Research Outlines Huge Growth In Luxury Outdoor Furniture Market
Outdoor furniture, also known as garden furniture or patio furniture, is specifically designed for outdoor decoration of house or building. Weather resistant materials such as aluminum, and plastic are used in the manufacturing of outdoor furniture.
Outdoor furniture includes chairs, tables, seating sets, dining sets, and loungers & daybeds. It comes in several attractive designs and styles. Growing urbanization and rising disposable income are major drivers of the luxury outdoor furniture market. However, increase in concern about deforestation and its impact on the environment as well as use of toxic chemicals while making the furniture are likely to shift consumer preference toward eco-friendly products. This can hamper the market. The expansion of service sector has fueled the demand for luxury outdoor furniture. Furthermore, change in lifestyle and boost in disposable income are fueling demand for outdoor furniture in the residential segment. Moreover, an increase in number of hotels and cafes is anticipated to influence the luxury outdoor market positively in the next few years. Europe and North America dominated the luxury outdoor furniture market owing to high income and more emphasis on outdoor décor.
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Global Luxury Outdoor Furniture Market: Competitive Landscape
Several regional and global players companies operate in the luxury outdoor furniture market. Leading market players are focusing on further innovation in their products and business expansion in order to boost their market share.
- In May 2019, Williams-Sonoma, Inc., a retailer of home furniture has announced its partnership with Golden State Warriors, Chase Center. As per this partnership agreement, Williams-Sonoma will be official furniture and home design partner of the Warriors.
- Consumers are preferring eco-friendly products due to rise in awareness about the negative impact of deforestation and toxic chemicals used in furniture manufacturing. Furthermore, companies are aiming to reduce their carbon footprints and offer eco-friendly, green alternatives.