EXPANSION OF THE INTERIOR INDUSTRY
What is an Interior Design?
The magic of increasing the interior of a building for a healthy and more pleasing surrounding, is interior design. A person who plans, coordinates and manages the interior of a building is called as an interior designer. The interior design industry is booming all around the world. It is a multifaceted job which comprises planning, conceptual development, construction, management and portrayal of a design.
The development of interior industry is the result of the development of societies and the “complex architecture”, due to the process of industrialization. Presently, the profession is all about the “effective use of space, user well being and functional designs.”
Growth of Interior Industry
The growing development of the middle-class population around the world, particularly in emerging economies, is increasing the demand for interior industry. The growth of the interior business is influenced by the rise of the middle class and their investments in better dwellings. As a result, there has also been a continuous increase in the number of interior design companies over the years.
In the interior market, there is a liquidity gap; yet, there has been a growing market of the middle and lower-middle classes. These encourage economic in improved homes in both urban and rural locations, whilst large corporations concentrate their services on structural and architectural clients. As a result, the interior industry is booming.
Why Interior Design Industry is Expanding?
The leading causes for the growth of interior industry are;
Increased standard of life as a result of urbanisation.
Increased trend of construction is likely to increase the demand of interior services.
There has a sizable middle-class community.
Affluent level of income.
Maintenance of both industrial and residential structures at a rapid pace.
Strengths in research & innovation.
Access to a qualified juvenile market.
Schemes for rapid development all around the world.
Global Interior Industry
The global interior design market size is projected to reach 270410 million by 2026, from USD 167590 million in 2020, at a CAGR of 8.3% during 2021-26 (Adzimatinur, 2018). Last year, the worldwide interior design market was worth $150.7 billion. The average salary for an Interior designer is £7.920. The job market is expected to increase by 4.5% from 2016-26.
The following figure depict the Global Interior Design Services Market from year 2021-2025.
Figure 1.1: Global Interior Industry Overview
Impact of Pandemic on Interior Industry:
No doubt, pandemic has revolutionized our ways of life. It effected each and everything. The pandemic forced the shutdown of many businesses. But, at the same time many transformed themselves according to their circumstances. Interior industry falls in the second category, which adapted itself according to the changing circumstances. Interior designers shifted their business online and the meetings with clients place over internet.
To a larger extent, pandemic forced people to remain in their homes. During the whole period of Pandemic and lockdowns, homes are of primary importance. As people were bound in their homes, thus they become more attentive towards their homes. This intention helps interior designers and interior market to grow further. During the COVID- pandemic the interior industry reached at $150.7 billion in year 2020.