Highlights:
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With a CAGR of 7.4%, the Indian Interior Design industry is expected to reach $38.2 Billion by 2027.
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Nowadays, heavily influenced by social media, people are opting for theme-based designs to decorate homes and offices.
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Changing cultural and global trends are accelerating the demand of the Interior Design Industry now more than ever.
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Interior designers are not only sufficient in creating spaces in a manner that will look pretty but the designs crafted by them are also comfortable, technologically smart and efficiently functional.
Designing the interior of the place and decorating the indoors, The Interior design industry is often seen blurring the lines between Interior designing and architecture. Interior designers can design both residential and commercial places, they can give a fresh look to anything including homes, offices, museums, churches, gardens, cafes, restaurants and many more.
The desire to follow the trends becomes the major growth driver of the interior design industry. To create an aesthetically pleasing environment, the demand for the interior design industry is experiencing a sharp growth in the market. Interior designers are not only sufficient in creating spaces in a manner that will look pretty but the designs crafted by them are also comfortable, technologically smart and efficiently functional. The growing social media influence and stepping up of the living standards are driving the growth of the interior design industry.
Interior Design Industry Market Trend
Experiencing remarkable growth, the interior design industry exhibits notable expansion in terms of revenue generation. The market of the interior design industry was estimated at over $22 billion in 2020. The experts believe that the interior design industry will keep flourishing in the future as well and from their you can compare furniture prices also. With the CAGR (Compound Annual Growth Rate) of 7.4%, the industry is expected to reach $38.2 Billion by 2027.
The market for the interior design industry in India is based on:
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By End Use
The industry is segmented into two parts based on the End Use, i.e., commercial and residential. The commercial sector dominates the interior design industry due to its higher demand. Change in work culture leads to the rising demands of the interior design and decor industry in the commercial sector. Apart from commercial places, the residential demands for interior design can also be seen significantly.
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By Decoration Type
Based on Decoration, the industry is divided into two segments that are newly decorated and renovated segments. Due to residential space demands, the newly decorated segments have experienced exceptional growth. The well-designed interiors and the aesthetically beautiful spaces led to the growth of the industry.
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By Regional Insight
The interior design industry is based on four segments based on the regions, i.e., North India, South India, East India, and West India. Among these four regions, North India dominates the industry significantly and is expected to maintain its dominance in the upcoming years also.
The Driving Factors Of The Industry
Changing cultural and global trends are leading the demand of the interior design industry now more than ever. The various factors driving the growth of the industry are:
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Rising Income
According to experts, income plays a very important role in the growth of any industry. And for the interior design industry, the case is no different. The rising income means that the purchasing power of the people is increased and they can buy more things.
An increase in income led to the demand for a higher standard of living with more comfort and facilities. With more income in hand, people can afford interior design services to improve their home spaces for more comfort and luxury.
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Increasing Real Estate Activities
Rising income and an increase in real estate activities are interrelated. The rise in income leads to the search for more comfortable living which eventually results in people engaging more in real estate activities.
This means if people are buying more homes, they will want to change their interiors and design to give the space a fresh look. And not just buyers, the ones who sell the house also often redesign their places so that it can look more attractive to the buyer and they can charge a handsome amount for it.
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Need For Smart Home And Offices
Be it any industry, the one thing that people demand in every industry is technology. Technology has taken over the world and made our lives easier than it was before. Leveraging technology, interior designers introduce various designs that are smart, technological and convenient making life easier.
The smart design options include modular kitchens for the home, smart working desks and chairs for offices and many more. These revolutionising smart trends lead to the growth of the interior design industry.
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Social Media Influence
Social media trends are one of the major reasons for the increasing demand for the interior design industry. With instant access to design and the latest trends, social media serves as a platform that introduces various designs to people.
The latest global trend ushering in the design industry creates creative, trendy and innovative designs. Theme-based designs are the most popular trend in the interior design industry. Heavily influenced by social media, nowadays, people are opting for theme-based designs to decorate homes and offices.
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Increasing Population
The rising population is one of the biggest reasons that drive the growth of the interior design industry. According to reports, the world population is increasing more rapidly than expected. It is expected that by 2050, the population of the world will reach around 9.8 billion. And that is a huge number.
To accommodate such a large population, we need structured infrastructure and buildings. And to design and renovate the living and working space, the need for interior designers increases. With the expectations of a rising population with such great numbers, it is not wrong to say that the interior design industry has a promising future ahead.
Stephen Gardiner says “Good buildings come from good people and all problems are solved by good design.” The interior design industry deals with planning, designing and decorating the entire place and making it aesthetically pleasing and at the same time providing comfort and luxury.
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