The report covers Global Luxurious Furniture Market Manufacturers and is segmented by Product (Lighting, Tables, Chairs and Sofas, Beds, Cabinets, Accessories, and Other Products), by Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online, and Other Distribution Channels), by End-User (Residential and Commercial), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers market size and forecast values for the Luxury Furniture Market in USD billion for the above segments.

The global luxury furniture market size reached USD 25.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 36.6 Billion by 2033, exhibiting a growth rate (CAGR) of 4.06% during 2025-2033. The market is experiencing moderate growth driven by rising urbanization, emerging interior design trends, expanding global luxury tourism and luxury real estate sectors, inflating consumer disposable incomes and increasing preference for opulent living.

This statistic shows the size of the luxury furniture market worldwide from 2017 to 2023. The global market value of luxury furniture was estimated to be worth 23 billion U.S. dollars in 2017, and was forecast to reach a value of about 30.3 billion U.S. dollars by 2023.

The luxury furniture market size is estimated to stand at US$ 38.97 billion by 2033. Over the forecast period, the market is assessed to trail at a CAGR of 5.6%. For the year 2023, FMI has estimated the market to be worth US$ 22.6 billion.

Scope of Report

Luxury Furniture Market size was valued at around USD 27.65 billion in 2023 & is projected to reach around USD 41.95 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.67% from 2024-30.

According to Cognitive Market Research, The Global Luxury Furniture market size will be USD 22.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.

The demand for luxury furniture is a rising trend in home renovation and decoration among the urban population. 
Demand for home decor projects in the luxury furniture market.
The leather and outdoor category held the highest luxury furniture market revenue share in 2023.
North America will continue to lead, whereas the European luxury Furniture market will experience the most substantial growth until 2030. 

Rising Home Decor Projects to Provide Viable Market Output

The global luxury furniture market is witnessing substantial growth due to an upsurge in home decor projects worldwide. As consumers increasingly invest in enhancing their living spaces, the demand for high-end and aesthetically pleasing furniture has surged. The market benefits from a rising focus on luxury living, with discerning consumers seeking exclusive, well-crafted furniture pieces to elevate their interiors. This trend is particularly pronounced as more individuals undertake home decor projects, creating a favorable market landscape for luxury furniture manufacturers and retailers. As a result, the market is poised for continued viability and expansion in response to the growing emphasis on sophisticated home design and luxury living.

 For instance, in April 2021, Herman Miller launched its new e-commerce store. 

(Source:www.salesforce.com/news/press-releases/2021/06/02/herman-miller-redesigns-its-shopping-experience-with-salesforce/)

Rise in Online Retailing in the Furniture Industry to Propel Market Growth

The global luxury furniture market is poised for growth due to the rising trend of online retailing in the furniture industry. As consumers increasingly prefer the convenience of online shopping, luxury furniture brands are leveraging digital platforms to reach a wider audience. E-commerce facilitates easier product access, comparison, and purchase, contributing to market expansion. This shift in consumer behavior, driven by the ease and variety offered by online channels, is expected to propel the growth of the luxury furniture market on a global scale.

For instance, in March 2023, IKEA Launched its new GOKVALLA collection, accessories to accompany clients' furniture. The GOKVÄLLÅ collection can help you create the right atmosphere. It's inspired by tile patterns from the Middle East that are mixed with modern elements to make both you and your home shine. 

(Source:www.bhg.com/ikea-nytillverkad-october-2023-collection-launch-7562026)

Market Dynamics of Luxury Furniture

Availability of Counterfeit Products to Restrict Market Growth

The global luxury furniture market needs help with the availability of counterfeit products, hindering its growth. While the market thrives on exclusivity and high-quality craftsmanship, the influx of counterfeit furniture needs to improve the perceived value and uniqueness of authentic luxury items. Counterfeit products often compromise on quality and design, impacting consumer trust and brand integrity. To sustain growth, the industry must address this issue through rigorous quality control measures, intellectual property protection, and heightened consumer awareness. As authenticity becomes a key concern for luxury furniture buyers, combating counterfeit items is essential for the long-term success and credibility of the global luxury furniture market.

