BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expectsGCC (Gulf Cooperation Council) Luxury Furniture Market size to grow at a steady CAGR of 7.1% during the forecast period between 2022 and 2028. Major factors for the expansion of GCC luxury furniture market include increasing infrastructure activities, rising population and urbanization, increasing demand for real estate developments, rising residential property adoption, and government initiatives to boost socioeconomic infrastructure. Furthermore, surging demand for furniture and furnishing products, as well as increased competition to improve luxury furniture products to meet domestic demand, are expected to boost the overall market. Exports and imports combined with foreign players’ heavy investments in broadening their businesses in Gulf Cooperation Council countries are also expected to fuel the growth of GCC luxury furniture market during the period in analysis. However, lack of qualified workers and rising raw material prices are anticipated to hinder the expansion of GCC Luxury Furniture Market.
GCC Luxury Furniture Market – Overview
Luxury furniture means the high-end or premium home and office furnishings made of various materials, such as wood, metal, glass, and leather. They are installed for esthetic purpose to improve value of the house. The surging number of real estate developments and demand for residential properties are driving up the utilization of high-end furniture products. Customers are being influenced to purchase luxury furniture because of the growing urbanization and industrialization, as well as the increasing penetration of e- commerce in gulf countries, which is expected to stimulate growth in the GCC luxury furniture market. With a growing urban population, increasing disposable income per capita, and a consumer preference for luxury goods, there is a greater awareness of modern lifestyles, and increasing emphasis for eco-friendly furniture is expected to drive GCC luxury furniture market growth.
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GCC Luxury Furniture Market – Segmental Information
GCC Luxury Furniture Market – By Product Type
GCC luxury furniture market is segmented into Lighting, Tables, Chairs & Sofas, Accessories, Bedroom, and Cabinets, based on product type. The bedroom furniture segment generates the most revenue in Saudi Arabia, with opportunities for growth in the other GCC countries. As disposable income rises, so does consumers’ ability to spend on luxury goods and services, such as home furnishings. Additionally, economic growth and an increase in the number of independent residences encourage consumers to spend more money on high-quality bedroom furniture.
Impact of COVID-19 on GCC Luxury Furniture Market
COVID-19 pandemic had a detrimental effect on GCC luxury furniture market in 2020, causing supply disruptions, material shortages, and contract cancellations to save money. The overall expansion of the GCC region’s luxury furniture market was also hampered by labor scarcity, and customers had little opportunity to explore premium furniture products, resulting in a 60–70% drop in sales. Furthermore, government-imposed commodity import and export restrictions, as well as quarantine and lockdown measures, posed significant challenges for exporters during the pandemic. Delays and interruptions at country borders also hampered the transit and delivery of luxury furniture. Furniture is manufactured in Italian factories, but due to a government-imposed lockdowns, sales in the GCC luxury furniture market dropped dramatically. Despite these challenges, the pandemic had also led to a rise in online furniture sales, as people are increasingly turning to the internet to buy furniture. This trend is expected to continue in the coming years, as consumers became more comfortable shopping for furniture online.
GCC luxury furniture market is fiercely competitive. Prominent players in the market include PAN Emirates, IKEA, Al Huzaifa, Luxe Living, Danube, Royal Furniture, Home Center, B&B Italia, Bukannan Furnishing, and ID Design. To further enhance their market share, these major players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
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