Luxury furniture display elite quality and provides a significant aesthetic value to homes, offices, hotels, and other areas. The splendor of luxury furniture is such that even a single piece can entirely transform the appearance and ambiance of a premise. Manufacturers of the luxury furniture market are providing aesthetic and technical services by even taking the environmental aspects into consideration. The adoption of these products is on the rise, thanks to the changing lifestyles of people and growth in the economy worldwide.
Disruptive Movements: Reshaping the Luxury Furniture Market
Environmental concerns, including factors like deforestation, climate change, and the effect of toxic finishes in indoor air, have led luxury furniture vendors to adopt green technology. The adoption of eco-friendly furniture is a rising trend in the global furniture market.
Digital marketing and social media campaigns are proven to be a prominent platform for consumer engagement and promotion. Advances in internet technology and innovations in internet applications, have brought a paradigm shift in the promotional and marketing activities of vendors in the market.
Vendors are also venturing into the web to curtail the cost of installing a physical store, which requires a higher operational cost. Increasing internet penetration rate, improving logistic infrastructure in potential and emerging economies, along with growing mobile internet and smartphone adoption, are some of the rationales behind the adoption of online sales.
Competitive Landscape: The Battle for Innovations
With a plethora of brands mushrooming in every portion of the world, now the customers can pick the widest range of products from exclusive and flagship stores. The competition in the market is extreme owing to the existence of a large number of vendors. It is expected to further intensify over the next few years as new players upsurge their footprint in the market with more product and service extensions and innovation in product design.
Inter IKEA Systems, Steinhoff International, Williams-Sonoma, Herman Miller are some of the leading vendors in the global luxury furniture market.
Trace the details on Top 10 Vendors in the Global Furniture Market
Technavio Advantage: Smart and Comfort Solutions
Luxury furniture market is undergoing rapid modifications, in terms of both product launch and geographic expansion. Players are entering operational partnerships, strategic alliances, and joint ventures. They are even collaborating with interior designers to increase their visibility and popularity. This and other expert insights are part of Technavio’s influential industry research report that offers an extensive analysis of key producers, drivers & opportunities, and competitive scenario.
For an in-depth analysis of the global luxury furniture market
