13 Global Luxury Furniture Market Outlook, By Lighting (2020-2028) ($MN)
14 Global Luxury Furniture Market Outlook, By Other Product Types (2020-2028) ($MN)
15 Global Luxury Furniture Market Outlook, By End User (2020-2028) ($MN)
16 Global Luxury Furniture Market Outlook, By Commercial (2020-2028) ($MN)
17 Global Luxury Furniture Market Outlook, By Residential (2020-2028) ($MN)
18 Global Luxury Furniture Market Outlook, By Distribution Channel
(2020-2028) ($MN)
19 Global Luxury Furniture Market Outlook, By Online (2020-2028) ($MN)
20 Global Luxury Furniture Market Outlook, By Company Owned Websites (2020-2028) ($MN)
21 Global Luxury Furniture Market Outlook, By E-Commerce Website (2020-2028) ($MN)
22 Global Luxury Furniture Market Outlook, By Offline (2020-2028) ($MN)
23 Global Luxury Furniture Market Outlook, By Speciality Stores (2020-2028) ($MN)
24 Global Luxury Furniture Market Outlook, By Super Markets (2020-2028) ($MN)
25 Global Luxury Furniture Market Outlook, By Hyper Markets (2020-2028) ($MN)
26 Global Luxury Furniture Market Outlook, By Independent Furniture Retailers (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at

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