(MENAFN- iCrowdNewsWire) Market Reports on Saudi Arabia Provides the Trending Market Research Report on “GCC Luxury Furniture Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” under Consumer Goods Research Reports category. The GCC Luxury Furniture is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
The GCC Luxury Furniture Market is poised to grow by more than $ 280 mn during 2021-2026 progressing at a CAGR of 5.5% during the forecast period.
The outbreak of the Coronavirus disease (COVID-19) acted as a massive restraint on the Luxury Furniture manufacturing market in GCC region, 2020. It has disrupted supply chains, caused shortage of materials, and terminated contracts to control expenses. The lack of labor is also hampering the overall luxury furniture market growth in GCC region.The outbreak of the Coronavirus disease (COVID-19) acted as a massive restraint on the Luxury Furniture manufacturing market in Asia-Pacific region, 2020. This may slow down the industry growth during the forecast timeframe. Sales dropped by almost 60-70% due to consumers had little opportunity to explore the luxury furniture products. Almost 40% of luxury furniture production happens in Italy—and all the Italian factories, including small, family-based façonniers, have temporarily shut down which resulted into decline in sales in the GCC market.
The luxury furniture industry has become one of the most vibrant and fast-growing industries in the GCC region owing to factors, such as the rising population and increased construction activity. The growing number of real estate developments and the increasing demand for residential properties, along with governmental initiatives to develop socio-economic infrastructure, are some of the major factors fueling the demand for luxury furniture products in the region. The local luxury furniture production is relatively lesser in the GCC market, and thus, the region meets its requirements through the imports of foreign products. Manufacturers and retailers operating in the region compete on almost same grounds of quality of the product and the material used to manufacture the product.
The luxury furniture market in GCC region is highly competitive owing to the rising demand of furniture and furnishing products. This rise in demand has led to the growing domestic demand and emergence of multiple players catering to the same target audience for luxury furniture products. Imports play a major role in the GCC luxury furniture market. Foreign players are investing heavily in the region, either to increase their presence or to expand their businesses in these countries, thereby, further boosting the GCC region’s furniture industry. The countries in the GCC region are heavy importers of furniture, with most of the imports coming from countries, like China, Italy, Turkey, Germany, the United States, Poland, and Malaysia. Major foreign luxury furniture manufacturers have been providing their products in the country either through their own showrooms or multi-brand retail stores.
Key Market Trends
Changing Consumer Preferences Towards Luxury Goods Like Luxury Furniture.
The growing number of real estate developments and the increasing demand for residential properties are leading to higher usage of high-end furniture products. Urbanization and industrialization across the region, rising permeation of online retailing in developing nations are manipulating customers for acquiring luxury furniture are expected to drive the market growth in the GCC luxury furniture market. With the population residing in urban areas and the rising disposable income per capita and the high preference for luxury products among the consumers, there is an increase in the awareness of modern lifestyle and demand for eco-friendly furniture is expected to boost the market growth. Urbanization is enhancing the growth of the market study with all countries across the region witnessing a ride in their urban population which fuels the demand for premium products like luxury furniture. The installation of luxury furniture can improve a home's appearance and boost its value. Luxury furniture made from wood and metal is gaining popularity among the consumers due to its high aesthetic value and durability. The rise in eco-friendly and multifunctional luxury furniture is also supporting market growth in developed economies. Residential remodeling and replacement will continue to account for luxury furniture demand as homeowners replace older furniture with newer products that offer enhanced visuals.
Growth of Real Estate Sector.
Dubai, Abu Dhabi and Doha have emerged as the top three real estate markets in the Gulf Cooperation Council (GCC) region. The GCC region has witnessed rapid economic development and demographic changes, including the influx of expatriates, which in turn has increased the region's overall population. This coupled with a rise in per capita income has fueled the demand for residential units in the region. FIFA 2022 in Doha had primarily buoyed the demand for amenities and world-class infrastructure. Post-recession, the GCC has emerged as an attractive destination for global investors and the real estate sector has become a key economic barometer for the growth in the region. The GCC real estate sector is one of the fastest growing sectors across the world, albeit the recent slowdown in economic growth due to oil price fluctuations. This growing real estate sector further boosts the luxury furniture market.
Competitive Landscape
The report covers major international players operating in GCC Luxury Furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
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