Global Luxury
Furniture Market: Overview
Luxury
furniture consists of furniture made from high-quality
materials and reputed manufacturing processes. Unlike other highly
prized items, luxury items such as luxury furniture may rely on
traditional manufacturing processes rather than advanced processes to
retain the commercial allure of the traditional processes. This is
often accompanied by the manufacturer having a long tradition of
producing luxury items, thereby adding to the appeal of the luxury
item.
Luxury furniture
enhances the aesthetic value of both residential and nonresidential
establishments. This is the prime factor driving the demand for
luxury furniture. The rising purchasing power of consumers all over
the world has helped increase the demand for a wide variety of luxury
items; luxury furniture is a major segment of luxury items.
Global Luxury
Furniture Market: Drivers
The increasing GDPs
of developing countries and the steady economic resurrection seen in
developed countries following the recent economic troubles have
boosted the demand for luxury furniture as a fashion statement.
In this regard, the
global luxury furniture market has been helped significantly by the
rapid spread of urbanization in developing Asia Pacific, South
American, and Middle Eastern countries. The increasing number of
HNWIs in countries such as China, India, Saudi Arabia, Kuwait, and
Qatar has also helped augment the demand for luxury furniture.
Get Free Sample
Report Copy :
The booming global
construction industry has also directly aided the growth of the
global luxury furniture market. With high number of residential and
commercial construction projects springing up all over the world, the
global luxury furniture market is expected to experience
corresponding growth in demand. Luxury furniture adds to the appeal
of residential as well as commercial complexes, making them more
inviting for visitors. This has propelled the demand for luxury
furniture across the world.
Global Luxury
Furniture Market: Restraints and Opportunities
The global luxury
furniture market is majorly restrained by the lack of skilled workers
in developing regions. Even for multinational giants, exporting
expertise can be tough business. The lack of experts in emerging
markets such as Asia Pacific and Latin America has thus emerged as a
major restraint in the global luxury furniture market.
The rise in the
prices of key raw materials required in top-notch manufacturing
processes has also hampered the global luxury furniture market. This
has been compounded by the restrictions on the use of certain
materials, which have been shown to be harmful to the environment.
Due to the environmental awareness of the modern consumer, this has
emerged as a major restraint in the global luxury furniture market.
However, R&D channels in order to make the manufacturing process
more cost-efficient and eco-friendly have already been put in place
by most luxury furniture giants. This can thus be pointed out as a
key opportunity for major players in the global luxury furniture
market.
Global Luxury
Furniture Market: Geographical Dynamics
Europe has emerged
as the largest contributor to the global luxury products market, led
by the traditional importance accorded to craftsmanship and luxury
products in the region. Asia Pacific is also set to become a dominant
force in the global luxury furniture market in the near future.
Demand from China, Japan, South Korea, and India is expected to
increase rapidly in the coming years, hand in hand with the economic
prosperity these countries are expected to witness in the coming
years.
About Us :
Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
proprietary data sources and various tools and techniques to gather
and analyze information.
TMR’s data
repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
No comments:
Post a Comment