Despite the outbreak of the COVID-19 pandemic, the market witnessed a rise in the number of luxury furniture stores. For instance, in March 2020, 2XL furniture opened its stores in Abu Dhabi. The company is also planning to launch stores in Saudi Arabia and Oman. Similarly, other vendors in the market are constantly targeting regions with high growth potential to expand their presence and increase revenue.
The market is expected to be driven by factors such as the rising demand for multi-functional luxury furniture and the emergence of eco-friendly and organic luxury furniture.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Luxury Furniture Market: Opportunities
The real estate industry has witnessed significant growth in developing countries over the past few years. This subsequently increased the adoption of luxury furniture. For instance, the total housing, including luxury furniture units supplied in India reached nearly 1,94,000 in 2018. This is nearly 32% higher when compared with the number of units supplied in the country in 2017. In addition, the thriving e-commerce sector in such developing countries is creating huge growth opportunities for market vendors.
Luxury Furniture Market: Segmentation by Distribution Channel
Based on the segmentation by distribution channel, the market generated maximum revenue in the offline segment in 2019. The segment is driven by the increasing sales of luxury furniture in specialty furniture stores, department stores, discount stores, hypermarkets, supermarkets, warehouse clubs, manufacturer-branded stores, and designer stores. In addition, the proliferation of offline retail stores in both developed and developing countries will have a positive impact on the growth of the segment during the forecast period.
Luxury Furniture Market: Segmentation by Geography
Europe held the largest market share in 2019 and the market growth in the region is expected to be slower compared to the growth of the market in North America and APAC. The growth of the market in Europe can be attributed to the increasing number of single-occupancy households. Also, the rising trend of online retailing will contribute to the growth of the luxury furniture market in Europe during the forecast period.
One of the fortune 500 companies had used the detailed research report on the luxury furniture market and had decided to increase their market share in the European region which offers the highest market opportunities during the forecast period.
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Luxury Furniture Market: Major Vendors
Club House Italia Spa
The company offers products such as Lancaster Sofa, Roseberry Armchair, Rugby Armchair, Sherwood Armchair, Stamford Sofa, Avebury Bed, Canterbury Bed, Stamford Bed, and Eastgate Bedside Table.
Giorgio Armani Spa
The company offers products such as Furniture, Lighting, Textiles, Home Accessories, Floral, Decorative, Special Arrangements, and Floral Boxes through its brands such as Armani Casa, Armani Dolci, Armani Fiori, Armani Hotels, Clubs, Restaurants, and Armani Silos. The company offers pholstery, Eliseo, Jingo, Nathan, Nelso, and others.
Knoll Inc.
The company offers products such as Rockwell Unscripted, Antenna Workspaces, AutoStrada, Currents, Dividends Horizon, and Reff Profiles.
Minotti Spa
The company offers Sofas, Chaise longue, Armchairs Accessories, Chairs and stools Tables, Coffee tables, Console tables, Bookcases and sideboards, Rugs Beds, Night-tables and Bedwear. Daniels, West, Lawson, Alexander, Granville, and others are some of the key products offered by the company.
Natuzzi Spa
The company offers Sofas, Sofabeds, Reclining Sofas, Armchairs, Recliners, Wall Systems and Bookcases, Coffee Tables, Desks And Consoles, Bar Cabinet, Dining Tables, Torsion Table, Chairs, Sideboards And Cupboards, Tableware, Beds, Bedside Tables, Chest Of Drawers, Mattresses, And Bed Linen.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the luxury furniture market report:
Regional Analysis
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Residential - Market size and forecast 2019-2024
- Commercial - Market size and forecast 2019-2024
- Market opportunity by Application
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Club House Italia Spa
- Giorgio Armani Spa
- Herman Miller Inc.
- Knoll Inc.
- Minotti Spa
- MUEBLES PICO SA
- Natuzzi Spa
- Opera Contemporary
- Reflex Spa
- Rugiano Srl
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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