According to the research report titled ‘Global Premium Furniture and Furnishings Market - Analysis By Product (Furniture, Housewares, Textiles, Lighting, Others), Distribution Channel, End Use, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global premium furniture and furnishings market was worth USD 24.25 billion in 2020 and is anticipated to attain a healthy CAGR over 2021-2026.

As per report findings, global premium furniture and furnishings market growth is attributed to rising disposable income of individuals which has influenced consumers to purchase luxury items that serve as status symbol and add value to a place, as well as product innovation, and digital initiatives.

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For the unversed, glass, fiber, wood, plastic, metal, and leather are the widely used raw materials in the creation of luxury furniture.

Expansion of product portfolio by leading manufacturers to include interiors, furnishing, mattresses, and upholstery solutions for offices, living rooms, and kitchens is further contributing toward market expansion.

Furthermore, introduction of better-quality products by retailers, easy credit availability for elegant furnishing products, as well as growing product demand among rich households are expected to augment industry outlook in the coming years.

On the basis of end-use scope, worldwide premium furniture and furnishings industry is split into commercial and residential. In terms of distribution channel, the market is bifurcated into online and offline.

Based on product terrain, the marketplace is divided into textiles, housewares, furniture, lighting, and others. Among these, furniture segment held significant revenue share in 2020 and is anticipated to grow substantially during 2021-2026, due to shifting preference for branded furnishings, growing spending capacity of consumers, and development of automated manufacturing system.

Regionally, North America market is poised to gain notable returns by the end of analysis timeframe. Whereas Asia Pacific industry is slated to grow at rapid rate in the coming years.

Haworth Inc., Grayson Luxury, La-Z-Boy Inc., Steelcase Inc., Basett Furniture Industries Inc., Ralph Lauren Corporation, Kimball International Inc., Okamura Corporation, HNI Corporation, and Herman Miller Inc. are the leading players who are actively contributing towards global premium furniture and furnishings market development.