McMichael Furniture-Company profile, Business Overview, Financial Performance, Operating Segments, Strategic Moves, and Competitive Intelligence Report

Furniture is required to dcor the interiors and exteriors in homes, hotels and offices. The quality of material used, aesthetic value, comparative price, and sophistication in design are some of the key factors that differentiate luxury furniture from non-luxury furniture. The consumers in Asia-Pacific have witnessed increase in the disposable income due to the slow but steady improvement in economic conditions of various countries in the APAC region. Also, real-estate and construction industry is expected to grow substantially in this region. In addition to this, urbanization and improving lifestyles of individuals, are some of the important factors responsible for the prominent growth of the luxury furniture market in Asia Pacific. However, factors such as increasing cost of raw materials, specifically that of wood and leather, would limit the market growth. Opportunities for the market can be, online retailing and the increasing demand of multifunctional furniture.