Affordable interior design pushes the remodeling industry forward
Tuesday, March 10, 2015
There is a bright sun on the horizon for interior designers. The improving economy and a steadily growing housing market have contributed to the growth of the interior design industry, helping old businesses consolidate their finances and new ones to sprout up as well.
Homeowners who held off major decisions about renovations have shown more enthusiasm in recent months. More are willing to make the leap and invest in high-end remodeling for their existing homes. According to the American Society of Interior Designers' Interior Design Billings Index, the industry grew by 7 percent in 2013 and reached a three-year peak by the end of 2014.
But it is not just older homes that have spurred on the market. New home sales have also risen, and with them comes a demand for interior design that will help sell them faster. The same goes for interior design in the office space, with more companies setting aside a design budget once again.
Looking at the comprehensive reports and data, ASID experts are predicting a healthy growth rate of 13 percent from now through 2022. All ancillary divisions like home furnishings, home accents, fixtures and construction products will benefit and drive this overall growth. With more than $46.3 billion products ordered, total design fees in 2013 were close to $3 billion, a heartening prospect indeed.
One particular trend that is manifesting itself strongly among all this growth is the rise of affordable designs. For quite a long time, the interior design industry has been the province of luxury and exclusivity. But new-age designers are not as parochial as their predecessors, and they have been quick to respond to the rising demands of millennials across economic segments.
This change has resulted from the in-depth market study of sales and trends, both in physical markets and cyberspace. Now quality design services at affordable rates are easily possible thanks to innovative business start-ups like Laurel & Wolf.
The company is the brain child of designers Brandon Kleinman and Leura Fine, who have extensive design experience — from exclusive homes for the rich and famous to creating magic for the masses on HGTV. Now they have created a B2B platform that will connect customers and designers to make this magic recur for millions.
More customers have been shopping online for furniture and décor than ever before. Laurel & Wolf is going to make design services available readily and for lower prices than expected. In doing so they will help converge all aspects of the industry and propel growth faster. With $5.5 million in funding, they are raring to take interior designing straight into the future.
With millions of hits recorded for sites like Pinterest and Houzz, it is not hard to see that this trend is taking off. The online platform offers both seasoned and new designers an instant database for business. Laurel & Wolf will help connect the various ancillary industries and offer more transparency than before while the competition will keep the prices controlled. More than anything, it will offer millions of customers as easy way to get help for their remodeling projects without paying through their noses.
DIY shows, like on HGTV, have also turned the tide for this industry and opened it wide for the masses. New-age designers have noted the signs and are offering interior design help on the cheap. At just a fraction of the cost for a professional interior designer, they can now offer inspirational and attainable designs for their homes.
Another sign of progress in the interior design industry is the wealth of new and innovative business ideas coming to the forefront. More designer brands are now focused on setting up off-shoots that can target and harness the growing market with affordable design and décor solutions.
For example, celebrated clothing designer brand Kate Spade & Co. just announced its decision to expand further into their home category, which will include interior design showrooms among other things. The stress on product categories will now see a strong convergence with their new partnerships which will soon bring bath, bedding, furniture, wallpaper, rugs, fabric, stationery and gifting collections together and even housewares.
Trendy brands and designer goods will no longer be the unattainable goal, but a definite possibility for all kinds of American homes now.
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