The latest information report from Joint Market’s research on the North American luxury migeof furniture market shows that North American luxury furniture market is expected to reach 9.2 billion US dollars in 2022, from 2016 to 2022, there will be a significant annual compound growth rate of 3.1%.
The main reason of Luxury furniture development lies in economic growth.
In North America, the United States, which is followed by Canada, is the Filling Cabinet largest luxury furniture market, thanks to the economic growth of the United States, Canada and Mexico—the main contributors of the rapid development of North American luxury furniture. While the main drivers of its development come from the increasingly spending power of consumers and the continuous development of the real estate industry.
In addition, the growing demand for online retail and multi-function furniture has offered an important opportunity for North American luxury furniture market. The web portal is widely used by most companies as a platform to expand the market and sell furniture. In this market, businesses like to sell their products through e-commerce platform to achieve the maximum coverage, the trend of online shopping greatly affected the luxury furniture market.
Civilian furniture occupies a major share of luxury furniture
According to statistics, in 2015, the consumption of civilian furniture in North America accounted for almost two-thirds of the share of luxury furniture, of which living room and bedroom furniture take up the highest proportion of up to 45%. There is a prediction that in the next period of time, the civilian family luxury furniture will continue to dominate the North American luxury School Funiture furniture market, because the demand on kitchen, living room and bedroom furniture has been increasing considerably.
At present, the commercial field accounts a relatively small market share because of low usage rate on luxury furniture, most of them concentrated in high-end hotels, commercial infrastructure and other fields, such as hotels, offices, cinemas and other commercial space. However, due to the flourish of high-end hotel industry, catering and commercial space, the usage rate of luxury furniture in the commercial field will continue to increase, the demand for luxury furniture in the commercial sector will show steady growth in the expected 2.5 % compound growth rate.