Luxury Furniture Market

Luxury Furniture Market - Easy Online Payment to Surge Development in Market
The global luxury furniture market is expected to grow notably in the upcoming
years. The key players in the market are rapidly working on establishing the
manufacturing units in the developing economies owing to the low initial costs and
investments. Aggressive marketing techniques are being used in the entire market by
most of the leading players, to create a lasting impression among the consumers.
Some of the major players operating in the global market are Nella Vetrina, Muebles
Pico, Laura Ashley Folding PLC, Henredon Furniture Industries Inc., Scavolini S.p.A.,
Giovanni Visentin srl, Turri S.r.l, Iola Furniture Ltd, and Heritage Home Group LLC.
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According to a recent report by Transparency Market Research (TMR), the global
luxury furniture market is estimated to expand at a steady CAGR of 5.2%, during the
forecast period from 2017 to 2022. The market is prognosticated to reach around
worth of US$29,496.7 mn by the end of 2022, from US$22,937.6 mn back in 2017.
On the basis of material types utilized in making of furniture the market is led by
wooden luxury furniture segment, with highest revenue in forthcoming years. This is
attributed to the monetary value, durability of the material, and aesthetic value in
the global luxury furniture market. Regionally, Asia Pacific is providing a huge scope
for players in future. Particularly, China is expected to be one of the key revenue
generating nation owing to rise in urbanization and increase in disposable income of
the people.
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Easy Online Payment to Surge Development in Market
The pattern of safely online bill payment and e-shopping through net-banking is
estimated to help the development of the market. In addition, with simple EMI
alternatives and rise in number of middle class people are also ready to afford the
cost of luxury furniture. Moreover, rise in disposable income of the entire population
is as well supporting the development of the luxury furniture market all over the
globe. This is on the grounds that a rise in income has prompted people to shift
from standard furniture to luxury furniture products. The growing tendency of buying
luxury things as a sign of value of space and status symbol are among the key
factors surging the demand for luxury furniture in the market.