North America High-End Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The North American high-end Furniture market is anticipated to record a CAGR of 4% during the forecast period.

High-end furniture which is largely dependent on the economic stability of the end-users was hardly hit by the sudden COVID-19 pandemic during the year 2020. The largest geography in the region, i.e., the United States is one among the top 5 countries with the highest number of cases, which led to economic instability and loss of employment for several customers. In addition to that the trade restrictions during April-August 2020, and the trade war between the US and China have also largely impacted the market studied and resulted in a drop in market revenue during the year.

However, owing to the growing customer interest towards more eco-friendly furniture along with other factors including high scope for customization, and the growing number of manufacturers who are offering high-quality, durable, and multi-functional furniture have been helping the market to record more sales transactions in the residential and commercial end-user segments of the market. Though the upward market trend got disturbed during the 2020 due to the pandemic, with the high vaccination rate during the first half of 2021, the situations that were the result of COVID-19, are getting back on track and is anticipated to help the high-end furniture demand to be dominant in the forecast period as well.

Key Market Trends

Multi-Functional and Highly Durable Furniture are Helping in Market Expansion

High-end furniture has slowly starting to grab more customer attention with the evolving technology. The use of power tools in shaping the wood for different designs has helped the high-end furniture segment to get customized in accordance with the customer preferences. Similarly, customers are also looking for more multi-functional furniture in the region owing to their changing needs. In order to harness the full potential of limited spaces in their homes, they are switching multi-functional and high durable furniture which is helping the residential end-user segment to record more transactions. This trend is anticipated to help the market in recording more transactions in the forecast period as well.

Designer Studios are Anticipated to be Fastly Evolving in the Distribution Channel Segment

The distribution channels plays an important role in the high-end furniture market expansion owing to the high exposure and awareness they create about the products to the customers. A shift in trend in drawing customer attention from multi-model stores to designer studios is dominant in the market owing to the growing customer interest in understanding their product completely before making a purchasing decision. As designer studios offer a more enriched customer experience and act as a showcase to the manufacturer's work, they are anticipated to continue to gain more importance in the forecast period and become a fast-evolving sub-segment of the distribution channel in the market.

Competitive Landscape

The report on the North America high-end furniture market covers major players operating in the high-end furniture market. The high-end furniture market in the region is largely driven by the manufacturer's ability to create new and innovative furniture products which bring more elegance to the interiors. The growing demand for high-end furniture across end-user segments is driving the manufacturers to create more unique furniture to attract customers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support