Luxury Furniture Global Market Report 2024

The luxury furniture market size has grown strongly in recent years. It will grow from $24.1 billion in 2023 to $25.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion observed in the historical period can be ascribed to economic prosperity, evolving architectural and interior design trends, the upsurge in luxury real estate, cultural influences, and endorsements from celebrities and influencers.

The luxury furniture market size is expected to see strong growth in the next few years. It will grow to $32.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The expansion anticipated in the forecast period is linked to the emergence of luxury e-commerce, the adoption of sustainability and eco-friendly practices, global wealth redistribution, and a focus on wellness and comfort in design. Key trends expected in this period encompass the digitalization of design and customization, partnerships with contemporary artists, increased transparency in the supply chain, the promotion of inclusive and diverse designs, and the integration of virtual and augmented reality into the shopping experience.

The upward trajectory of the home renovation trend is anticipated to drive the expansion of the luxury furniture market in the future. Home renovation involves making significant alterations, enhancements, or upgrades to a residential property, and luxury furniture plays a pivotal role in these projects by imparting refinement, style, and sophistication to living spaces. For instance, in August 2022, Verana Ltd., a US-based e-commerce company specializing in kitchen taps and home appliances, reported that 53% of homeowners contributed to the house renovations sector in 2021. Consequently, the increasing prevalence of home renovation is a key factor propelling the growth of the luxury furniture market.

The growing utilization of wood is poised to contribute to the advancement of the luxury furniture market. Wood, a natural material derived from tree roots, stems, and branches, is favored for crafting luxury furniture due to its inherent aesthetic appeal, versatility, durability, craftsmanship, customization options, enhanced resale value, natural insulation properties, and ease of maintenance. For example, in December 2022, the Natural Resources Institute, a government office based in Finland, revealed that the total round wood usage in the country in 2021 reached 85.2 million cubic meters, marking a 9% increase compared to the previous year. Additionally, the utilization of by-products and other forms of wood waste rose to 27.7 million cubic meters, reflecting a 17% increase over the previous year. Consequently, the growing use of wood is a key driver behind the growth of the luxury furniture market.


The luxury furniture market is witnessing a surge in the popularity of advanced recycled materials as a prominent trend. Leading companies in the luxury furniture sector are embracing a new era of advanced recycled materials to produce sustainable luxury furniture, thereby maintaining their market positions. For example, in March 2023, House of Ecologie, a sustainable furniture and home goods brand based in the United States, introduced a range of environmentally friendly luxury capsule furniture crafted from innovative recycled materials. This collaboration encompasses various classic, handcrafted items designed to enhance contemporary and functional living spaces, aligning with Ecogensus' commitment to prioritizing the well-being of both people and the environment.

Prominent players in the luxury furniture market are adopting innovative approaches, such as AI-driven digital design experiences, to gain a competitive edge. AI-driven digital design experiences involve leveraging artificial intelligence (AI) to create and personalize digital products and services. In June 2022, Inter IKEA Systems B.V., a Netherlands-based company responsible for developing and franchising the IKEA retail concept, launched IKEA Kreativ. This initiative allows customers to visualize how home furnishing solutions will fit, look, and function in their living spaces, aiming to inspire creativity. IKEA Kreativ offers tools for constructing realistic rooms, combining decades of IKEA life-at-home expertise with cutting-edge technology, including 3D mixed reality, machine learning, and spatial computing. Customers can utilize this intuitive experience to create virtual replicas of their spaces, explore IKEA products in 3D showrooms, and seamlessly add items to their shopping carts.

In April 2023, Cassina S.p.A., an Italian furniture manufacturing company, completed the acquisition of Zanotta SpA for an undisclosed sum. This strategic move by Cassina aims to bolster its product line and explore fresh ideas, ensuring the brand maintains sufficient operational flexibility to continue its artistic trajectory. Zanotta SpA, also based in Italy, operates in the high-end segment of the furniture manufacturing industry.

Major companies operating in the luxury furniture market report are IKEA Systems B.V., Ralph Lauren Home, La-Z-Boy Incorporated, Heritage Home Group LLC, Arhaus LLC, Bentley Home, Luxury Living Group, Cassina S.p.A, Scavolini S.p.A., Meco Corporation, Boca do Lobo, Interior Define, DelightFULL, Castlery, Jonathan Adler, Brabbu, Iola Furniture Limited, Turri Srl, Nella Vetrina, Koket, Henredon Furniture Industries Inc., Muebles Pico SA, Valderamobili s.r.l, Artifox, Laura Ashley Holdings PLC, Giovanni Visentin s.r.l, Duresta Upholstery Ltd., Mueble de España, Essential Home, Thomas Blakemore Ltd., Anna Casa Interiors.

Asia-Pacific was the largest region in the luxury furniture market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the luxury furniture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of luxury furniture include tables, chairs, sofas and lounges, kitchens, lighting, interior accessories, beds, and more. Tables are furniture items featuring a flat horizontal surface supported by legs, pedestals, or other structural elements. Various materials, such as wood, metal, plastic, glass, leather, among others, are utilized in their construction. These high-end furnishings are available for purchase through both online and offline distribution channels, catering to a diverse range of end-users, including residential and commercial clientele.

The luxury furniture market research report is one of a series of new reports that provides luxury furniture market statistics, including luxury furniture industry global market size, regional shares, competitors with a luxury furniture market share, detailed luxury furniture market segments, market trends and opportunities, and any further data you may need to thrive in the luxury furniture industry. This luxury furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The luxury furniture market consists of sales of dining sets, bedroom furniture, cabinets, bookcases, armchairs, and coffee tables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.