Rising Prospects for Luxury Real Estate Business, Inducing Higher Sales of Luxury Interior Fabric Industry Analysis in North America and Europe, Reach at a US$ 9,524.30 Million by 2034.
The Industry value of luxury interior fabric in North America and Europe is anticipated to rise from US$ 2,684.60 million in 2024 to US$ 9,524.30 million by 2034. The industry is projected to register a robust CAGR of 13.50% over the forecast period.
The growing inclination for a luxurious lifestyle is stimulating the appetite for luxury interior fabrics in developed regions like North America and Europe. The increasing number of consumers opt for brick-and-mortar stores to quality-check luxurious textiles. For this, brands have been investing in the construction of distinct shopping experiences for customers.
Online retailers have been gaining traction, especially post COVID-19. Various value-added services like convenient return policies, cash on delivery, and centralized customer services are top attraction points for online customers.
Surging demand for luxury interior fabric in the commercial sector, particularly in hospitality, healthcare, and cruises, is anticipated to propel product sales. Additionally, the rising investments in home remodeling projects are serving regional growth. This trend is in line with emerging consumer preferences for personalized fabrics in different interior elements like beds, chairs, and other furniture items.
“Key players are finding significant opportunities in North America and Europe, owing to rising customers with high incomes. Players are projected to capture increasing numbers online customers by developing customer-centric websites. With innovations and collection, players are anticipated to reap higher revenues in the next ten years,” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.
Latest Developments in the Industry
In September 2023, Kravet Inc. ramped up its manufacturing process by involving its smart fabrics and frames in Quickship program. This development ascertains a 10-day production period for customers. Thereby, supporting budgets, projects, and tight timelines. Kravet Smart collection features +2,000 fabrics and over 150 furniture frames, with personalization options.
In May 2023, Rubelli revealed its customer-oriented website to chart an even more digital future. The new websites are available in three languages, i.e., English, Italian, and French. This move is in line with the digitalization strategy, which has massively advanced in the last two years.
In February 2023, Pierre Frey launched the Braquenié Anniversaire 1823–2023 portfolio celebration of its 200th anniversary. This collection is made of a curated range of upholstery, wallcoverings, and rug designs selected from its wide historical archives.