Luxury furniture market
Coming soon a great report on the worldwide market for furniture and furnishings, edited by Csil. Plenty of data, company profiles, useful contacts. The world market for luxury furniture and furnishings is worth approximately USD 157 billion at consumer prices (around USD 70 billion at factory prices).
The main driver of the luxury furniture market is the increasing number of millionaires, around 24 million millionaires adults who own assets worth in excess of one million dollars. Approximately 10.8 million live in North America, home to a robust middle class population. In Europe around 8 million adults have assets over USD 1 million, fuelling a luxury furniture and furnishing market of around USD 53 billion, equal to around 15% of the total consumption of furniture and furnishings for the home and contract markets.
At least one in four adult millionaires makes a sizeable purchase of furniture or furnishing each year (six million costumers) for a total of least nine million such purchases.
The luxury furniture market could be divided into roughly 55%-60% furniture and 40%-45% other luxury items (furnishings). Another relevant breakdown is 65%-70% purchases for home, and 30%-35% non-residential locations (hotels, restaurants, offices, retail).
Worth noting that Italy, the world’s leading exporter of luxury furniture has lost ground over the last ten years: its share of worldwide furniture exports fell from 16% in 2000 to 10% in 2009. This is partially due to the growth of emerging countries, although this does not affect the luxury furniture segment. Germany, consolidated its position from a share of 9% of total furniture exports to 10%.