Gabrielle Coco Chanel rightly defines luxury – as “a necessity which starts where necessities end; Luxury must be comfortable, otherwise, it is not luxury.” With that in mind, the luxury furniture market is flourishing at a considerable rate every year on account of consumers’ changing spending patterns, rising disposable income, product innovation, rapid urbanization, and rising demand from the real estate industry.
The Indian furniture market has evolved in the past decade with a radical shift from mere chairs and tables to designed interior elements such as wardrobes, sofas, consoles, etc. Furniture manufacturers are, thus, receiving several business opportunities to make smart and innovative yet aesthetically pleasing products that meet the requirement of the clientele.
.jpg)
Image credit: The Great Eastern HomeLuxury furniture demands painstaking craftsmanship, fine quality and high-tech solution. According to Ifo Institute for Economic Research, in July 2022, a shortage of skilled staff in Germany affected 49.7 per cent of organizations. Such setbacks only hinder production and affect the supply chain in the long run. In India, carpenters form the core of India’s artisanal groups where their skills are valued on the global front. To understand the rising popularity of luxury furniture and India’s stance in generating exceptional designs, FURNITURE DESIGN AND TECHNOLOGY (FDT) got in touch with leading luxury furniture brands to share the forecast on India as a rising hub for luxury furniture manufacturing.
In 2021, the global luxury furniture industry reached a value of USD 22 billion. The market is expected to reach USD 29.6 billion by 2027, growing at a CAGR of 4.97 per cent during 2022-2027, predicts consultancy firm IMARC Group. The Indian luxury furniture market is expected to exhibit moderate growth at a CAGR of more than 4 per cent during the forecast period 2021-2026, according to Mordor Intelligence.
According to the end use, Allied Market Research assures the domestic use segment constitutes a major market share, however, the commercial use segment is projected to experience growth at the highest CAGR during the luxury furniture market forecast period. “Luxury furniture is conducive to residences, offices as well as the hospitality industry, though the residential sector is anticipated to be driving the market for high-end and luxury furniture,” confirms Dr Anurag Kanoria, Director, The Great Eastern Home.
On the same line, Falgun Shroff, Co-Founder and Promoter, Sources Unlimited adds, “I think residential draws a major demand for luxury furniture followed by hospitality. Since access to luxury brands and items has become easier with the availability of global brands in India, it is convenient for people to reach out and make their choices.”
For Eleonore Cavalli, Art Director and Co-Founder, Visionnaire, “Over the last few years, the demand from the Indian market has increased significantly. After the pandemic period, we can certainly say that the house has been the center of life for each of us. It is the residential projects sector that grew the most, with a particular focus on luxury apartments, mansions and farmhouses.” The Indian luxury segment is, thus, expected to see better growth, with rising consumer spending power and further demand not only in metros but also in Tier-II cities now. Yatin Bassi, Director, Anteak, predicts, “While residences have a larger share in the market, there is also a demand for high-end corporate offices and hotels. It’s hard to say which sector will see better growth as we anticipate it will be at par and we expect to see stronger growth from Tier-II cities.”
This article is a part of our exclusive article ‘Luxury Furniture’ which is originally published in Furniture Design & Technology (FDT Magazine) April 2023 print issue. If you want to read the full article, please subscribe Furniture Design & Technology Magazine here:
Furniture Design India and the magazine FURNITURE DESIGN & TECHNOLOGY (FDT magazine) are from the trusted 22-year-old media house of SURFACES REPORTER and PLY REPORTER.
FDT is a B2B monthly bilingual magazine from India that shares the pulse of the furniture business in India and connects the manufacturers, OEMS, product designers, architects, showrooms, designers and dealers.
Read More© 2023 Furniture Design and Technologies.. All Rights Reserved. Developed by eyeQ Advertising
