Please Wait.....
Report
GCC Luxury Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 145 Pages I Mordor Intelligence
GCC Luxury Furniture Market has generated a revenue of USD 300 million in the current year and is poised to achieve a CAGR of 6% for the forecast period. The luxury furniture industry has become one of the most vibrant and fast-growing industries in the GCC region due to the rising population and increased construction activity. The growing number of real estate developments, the increasing demand for residential properties, and governmental initiatives to develop socio-economic infrastructure are some of the major factors fueling the demand for luxury furniture products in the region.
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 the same grounds of the quality of the product and the material used to manufacture the product. The luxury furniture market in the GCC region is highly competitive, owing to the rising demand for furniture and furnishing products. This rise in demand has led to growing domestic demand and the 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 to increase their presence or 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 showrooms or multi-brand retail stores.
The outbreak of the COVID-19 pandemic acted as a massive restraint on the luxury furniture manufacturing market in the GCC region, in 2020. It has disrupted supply chains, caused a shortage of materials, and terminated contracts to control expenses. The lack of labor is also hampering the overall luxury furniture market growth in the GCC region. The outbreak of the coronavirus disease (COVID-19) acted as a massive restraint on the luxury furniture manufacturing market in the Asia-Pacific region, in 2020. This may slow down the industry growth during the forecast timeframe. Sales dropped by almost 60-70% due to consumers having little opportunity to explore luxury furniture products. Almost 40% of luxury furniture production happens in Italy, and all the Italian factories, including small, family-based faconniers, have temporarily shut down, which resulted in a decline in sales in the GCC market.
GCC Luxury Furniture Market Trends
Changing Consumer Preferences Toward 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, which is expected to drive 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 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 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 the 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 with the recent slowdown in economic growth due to oil price fluctuations. This growing real estate sector further boosts the luxury furniture market.
GCC Luxury Furniture Industry Overview
The market is dynamic and competitive, with new entrants and local players also contributing to the diversity of choices available to consumers. The report covers major international players operating in the 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. Several local luxury furniture retailers and manufacturers have a strong presence in the GCC market. These companies often cater to the specific tastes and preferences of the local clientele, offering unique designs and personalized services. Following is the list of major companies in the market: PAN Emirates, IKEA, Al Huzaifa, Luxe Living, and Danube.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Consumer Trend for Luxury Furniture
4.2.2 Real Estate Development
4.3 Market Restraints
4.3.1 High Import Taxes and Duties
4.3.2 High Cost of Raw Materials
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Lighting
5.1.2 Tables
5.1.3 Chairs and Sofas
5.1.4 Accessories
5.1.5 Bedroom
5.1.6 Cabinets
5.1.7 Other Products
5.2 End User
5.2.1 Residential
5.2.2 Commercial
5.3 Distribution Channel
5.3.1 Home Centers
5.3.2 Flagship Stores
5.3.3 Specialty Stores
5.3.4 Online
5.3.5 Other Distribution Channels
5.4 Geography
5.4.1 Saudi Arabia
5.4.2 United Arab Emirates
5.4.3 Kuwait
5.4.4 Qatar
5.4.5 Rest of GCC Countries
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 PAN Emirates
6.1.2 IKEA
6.1.3 Royal Furniture
6.1.4 Al Huzaifa
6.1.5 Luxe Living
6.1.6 Home Center
6.1.7 Danube
6.1.8 B&B Italia
6.1.9 Bukannan Furnishing
6.1.10 ID Design*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security