nyse tgt

More

20 Most Luxurious and Expensive Woods for Furniture In The World

  • December 26, 2023

In this article, we will take a detailed look at the 20 Most Luxurious and Expensive Woods for Furniture In The World with insights into per-board foot price. For a quick overview of such expensive woods for furniture, read our article 5 Most Luxurious and Expensive Woods for Furniture In The World.

The furniture market is flourishing due to booming residential and commercial construction. Developed economies like the US spearhead this growth with significant investments in real estate and housing. For instance, the US government commits heavily to housing in 2023, allocating over $175 billion. This trend extends to developing economies as well. The US significantly increased its commitment to developing nations’ infrastructure, exceeding $30 billion for a dedicated program. As countries prioritize infrastructure and real estate development, leading to the construction of new homes and offices, the furniture market is poised for sustained growth throughout the forecast period. This symbiotic relationship between luxury real estate, infrastructure, and furniture is expected to continue, ensuring vibrant growth for both sectors in the foreseeable future.

Consequently, the global luxury furniture market, already a $24.4 billion behemoth in 2023, is set to soar to $38.97 billion by 2033. This meteoric rise is fueled by factors primarily driven by the real estate boom and increasing urban populations in burgeoning economies worldwide.

Notably, luxury living room furniture reigns supreme in the furniture market, with a $68 billion market volume in 2023. But when it comes to the global revenue of the furniture industry, the United States takes the crown, with a staggering $244 billion in 2023.

A Look into the Furniture Market

With a market cap of $7.57 billion, Wayfair Inc (NYSE:W) is one of the largest online retailers of home goods in the United States, and it also has

Read the rest