A thoroughly planned strategical roadmap for the prosperity of the luxury furniture sector across the world

Posted On: Apr-2022 | Categories : Consumer Goods

Global Demand Of Luxury Furniture And Its Pivotal Segments:

Over the last decade, the worldwide demand for luxury furniture has been continuously increasing, as a result of which thorough and strategic planning is required to maintain its prosperity.

The luxury brands of the furniture are regarded as the images or impressions in the minds of the customers that comprise of a higher level of price, aesthetics, rarity, quality, a high degree of non-functional associations, and extraordinariness. The Luxury Furniture market is bifurcated into seven distinct segments: such as Bedroom Furniture, Kitchen & Dining Furniture, Living Room Furniture, Home Office Furniture, Lamps and Lighting, Outdoor Furniture, & Floor Covering. Due to the continuous raising of living standards & a higher source of income across the globe, consumers are replacing their furniture more frequently than before.

According to the various research studies performed across the world, “The Global Luxury Furniture Market” is anticipated to account for up to USD 41.73 billion in 2030 with an overall CAGR of 5.81% throughout the stipulated period of time.

CHALLENGES THAT ARE CONTINUOUSLY HINDERING THE OVERALL MARKET GROWTH:

Several research studies have been conducted to figure out some of the major hurdles this market currently faces. They are

The worldwide demand for luxury furniture dropped in 2020 as the schools, offices, and restaurants were temporarily closed due to the COVID-19 outbreak. In this critical situation of the uncertain economic environment, the luxury furniture manufacturing organizations moved to an approach of a conservative cash flow system and slashed the overhead expenses, which in turn lowered the business & institutional luxury furniture demand worldwide.

The overall process of manufacturing luxurious furniture is extremely time-consuming. So, for consumers looking to set up their homes or offices within a short span of time, buying luxury furniture might sound like an unattractive option to them. Thus, they get more inclined to buy readymade local furniture.

The overall luxury furniture price can often pile up to a huge amount. As a result of which, if the buyers fail to pay proper attention during the manufacturing process of this high-quality furniture, then in the search for exclusive & unique materials, the customers might end up incurring higher prices than that of the original.

SOCIAL MEDIA MARKETING

Social media marketing is a virtual platform through which the companies present their own products & services through the different online social media channels, such as Instagram, Facebook, and Twitter, in order to interact with a wider range of communities regarding the promotion of their product qualities. These luxury brands are using social media as a platform to directly interact with the targeted customers regarding their opinions and feedback based on which they can further improve the quality of their respective furniture.

Example: The world-renowned luxury brand Burberry was discovered in 1856 by a 21 years old dressmaker named Thomas Burberry. The target customers of Burberry generally consist of higher-income group people. Burberry is one of the world’s earliest luxury brands that choose social media marketing as its first preference on various websites like Facebook, Google, Twitter, Instagram, LinkedIn, YouTube, etc. At present, Burberry has more than 16 Mn Likes on Facebook and is still counting.

KEY STRATEGIES THAT ARE REQUIRED TO BE ADOPTED:

After conducting a thorough market survey and evaluating the exact market needs, the market experts suggested some concrete recommendations that will highly impact the overall growth of this industry:

These three vital factors are:

1) Strengthening of the international manufacturing ability.

2) The continuous increase of consumer demand in the luxury furniture sector

3) Enhancing a level of competitiveness among the international industries along with a sheer focus on exports.

Read More About Luxury Furniture Market Report Here

CONCLUSION

Along with the growth in demand for luxury furniture, scientists are carrying out their research studies to improvise the luxury brands' service efficacy, which in turn will yield an exponential growth opportunity for the market in the future.