PUBLISHER: The Business Research Company | PRODUCT CODE: 1670277
PUBLISHER: The Business Research Company | PRODUCT CODE: 1670277
Luxury furniture encompasses exquisitely crafted and exclusive pieces made from top-tier materials, showcasing superb craftsmanship and meticulous attention to detail. It evokes a sense of spaciousness and the illusion of a lavish lifestyle.
The primary categories of luxury furniture include tables, chairs, sofas and lounges, kitchens, lighting, interior accessories, beds, and more. Tables are furniture items featuring a flat horizontal surface supported by legs, pedestals, or other structural elements. Various materials, such as wood, metal, plastic, glass, leather, among others, are utilized in their construction. These high-end furnishings are available for purchase through both online and offline distribution channels, catering to a diverse range of end-users, including residential and commercial clientele.
The luxury furniture market research report is one of a series of new reports from The Business Research Company that provides luxury furniture market statistics, including luxury furniture industry global market size, regional shares, competitors with a luxury furniture market share, detailed luxury furniture market segments, market trends and opportunities, and any further data you may need to thrive in the luxury furniture industry. This luxury furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The luxury furniture market size has grown strongly in recent years. It will grow from $25.55 billion in 2024 to $27.19 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to economic prosperity, architectural and interior design trends, the rise of luxury real estate, cultural influences, celebrity endorsements, and influencers
The luxury furniture market size is expected to see strong growth in the next few years. It will grow to $35.11 billion in 2029 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the rise of luxury e-commerce, sustainability, and eco-friendly practices, global wealth redistribution, wellness and comfort in design, rise of luxury e-commerce. Major trends in the forecast period include digitalization of design and customization, collaborations with contemporary artists, transparency in the supply chain, inclusive and diverse designs, and virtual and augmented reality shopping.
The growing trend of home renovation is expected to drive the expansion of the luxury furniture market in the coming years. Home renovation involves significantly altering, enhancing, or upgrading a residential property. Luxury furniture plays a crucial role in these projects by adding refinement, style, and sophistication to living spaces. For example, in January 2023, the Harvard Joint Center for Housing Studies, a US-based research institution focused on housing issues, reported that national spending on remodeling and repairs for owner-occupied homes is projected to reach $485 billion in 2023, representing a 2.6% increase from the previous year. Thus, the rising trend of home renovation is propelling the growth of the luxury furniture market.
The rising use of wood is expected to fuel the growth of the luxury furniture market in the future. Wood, a natural material derived from tree roots, stems, and branches, is highly favored for luxury furniture due to its aesthetic appeal, versatility, durability, craftsmanship, customization options, enhanced resale value, natural insulation properties, and ease of maintenance. For instance, in June 2024, the National Resource Institute Finland, a research institute under the Ministry of Agriculture and Forestry, reported that Finland consumed 75.4 million cubic meters of roundwood in 2023, with 61.2 million cubic meters processed by the forest industry. Domestic roundwood accounted for 57.8 million cubic meters, while imported roundwood contributed 3.3 million cubic meters. Thus, the increasing use of wood is driving the growth of the luxury furniture market.
The luxury furniture market is witnessing a surge in the popularity of advanced recycled materials as a prominent trend. Leading companies in the luxury furniture sector are embracing a new era of advanced recycled materials to produce sustainable luxury furniture, thereby maintaining their market positions. For example, in March 2023, House of Ecologie, a sustainable furniture and home goods brand based in the United States, introduced a range of environmentally friendly luxury capsule furniture crafted from innovative recycled materials. This collaboration encompasses various classic, handcrafted items designed to enhance contemporary and functional living spaces, aligning with Ecogensus' commitment to prioritizing the well-being of both people and the environment.
Prominent players in the luxury furniture market are adopting innovative approaches, such as AI-driven digital design experiences, to gain a competitive edge. AI-driven digital design experiences involve leveraging artificial intelligence (AI) to create and personalize digital products and services. In June 2022, Inter IKEA Systems B.V., a Netherlands-based company responsible for developing and franchising the IKEA retail concept, launched IKEA Kreativ. This initiative allows customers to visualize how home furnishing solutions will fit, look, and function in their living spaces, aiming to inspire creativity. IKEA Kreativ offers tools for constructing realistic rooms, combining decades of IKEA life-at-home expertise with cutting-edge technology, including 3D mixed reality, machine learning, and spatial computing. Customers can utilize this intuitive experience to create virtual replicas of their spaces, explore IKEA products in 3D showrooms, and seamlessly add items to their shopping carts.
In April 2023, Cassina S.p.A., an Italian furniture manufacturing company, completed the acquisition of Zanotta SpA for an undisclosed sum. This strategic move by Cassina aims to bolster its product line and explore fresh ideas, ensuring the brand maintains sufficient operational flexibility to continue its artistic trajectory. Zanotta SpA, also based in Italy, operates in the high-end segment of the furniture manufacturing industry.
Major companies operating in the luxury furniture market include IKEA Systems B.V., Ralph Lauren Home, La-Z-Boy Incorporated, Heritage Home Group LLC, Arhaus LLC, Bentley Home, Luxury Living Group, Cassina S.p.A, Scavolini S.p.A., Meco Corporation, Boca do Lobo, DelightFULL, Castlery, Jonathan Adler, Brabbu, Iola Furniture Limited, Turri Srl, Nella Vetrina, Koket, Henredon Furniture Industries Inc., Muebles Pico SA, Valderamobili s.r.l, Artifox, Giovanni Visentin s.r.l, Duresta Upholstery Ltd., Mueble de Espana, Essential Home, Thomas Blakemore Ltd., Anna Casa Interiors
Asia-Pacific was the largest region in the luxury furniture market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the luxury furniture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The luxury furniture market consists of sales of dining sets, bedroom furniture, cabinets, bookcases, armchairs, and coffee tables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Luxury Furniture Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on luxury furniture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for luxury furniture ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The luxury furniture market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.