Impact of COVID–19 on the Luxury Furniture Market

The global luxury furniture market faced disruptions due to COVID-19, experiencing both challenges and opportunities. With lockdowns affecting production and supply chains, the market initially encountered setbacks. However, increased remote work and a heightened focus on home aesthetics led to a surge in demand for luxury furniture, especially ergonomic and aesthetically pleasing designs. E-commerce and digital platforms played a crucial role in reaching consumers during lockdowns. As the industry adapted to new consumer behaviors and safety measures, the luxury furniture market demonstrated resilience and adaptability, showcasing the significance of evolving market strategies in the wake of the pandemic. Introduction of Luxury Furniture

Luxury furniture pieces are made from high-qual...

Luxury High End Furniture Market size is valued at USD 28.76 Billion in 2024 and is projected to reach USD 38.2 Billion by 2031, growing at a CAGR of 3.61% from 2024 to 2031.

Rising Disposable Income and Wealth Concentration: An increasing worldwide population, with a sizable segment experiencing rising disposable income, drives demand for luxury items, including high-end furniture. This is especially true for emerging economies’ newly wealthy classes, that want to show off their success by purchasing luxury items.
Increasing Urbanization and Focus on Aesthetics: As populations grow, smaller living areas become more common. In these settings, furniture becomes a focal point, with an emphasis on quality, design, and function. People are eager to invest in high-end furniture that improves the aesthetics and ambiance of their houses, reflects their particular style, and creates a beautiful living space.
Shifting Consumer Preferences and Desire for Uniqueness: Today’s consumers are increasingly demanding, looking for one-of-a-kind, high-quality items that reflect their unique personalities. Luxury furniture meets this need by providing bespoke or limited-edition furniture made from premium materials and with great design. This uniqueness and concentration on craftsmanship appeal to a growing part of the market.
Growing Interest in Sustainable and Eco-Friendly Practices: As people become more conscious of environmental issues, they tend to favor items that are sustainable and eco-friendly. The luxury furniture market is reacting by providing high-end furniture built from ethically sourced, sustainable materials produced using responsible procedures. This appeals to ecologically concerned customers who are willing to spend more for luxury furniture that reflects their principles.

The global luxury furniture Market size is expected to reach USD 34.69 billion by 2030, according to a new study by Polaris Market Research

In 2024, the global high-end furniture and housewares market was valued at about 51 billion euros, a slight decrease compared to the year before.

According to Cognitive Market Research, the global luxury hotel furniture market size will be USD XX billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.00% from 2023 to 2030.

The demand for Luxury Hotel Furniture Market is rising due to? rapid growth of the real estate sector to contribute to the luxury hotel furniture market growth.
Demand for business hotels remains higher in the Luxury Hotel Furniture Market.
The room category held the highest Luxury Hotel Furniture Market revenue share in 2023.
Europe Luxury Hotel Furniture Market will continue to lead, whereas the North American Luxury Hotel Furniture Market will experience the most substantial growth until 2030.

Rapid Growth of the Real Estate Sector to Contribute to Market Growth

The real estate sector has recently experienced substantial growth due to the increased demand for office and residential spaces. The growing need for office space, a conducive corporate environment, and urban and semi-urban accommodation have complemented the expansion of the real estate sector. Furthermore, the growing construction of residential and commercial buildings will drive market progress. Additionally, market conditions can change, and businesses need to adapt to these changes to maintain growth in the long term.

Rise in Online Retailing in the Furniture Industry to Drive Market Development to Propel Market Growth 

Major innovations in various technologies, such as the availability of high-speed internet networks and the growing adoption of smart devices, are bolstering the development of the global e-retail industry. These advances can make it easier for customers to purchase furniture through online channels. Furthermore, to meet the rising demand for online shopping globally, many companies have launched their own online stores to sell furniture.

For instance, on 27 June 2022, Aldar Properties announced the launch of apartments at Grove District, which is a new project seeking to bring inspirational and luxury living to Abu Dhabi's cultural epicenter on Saadiyat Island. This project comprises 612 units in five residential buildings throughout lifestyle, luxury, and urban-themed districts.

