Market Trends of Europe Luxury Furniture Industry
The Residential Segment in the European Region is Driving the Market
- Growing disposable income, increasing urbanization, increasingly focusing on aesthetics, and urban lifestyles are further leading to higher usage of high-end furniture products. Urbanization is augmenting the growth of the market study, with all major countries across the world witnessing a rise in their urban population, which fuels the demand for premium products like luxury furniture. The installation of luxury furniture can improve a home’s appearance and boost its value.
- Luxury furniture made from wood and metal is gaining popularity among consumers due to its high aesthetic value and durability. The rise in eco-friendly and multifunctional luxury furniture is also supporting market growth in developed economies. Residential remodeling and replacement will continue to account for luxury furniture demand as homeowners replace older furniture with newer products that offer enhanced visuals.
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Growing Demand for Luxury Home Furniture Products through E-commerce
- Online luxury furniture sales are expected to see upward growth worldwide, and Europe is also witnessing a surge in online sales of luxury furniture products. For instance, in Europe, countries like the United Kingdom are counted as the 5th largest market for furniture purchased online. These numbers are expected to increase further in the coming years.
- Key benefits of online retailing are increased choice and a higher level of personalization which may stimulate the purchase decisions of customers. The rising digitalization of luxury furniture and interior shopping offers immense potential to retailers, and many players, such as IKEA and Amazon, are investing heavily to increase their online presence in household e-commerce.
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