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Luxury Furniture Market Size
- Report ID: GMI5034
- Published Date: Dec 2022
- Report Format: PDF
Luxury Furniture Market Size
Luxury Furniture Market size surpassed USD 22.5 billion in 2022 and is expected to register 4.5% CAGR from 2022 to 2032.
Customers are constantly changing their spending patterns due to various factors, including a growing average disposable income. This has, in turn, increased investments in interior design and renovation projects. Luxury furniture manufacturers are thus receiving several business opportunities to make attractive products that suit their customers’ unique requirements. This has prompted furniture makers to incorporate advanced technologies in their end-products and provide innovative storage solutions, this will further enhance the demand for luxury furniture market solutions.
However, the requirement for luxury furniture is flourishing at a considerable rate every year, there is a severe lack of skilled labor force to manufacture high-end furniture pieces. Making luxury furniture needs high skills, which might hamper global industry growth. According to the Ifo Institute for Economic Research, the shortage of skilled staff in Germany affected 49.7% of organizations in July 2022. Setbacks such as these may hinder the production of luxury furniture products.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Luxury Furniture Market Size in 2022: | USD 22.6 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.5% |
| 2032 Value Projection: | USD 35.4 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 254 |
| Tables, Charts & Figures: | 208 |
| Segments covered: | Type, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Luxury Furniture Market Scope