(Source:www.aldar.com/en/news-and-media/aldar-launches-apartments--at-grove-district)

Market Dynamics of Luxury Hotel Furniture

Availability of Counterfeit Products to Restrain Market Growth

The luxury hotel furniture market faces the challenge of market growth restraint due to the widespread availability of counterfeit products. Counterfeit items mimic the design. Customers may inadvertently purchase counterfeit items, expecting high-quality craftsmanship but receiving inferior alternatives. The presence of counterfeit products can tarnish the reputation of authentic luxury furniture manufacturers, leading to a decline in consumer confidence and hindering the overall market growth. While counterfeit production is popular across the world, it is most common in developing countries with strong but low-cost manufacturing capacities.

Impact of COVID–19 on the Luxury Hotel Furniture Market

The COVID-19 pandemic negatively affected the global market. This was due to the implementation of lockdown and other restrictions in 2020, resulting in the complete closure of international and domestic borders. Restrictions were also imposed on the imports and exports of goods and raw materials. However, the outbreak has significantly impacted consumer behaviour and manufacturing trends worldwide. The COVID-19 crisis has increased the usage of automation and digitalization in the luxury furniture industry. Moreover, continuous improvements in production technologies have enabled leading companies to respond to the changing consumer demand and operational efficiency, thereby improving the market outlook. Introduction of Luxury Hotel Furniture

Luxury furniture pieces are made from high-quality materials and come in a variety of designs. Some of the most popular materials used to make these products include metal, glass, wood, and others. The industry is primarily driven by overall consumer spending and other factors such as household debt levels, per-capita income, and consumer expectations. The global luxury hotel furniture market includes a growing demand for sustainable and eco-friendly furniture as well as the incorporation of advanced technology in design and ...

The size and share of the market is categorized based on Type (Tables, Chairs & Sofas, Bedroom, Cabinets, Accessories, Others) and Application (Hospitality, Office, Other) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The Luxury Furniture Market is projected to grow at 6.6% CAGR, reaching $35.11 Billion by 2029. Where is the industry heading next? Get the sample report now!

Global luxury furniture market size expected to generate revenue of around USD 30.28 billion by end of 2023, growing at a CAGR of around 4.65%.

Commercial Luxury Furniture Market size was valued at USD 21.67 Billion in 2023 and is projected to reach USD 34.31 Billion by 2030, growing at a CAGR of 5.57% from 2024 to 2030.

The need for luxury furnishings in commercial spaces—like hotels, restaurants, offices, and retail establishments—is rising as a result of increased urbanization and economic prosperity. These locations strive to create distinctive and premium surroundings to draw clients and improve brand image. Moreover, the demand for high-end, visually beautiful furniture solutions is being driven by the expanding hospitality and tourism sectors, as well as by rising disposable incomes and shifting customer preferences. In addition, furniture makers are now able to produce unique and adaptable luxury items that satisfy changing consumer demands and tastes because to developments in design, materials, and technology. Furthermore, the adoption of premium, long-lasting, and ethically sourced luxury furniture is being driven by the trend toward sustainable and eco-friendly activities, which is further propelling market expansion. All things considered, the Commercial Luxury Furniture Market is growing due to the confluence of urbanization, economic development, changing customer preferences, and technological innovation.

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Luxury Furniture Market Size 2024-2028

The luxury furniture market size is forecast to increase by USD 9.54 billion at a CAGR of 5.16% between 2023 and 2028.

The market is experiencing significant growth, driven by several key trends. One notable trend is the increasing number of new luxury furniture showrooms being launched, catering to the rising demand for home decor. Another trend is the rapid emergence of eco-friendly and organic luxury furniture, as consumers become more conscious of their environmental impact. 
However, the market also faces challenges, such as frequent product recalls due to quality issues or safety concerns. These challenges underscore the importance of maintaining strict quality control measures and ensuring regulatory compliance. Overall, the market is poised for continued growth, driven by these trends and the enduring appeal of high-quality, stylish home furnishings.

