High-end designer furniture for 40 billion, + 7% on pre-Covid

The presentation of Altagamma-Bain high-end design market monitor 2022 at Salone del mobile.Milano

Advanced design furniture resists the impact of the pandemic. It actually comes out strengthened. “Advanced furniture is one of the sectors that responded best to the crisis, recording growth of 14% in 2021 and closing 7% above levels in 2019, thanks to the rediscovery of the domestic dimension,” he explained. Matteo LunelliChairman of Altagammaat the presentation of Altagamma-Bain high-end design market monitor 2022 by Claudia D’Arpiziosenior partner and global head of fashion & luxury of Bain & Company, on trends in luxury furniture design. The meeting took place in Rho Fiera Milano in the framework of the 60th edition of Salone del mobile.Milano.

Before the health crisis, the sector’s average annual growth, which was around +4%, was more moderate than in other high-end sectors, as it benefited less from Asian consumption, especially Chinese, and from the control of final distribution, crucial drivers for all too personal luxury and the automotive sector. In this way, the decline in 2020 (-6%) was lower than in other luxury sectors, and in 2021 the recovery was more decisive with an increase of 7% compared to the year before Covid to a market value of approximately 40 billion euros. Results eight times higher than other sectors, such as fashion, which has certified designer furniture among the best performing segments of the luxury universe.

“But Altagamma-Bain’s research indicates a large margin for development and estimates that the market could grow from the current 40 billion to 60 billion by 2026,” President Lunelli stressed. In fact, the market is expected to accelerate over the next four years compared to its historical growth trajectory, with an increase of 5-7% per year to an expected value of around 50-60 billion euros. The role of the digital channels, which will increase from 7% to 8-10% of the market, and the contract managed by the headquarters, which is expected to increase from 10% to 11-13%, will also weigh above all. to greater penetration, deep into new markets, primarily the Asian, from 17% to 23%, and a growing level of branding.

“Italian brands are key players with a market share of 25% and will be able to seize these great opportunities through further management, investment in sustainability and aiming for internationalization in China and the US, both markets with significant real estate development,” he said. Lunelli. The report also identifies some macro trends that will guide the development of high-end design core furniture in the coming years. First of all, the new relationship that has been established between people and their homes, which increasingly represents a personal refuge. A phenomenon that promotes the growth of all product categories. Furthermore, there is a growing hybridization of space, favored by an expansion of the role of the house and by a ruralization of wealth, especially in the US, where spending outside big cities is rising, associated with another urbanization in Asia and finally to greater aesthetic sophistication also in commercial and shop premises.

“If the design market in the decade before Covid-19 had underperformed compared to other luxury segments, it has in the last two years instead benefited from a rediscovery of the relationship with one’s home, from the acceleration of the luxury real estate market and from the consolidated local consumption And the growth trend will continue sharply over the next few years, “said the study’s author, Claudia D’Arpizio. intercept the potential associated with the transformation of consumption habits, also incorporate options oriented to rental and circularity. Thanks to their leadership, Italian brands will be able to take the lead in leading change by leveraging their distinctive DNA of entrepreneurship, innovation and creativity “.

Also the President of the Salone del mobile.Milano, Maria Porro, attended the conference. “The high-quality furniture, which in Salone finds its most important showcase on a global scale, in addition to representing the spearhead of Italian creativity, confirms the health of Italian companies, which in recent years have been able to strengthen their positions. achieve positive results even in the most difficult moments “, he concluded. (All rights reserved)

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