There is so much focus today on the interior design trend of downsizing. I like the term rightsizing because that's what you're doing---making changes in your living space to reflect your current lifestyle. With this has come the need to adjust the size of the furnishings in your living space.
You still want your furniture to feel comfortable, look luxurious and meet your room's needs. You may have smaller rooms, fewer rooms and your rooms may serve dual purposed---such as your living room also serves as a family room/den, the dining area doubles as an in-home office and the second bedroom has workout equipment.
One of the solutions is the size and scale of your furniture. Most retail furniture stores do not offer smaller scale furnishings that still has a sumptuous, big look. When you are furniture shopping, look for a store that has options for the size of furniture such as the depth of a sofa can be 38" or the width of a lounge chair can be 31".
There are many furniture manufacturers that know the trend for smaller furniture sizing and just ask if this is possible at the stores you find furniture you love.