What will be the Size of the Luxury Furniture Market During the Forecast Period?

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Brands in this sector often cater to various segments, such as office furniture, bedroom sets, outdoor furniture, and luxury home decor. The market's size is substantial, with continued growth driven by the increasing popularity of luxurious living and the desire for exclusive, one-of-a-kind furniture pieces. Online retailers have also entered the fray, offering a convenient shopping experience for those seeking the latest trends and designs in luxury furniture.

How is this Luxury Furniture Industry segmented?

The luxury furniture industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. ApplicationResidentialCommercialDistribution ChannelOfflineOnlineMaterialWoodMetalGlassLeatherPlasticOthersGeographyEuropeGermanyUKItalyNorth AmericaUSAPACChinaSouth AmericaMiddle East and Africa

By Application Insights

The residential segment is estimated to witness significant growth during the forecast period. The market is experiencing steady growth, particularly In the residential segment. This segment encompasses various types of furniture such as lounge chairs, recliner sofas, tables, and outdoor seating. The demand for luxury residential furniture is increasing due to the trend towards multifunctional and multipurpose items, including foldable beds and extendable sofa sets. Affluent consumers seek convenience and comfort In their home interiors, leading to an increased preference for high-quality, innovative designs.

Brands that offer durability, customization, and eco-friendliness are gaining popularity. Co-working spaces and corporate branding initiatives are also driving the demand for luxurious furniture in commercial settings. Home renovation shows and interior design projects further fuel the market's growth. Overall, the luxury furniture industry continues to evolve, offering consumers a wide range of modern aesthetic, individualistic styles, and metal and wooden furniture to personalize their living spaces.

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The residential segment was valued at USD 11.69 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Europe, encompassing key countries such as France, Italy, Germany, the UK, Belgium, the Netherlands, Spain, and Russia, exhibits significant demand potential. Notable European companies are at the forefront of this market. These brands are globally renowned for their innovative designs, modern aesthetic, and individualistic style. European furniture is increasingly preferred for its durability, comfort, and suitability for co-working spaces and home interiors. The luxury furniture industry prioritizes convenience, corporate branding, and high-quality craftsmanship. Additionally, eco-friendliness is a growing trend, with many brands focusing on sustainable materials and production methods. Social media platforms and home decor shows serve as influential marketing channels, enabling customers to personalize their furniture choices.

Market Dynamics

The market encompasses a wide range of high-end domestic and hospitality furniture, including wood furniture, dining room sets, living room pieces, unique and exclusive designs, and stylish options for small spaces. This market is characterized by its focus on quality materials, intricate craftsmanship, and innovative designs. Social media influence plays a significant role in shaping consumer preferences

Indoor Luxury Furniture Market size was valued at USD 27097.75 Million in 2023 and is projected to reach USD 42030.09 Million by 2031, growing at a CAGR of 5.64% from 2024 to 2031.

Key Market Drivers
Rising Disposable Incomes: A global economic upswing, particularly in developing nations, is creating a larger middle class with more disposable income. This affluent class has a greater desire and ability to invest in high-quality, long-lasting furniture that reflects their success and status.
Increasing Urbanization: Living spaces tend to be smaller as people move to cities. This necessitates furniture that is both space-saving and aesthetically pleasing. Luxury furniture manufacturers are responding to this trend with innovative designs that maximize functionality without compromising on style. For example, ottomans with built-in storage compartments, modular sofas that can be reconfigured to fit different layouts, and space-saving Murphy beds that fold into walls are becoming increasingly popular.
Desire for Status and Exclusivity: Luxury furniture serves as a marker of success and accomplishment. Owning a piece from a renowned designer or crafted from rare materials conveys a sense of discernment and refined taste. It allows individuals to curate a living space that reflects their unique personality and social standing. In a world of mass-produced goods, luxury furniture offers a sense of distinction and individuality.

