Furniture reupholstery is a balance form and function. What color, material, and style will depend on your preference and life situation in terms of budget, medical condition, and also whether you might have a pet or child. Color and style will heavily depend on your personal taste, but always take into consideration the ambiance that you want to present in the room. Like fashion, there are certain styles that will have a unique feel as one can walk into a room and feel like its the 70’s or 80’s.
In terms of material, what you want and what you can afford might be a factor in deciding what you finally can get. Polyvinyl, cloth, corduroy, velvet, or leather of different quality all will have a big impact on price. Another thing to consider that will influence the price will be the maker of the furniture, Is it a custom build? a high-end designer brand, or generic brand that is mass-produced? In a nutshell, the material and the design will have the biggest impact on your wallet so it is a good idea to set a budget and give it a leeway that you feel comfortable with, generally, 10% give or take.
Another consideration of what type of upholstery you pick is the maintenance that is required to keep it in shape. In a room that has lots of windows that is showered with sunlight, try to avoid plastic or vinyl and to some extent, some leather materials as they typically will fade in color and they will eventually breakdown (more so with plastic) but if you do want these materials, you will have to take care with maintenance with conditioners for each of the respective material. Cloth and fabrics tend to fare a bit better in sunlight, but, are more prone to stains, and if you have pets, fur build-up and pet dander can linger in the fabrics.
In addition to all the variables that need to be considered, there are rare instances of medical considerations. Allergies to materials or materials that can collect allergens such as pet dander and fur will limit your selection in the kind of upholstery that you can get. But there are certain patterns and designs that can only be done in fabric, and for those that are adamant about getting such, there are plastic hypoallergenic furniture covers which can be used to wrap the furniture, but there are drawbacks to this method as sometimes it is considered tacky.