What makes interior designing biz a great investment potential?
Interior designing business is a great opportunity to venture in. This space is not emerged as much as others but offers a lot of opportunities.
Link of the authored article that has been published today in BusinessEx.com
The evolution of the Indian real estate industry and the consequent boom has had a rub-off effect on the interior design industry. Expansion and advancement in the real estate industry have naturally helped in the advancement of the interior designing industry. Also driving the growth of this segment is an increased demand among homeowners for sophisticated interiors and beautiful decors. Its all about making your home functional and stylish at the same time.
The urbanisation and rising income levels have resulted in people wanting to live in homes that incorporate the latest design trends as well as express their own personalities. Working professionals – both men and women – are showing a greater willingness to set aside part of their income solely for focusing on home decor. There is increasing awareness and exposure to global interior trends and there is a shift towards incorporating such trends at home whether its the use of minimalistic lines, muted colours and textures or quirky lighting. As a result of these factors, the interior designing industry is witnessing a huge boom. People want their homes to be a reflection of their individual tastes and preferences. Workplaces are increasingly focusing on various elements of an interior in a bid to jazz them up as opposed to making them formal and sterile, a fun workplace is not only easy on the eye, it also helps in reducing stress and fatigue which increases productivity in return.
Bangalores interior design market is worth around 30-35 billion rupees in 2016. Approximately 25,000 units (flats or individual homes) were started in 2016 another 20,000 in 2017. The growth of the IT industry has seen a huge number of young people making the city their home. They have a high disposable income and are also willing to spend for a better lifestyle, and are keen to make their homes reflect the current trends. The government has been bringing out policies that have supported the growth of the industry as well. Increased perception of organised skills and favourable approach has driven the industry as well.
The interior design market was not an organized spaced around 4-5 years ago. However, the entry of big players into the market has seen a tremendous evolution in the market and brought about a degree of organization in it. Now the customers dont have to be at the mercy of retailers that they do not feel comfortable with. With the entry of big players, professional services and processes, all means that the journey to decorating your home is now hassle-free for the customers. Apart from brick and mortar services, the interiors industry has been increasingly making its presence felt in the online space. In fact, e-commerce players working on interiors are emerging a huge market. This is proving to be a highly profitable and lucrative space. Consumers too are increasingly amenable to exploring what the online space has to offer them when it comes to interior dcor. The home dcor and furnishing market in India has witnessed outstanding growth predominantly in the last decade. Hence we see that the organised interior designing firm have the opportunity to enjoy a really lucrative future if they comprehend the customer requirements and offer them what they want, giving them a mix of international and local trends, customized to meet individual preferences.
This segments growth has been driven by rapid urbanisation. Over the last few years, an easily accessible loan scheme provided by the banks and government has meant that investing in property for the younger generation. The new homes for the nuclear families have been a dynamic aspect as they are spending a significant amount on interiors. This has created a major opportunity for design and decor. There are many more aspects which have led to a demand for interior designing in the Indian houses in the last few years. The growing phase of infrastructure and real estate market has augmented the demand for home furnishings products in the city. The home decor once considered to be an extravagance is becoming an everyday necessity. People are also witnessing global trends, often shared on social media platforms by various celebrities and are keen to incorporate those trends in their homes as well.
Acquaintance with international styles and design has encouraged people to adorn their homes with more charm. Seasonal trends call for change in dcor. Colours, finishes, textures and patterns can be changed to bring a new look and feel to a home. Gone are the days when people would stick to one colour on their walls for as long as they lived in a house. Different walls have different colours, colour blocking, contrasting, a mix of textures are all making their presence felt. These factors are all leading to a growth in the designing sector and creating a very strong future for the same.