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 observe notable gains by the year 2026.

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 are the primary growth catalysts for global premium furniture and furnishings market.

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

Introduction of worldwide products of better quality by retailer and simple credit to elegant furnishing products, in consort with growing product demand among affluent household are expected to boost industry trends.

Moreover, expansion of product portfolio by leading manufacturers to include interiors, furnishing, mattresses, and upholstery solutions for offices, living rooms, and kitchens are further contributing towards market remuneration.

On the basis of end-use scope, the marketplace is branched into commercial and residential. In terms of distribution channel, the market is split into online and offline.

Based on product terrain, worldwide premium furniture and furnishings industry 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 growing spending capacity of consumers, preference for branded furnishings, and development of an automated manufacturing system.

On the regional out-front, North America market is poised to gain massive 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.