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- Infrastructure development in emerging economies to continue to spur profitable opportunities in luxury furniture market; manufacturers lean on adopting more eco-friendly furniture materials to garner competitive gains among customers
- Wood-based luxury furniture to remain popular during forecast period; rise in online retailing of home improvement products catalyzes massive uptick in sales particularly in Europe
ALBANY, NY, June 22, 2022 /PRNewswire/ — The luxury furniture market size has expanded on the back of growing proclivity of premium home improvement products that are a combination of aesthetics, durability, and made of eco-friendly materials. Top luxury furniture manufacturers have reaped vast revenue gains from rise in demand in commercial facilities including but not limited to hotels and restaurants. Advancing at CAGR of 5.2% from 2022 to 2031 (forecast period), the global luxury furniture market is projected to surpass US$ 38.9 Bn by 2031.
Most prominent manufacturers are increasingly focusing on strengthening their distribution channels, mainly by increasing their emphasis on online retailing. Luxury furniture market statistics 2022 suggest that expanding e-commerce industry is imparting robust impetus to the expansion of the luxury furniture market. Key players are expected to benefit from the popularity of luxury furniture among customers in emerging economies, and have witnessed sizable prospects in the hospitality industry.
The continuing expansion of hypermarkets and supermarkets has boosted the prospects of the luxury furniture market. A growing number of players are leaning on unveiling new designs and are adopting innovative promotional mix strategies to attract demand. Many global furniture manufacturers are keen on promoting luxurious experience as a key customer proposition.
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Key Findings of Luxury Furniture Market Study
- Firms Find Enormous Opportunities in Commercial Spaces: The demand for home decoration products has been growing in residential sector. On the other hand, the commercial sector especially has been at the forefront of generating lucrative opportunities to market players, find the authors of the TMR study on the luxury furniture market. The demand is expected to rise at advance at an attractive clip, given the inclination toward adopting premium furnishing products to attract customers in commercial facilities.
- Rise in Demand for Wood-based Luxury Furniture to Steer Steady Revenue Streams: The demand for wood-based furniture has been rising in the luxury furniture market. Wood forms one of the popular raw materials, notes the study on the luxury furniture market. …
Full story available on Benzinga.com
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