The size and share of the market is categorized based on Type (Chaises, Outdoor Dining Sets, Modular Seating & Umbrellas, Other) and Application (Home, Hotel, Other) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

According to Cognitive Market Research, The global luxury outdoor furniture market size is USD 1.9 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030

The demand for luxury outdoor furniture is rising due to the numerous strategies adopted by key participants.
Demand for sofas and seatings remains higher in the luxury outdoor furniture market.
The metal category held the highest luxury outdoor furniture market revenue share in 2023.
North American luxury outdoor furniture will continue to lead, whereas the Asia Pacific luxury outdoor furniture market will experience the most substantial growth until 2030.

Growing Demand for Outdoor Living and Increasing Popularity of Eco-Friendly Furniture to Provide Viable Market Output

There is a growing trend towards outdoor living, with more people seeking to create comfortable and stylish outdoor spaces for relaxation and entertainment. This has resulted in an increased demand for high-quality luxury outdoor furniture that is both functional and aesthetically pleasing. The trend towards outdoor living has been driven by a range of factors, including the desire for more space, the growing popularity of outdoor activities, and the rise of remote work, which has led many people to spend more time at home. Moreover, there is a growing awareness of the importance of sustainability and eco-friendliness in the furniture industry. As a result, many luxury outdoor furniture manufacturers are incorporating eco-friendly materials and production methods into their products, which is attracting environmentally conscious consumers.

For instance, in 2020, Dedon launched the TIBBO collection, a high-end outdoor furniture collection made from sustainable teak wood and woven fiber.

(Source:events.dedon.de/#:~:text=DEDON's%20first%20collection%20in%20teak,and%20luxurious%20look%20and%20feel.)

Rise in Disposable Income & Growing Popularity of Online Sales to Propel Market Growth

As disposable income levels rise, more people are able to afford luxury outdoor furniture, which is typically more expensive than standard outdoor furniture. This has led to an increase in demand for high-end outdoor furniture that is made from high-quality materials and designed to last. The rise in disposable income has been driven by range of factors, including economic growth, rising wages, and decreasing unemployment rates. Additionally, with the increasing popularity of online shopping, luxury outdoor furniture manufacturers are expanding their online presence to reach a wider audience. This has led to an increase in online sales of luxury outdoor furniture, making it more accessible to consumers around the world.

For instance, in 2021, Brown Jordan launched the Acero collection, a line of outdoor furniture featuring a combination of steel and teak wood.

(Source:www.brownjordan.com/)

Market Dynamics of Luxury Outdoor Furniture

High Costs, Limited Availability of Skilled Artisans, and Competition from Alternative Materials to Restrict Market Growth

The luxury outdoor furniture market faces several key restraints that can impact its growth. Firstly, the high cost of luxury outdoor furniture can limit its demand among price-sensitive consumers. The use of high-quality materials & skilled craftsmanship in the production of luxury outdoor furniture results in higher prices that not all consumers can justify. Moreover, the limited availability of skilled artisans can lead to longer lead times for production and higher prices, which can deter some consumers from purchasing luxury outdoor furniture. As luxury outdoor furniture is often handmade by skilled artisans, their limited supply can cause production delays, which can be a significant restraint on the growth of the market. Also, competition from alternative materials, such as plastic and synthetic materials, which are often less expensive and more durable, can limit the demand for luxury outdoor furniture. This can be particularly true among price-sensitive consumers who prioritize functionality over aesthetics.

Impact of COVID–19 on the Luxury Outdoor Furniture Market

The COVID-19 pandemic has had a significant impact on the luxury outdoor furniture market. With the outbreak of the pandemic, many countries implemented lockdown measures to control the spread of the virus. This resulted in the closure of several businesses, including f...

The global luxury furniture market is forecast to witness substantial growth, reaching $1,393.9 billion by 2027, with a CAGR of 6.5%. This expansion is attributed to increasing disposable income, growing urbanization, and changing consumer preferences towards exclusive and high-quality furniture. The market is also fueled by technological advancements, such as augmented and virtual reality, which enhance customer experience and product visualization.

Luxury Hotel Furniture Market Analysis

The Luxury Hotel Furniture Market is experiencing significant growth, acco...