Global Luxury Furniture Market on the rise; to cross USD 38.97 bn BY 2033 | SURFACES REPORTER News Update
With the rising luxury real estate, a huge gain is in the store for the global luxury furniture market which is predicted to register a CAGR of 5.6% by 2033, reports suggests. An analysis by SURFACES REPORTER.
Intensified demand of residential as well as commercial real estate
According to the research by Future Market Insight, Inc., the luxury furniture market size is anticipated to increase from US$ 22.6 billion in 2023 to US$ 38.97 billion by 2033 end. Some of the prime reasons stated for the rise are intensified demand of residential and offices spaces.
It also suggests that, the surging demand for office workspace, conducive corporate culture, and urban and semi-urban accommodation have supplemented the growth of the real estate sector which led to the increase in the demand for the luxury furniture.
The report stated that the growing demand for luxury properties has escalated the demand for luxury furnishing in areas like offices, bedrooms, and kitchens.
Rise of E-retail
Another important segment which is causing the rise in e-retail industry which is rapidly gaining momentum due to smart devices and high-speed internet network which led the customers to make rapid decision of buying furniture.
Additionally, the growing demand for online shopping has resulted in several companies launching their online stores, further expanding their reach and clientele. 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.
Top Highlights of the report
- 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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