Global Luxury Furniture Market Major Trends And Growth Drivers
Global Luxury Furniture Market Major Trends And Growth Drivers

Luxury Furniture Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company’s Luxury Furniture Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

You Can Now Pre Order Your Report To Get A Swift Deliver With All Your Needs

— The Business research company

LONDON, GREATER LONDON, UK, July 1, 2024 / — The luxury furniture market size has experienced robust growth, increasing from $24.1 billion in 2023 to $25.71 billion in 2024, at a compound annual growth rate (CAGR) of 6.7%. This growth can be attributed to economic prosperity, evolving architectural and interior design trends, the surge in luxury real estate, cultural influences, celebrity endorsements, and influencer impact.

The market is projected to continue expanding strongly, reaching $32.29 billion by 2028, growing at a CAGR of 5.9%. Factors driving this growth include the rise of luxury e-commerce, emphasis on sustainability and eco-friendly practices, global wealth redistribution, and a growing focus on wellness and comfort in design.

Rising Trend of Home Renovation Driving Market Growth
The increasing trend of home renovation is a significant driver for the luxury furniture market. Homeowners are increasingly investing in upgrading their living spaces, seeking refinement, style, and sophistication through luxury furniture. This trend is pivotal in propelling market growth, as highlighted by Verana Ltd., which reported a substantial contribution of 53% from the house renovations sector among homeowners in 2021.

Explore comprehensive insights into the global luxury furniture market with a detailed sample report:

Major Players and Market Trends
Leading companies in the luxury furniture market include IKEA Systems B.V., Ralph Lauren Home, La-Z-Boy Incorporated, Heritage Home Group LLC, and Arhaus LLC. These players are actively innovating, leveraging AI-driven digital design experiences to enhance customer engagement and satisfaction. For example, Inter IKEA Systems B.V. introduced IKEA Kreativ in June 2022, a platform using AI and mixed reality to simulate home furnishing solutions, offering customers immersive shopping experiences.

Luxury Furniture Market Segments
The luxury furniture market is segmented based on:
• Type: Tables, Chairs, Sofas and Lounges, Kitchen, Lighting, Interior Accessories, Beds, Other Types
• Material: Wood, Metal, Plastic, Glass, Leathers, Other Materials
• Distribution Channel: Online, Offline
• End User: Residential, Commercial

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the luxury furniture market in 2023 and is expected to maintain its position as the fastest-growing region throughout the forecast period. Detailed regional dynamics and growth opportunities are covered in the comprehensive market report.

Explore the report store to make a direct purchase of the report

Luxury Furniture Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Luxury Furniture Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on luxury furniture market size, luxury furniture market drivers and trends, luxury furniture market major players, competitors’ revenues, market positioning, and market growth across geographies. The luxury furniture market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

Browse Through More Similar Reports By The Business Research Company:

Furniture And Home Furnishings Stores Global Market Report 2024

Furniture Global Market Report 2024

Household Furniture And Kitchen Cabinet Global Market Report 2024

About The Business Research Company
The Business Research Company has published over 27 industries, spanning over 8000+ markets and 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
[email protected]
Visit us on social media:

Article originally published on as Global Luxury Furniture Market Major Trends And Growth Drivers