Home Furnishing Industry 2023: High-end Furniture Demand is Strong Global Market Size is Expanding
November 16, 2023
The latest news in the home furnishing industry for 2023 is that the global furniture market reached $655.6 billion in 2022 and is expected to jump to $685.6 billion by 2028, according to a recent survey. The report, released by market research firm IMARC Group, shows that strong demand for high-end furniture is the major factor leading to the growth in sales across the world. Definition and Types of Living Room Furniture Furniture considered in the report includes movable and Electric Standing Desk such as chairs, tables, cabinets, desks, sofas, beds, and cupboards. These furniture are used for seating arrangements, storage purposes and to enhance the aesthetic value of the space. They are manufactured using different materials such as Wooden Table Top, plastic, glass, iron and marble and are designed with exquisite craftsmanship. These furniture pieces are durable, require little maintenance and provide an elegant, attractive and sophisticated ambience to any room. They also have a long shelf life and can be easily cleaned by wiping the surface. 
Drivers of market growth The report states that rapid urbanization and rising purchasing power of consumers are the key factors for market growth. As people's standard of living improves, the demand for high-end furniture is also increasing. High-end furniture represents quality and taste, and many consumers are happy to invest in these furnishings to enhance their quality of life and home environment. In addition, a growing number of nuclear families are driving sales of folding desks and compact furniture. With flexibility and versatility, these furniture pieces can be easily arranged in smaller spaces, meeting the modern household's need for space utilization. Also, the demand for furniture is increasing due to the growing adoption of work-from-home (WFH) models across various verticals. High-quality furniture helps create a safe and productive work environment while maintaining business continuity. Many people realize the importance of working from home and hence they are willing to invest in furniture that meets their work requirements and health needs. Future outlook of the market The high-end furniture market will continue to gain momentum as people strive for quality of life. Consumer demand for high quality, durable and sophisticated furniture will continue to increase. In addition, with the continuous development and innovation of technology, the furniture industry will also face more opportunities and challenges. For example, the application of virtual reality and augmented reality technology can allow consumers to better experience the design and layout effects of furniture, further promoting market growth. In conclusion, the global furniture market is growing in size and is driven by the demand for high-end furniture. Consumer demand for high-quality, durable, and sophisticated furniture is increasing, while foldable and compact furniture and the trend of working from home are also driving market growth. As people's pursuit of quality of life continues to improve, the high-end furniture market will continue to grow and bring more opportunities and room for development for the furniture industry.
