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China Luxury Furniture Market - By Type, By End-use, By Distribution Channel, Forecast 2024 - 2032

  • Report ID: GMI11734
  • Published Date: Oct 2024
  • Report Format: PDF

China Luxury Furniture Market Size

China luxury furniture market size was valued at USD 2.3 billion in 2023 and is estimated to grow at a CAGR of 4.8% from 2024 to 2032. One of the foremost drivers is the substantial increase in disposable income among the middle and upper classes. Over the past few decades, China's rapid economic growth has created a burgeoning affluent consumer base. As more individuals attain higher income levels, they are more willing to invest in luxury goods, including high-end furniture.
 

China Luxury Furniture Market

A growing interest in home aesthetics significantly contributes to the market. Influenced by social media, interior design shows, and global design trends, consumers are increasingly focused on creating stylish and inviting living environments. The evolving preferences of consumers also drive the luxury furniture market. There is a notable shift toward valuing quality, craftsmanship, and unique design over merely seeking the lowest price. Today's consumers are more informed and discerning, often opting for brands that emphasize artisanal techniques and sustainable materials. The influence of Western lifestyles and cultural trends is another pivotal factor driving demand for luxury furniture in China. Exposure to international design aesthetics through travel, media, and online platforms has led many Chinese consumers to embrace Western luxury brands and styles.
 

The market is highly competitive with numerous brands offering a wide range of products. This saturation can lead to price wars, reduced profit margins, and challenges in differentiating products. Evolving consumer preferences towards more eco-friendly and technologically advanced products can make it challenging for manufacturers to keep up with trends and meet diverse demands.
 

China Luxury Furniture Market Trends

The trend towards customization is gaining momentum, with consumers seeking unique pieces tailored to their specific tastes and needs. Luxury furniture brands are offering bespoke services, allowing customers to choose materials, colors, and designs that reflect their personal style. There is a growing interest in hybrid designs that combine traditional craftsmanship with modern aesthetics. This trend allows consumers to appreciate heritage while enjoying contemporary functionality, resulting in unique and versatile pieces that suit diverse interiors. The integration of technology into furniture design is becoming more common, with smart furniture offering features like wireless charging, built-in speakers, and adjustable settings. As smart homes become more prevalent, consumers are looking for furniture that enhances their living spaces through technological innovations.
 

China Luxury Furniture Market Analysis

China Luxury Furniture Market Size, By Type, 2021 - 2032 (USD Billion)

Based on type, the market is divided into tables, chairs, sofas & lounges, kitchen, lighting, interior accessories, beds and others. In 2023, chairs held the dominant market of USD 0.5 billion and is expected to reach USD 0.9 billion by 2032. As more people work from home, there is heightened demand for ergonomic chairs that combine comfort with luxury, suitable for both home offices and living spaces. The rise of minimalist and modern interior styles has led to a demand for stylish chairs that complement various design themes, encouraging innovation in materials and forms.
 

China Luxury Furniture Market, By Distribution Channel, (2023)

Based on distribution channel, China luxury furniture market is segmented into online and offline. In 2023, the offline held the dominant market share of 80% and is anticipated to grow through the years. Consumers value the opportunity to physically experience luxury furniture before purchasing. Showrooms provide tactile experiences that are crucial for high-end items, where quality and comfort are paramount. Established luxury brands with a strong offline presence create a sense of trust and authenticity. Physical stores allow consumers to engage directly with brand representatives, enhancing the shopping experience.
 

China Luxury Furniture Market Share

China Luxury Furniture Market Share Analysis, 2023

The market seems to be consolidated in nature due to presence of local and China players across the globe. In 2023, the market players such Aldente, Dunelm, Fuan, Holly, Krest, KUKA, Liu Yi and Man Wah collectively held around 10%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
 

China Luxury Furniture Market Companies

Major players operating in the luxury furniture industry are:

  • Aldente
  • Dunelm
  • Fuan
  • Holly
  • Krest
  • KUKA
  • Liu Yi
  • Man Wah
  • Markor
  • Pioneer
  • Qumei
  • Red Apple
  • Sofa Club
  • Sunon
  • Yihua
     

Luxury Furniture Industry News

  • In April 2024, Roche Bobois, celebrated for its upscale home furnishings and as a symbol of French Art de Vivre, announced it has signed a letter of intent to acquire a controlling stake in its franchised Roche Bobois outlet in China.
     

China luxury furniture market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) (Million Units) from 2021 to 2032, for the following segments:

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Market, Type

  • Tables
  • Chairs
  • Sofas & lounges
  • Kitchen
  • Lighting
  • Interior accessories
  • Beds
  • Others

Market, By End-use

  • Residential
  • Commercial

Market, By Distribution Channel

  • Online
    • E-commerce
    • Company websites
  • Offline
    • Specialty stores
    • Mega retail stores
    • Others (Individual stores, etc.)

 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market was valued at USD 2.3 billion in 2023 and is estimated to grow at a CAGR of 4.8% from 2024 to 2032, driven by the substantial increase in disposable income among the middle and upper classes.

Chairs held a dominant market share of USD 0.5 billion in 2023 and are expected to reach USD 0.9 billion by 2032. The rise of minimalist and modern interior styles has led to a demand for stylish chairs that complement various design themes, encouraging innovation in materials and forms.

Key players in the industry include Aldente, Dunelm, Fuan, Holly, Krest, KUKA, Liu Yi, and Man Wah.

China Luxury Furniture Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 428
  • Countries covered: 1
  • Pages: 487
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