Project report for Interior Design

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Introduction

Interior design is the art and science of enhancing the interior of a building to achieve a healthier and more aesthetically pleasing environment for the people using the space. The growth of this sector and the fact the city that we are setting the shop up in is growing in India. With little competition from qualified designers, we are confident we will get a strong market share in the first year. An interior designer is someone who plans, researches, coordinates, and manages such enhancement projects. Interior design is a multifaceted profession that includes conceptual development, space planning, site inspections, programming, research, communicating with the stakeholders of a project, construction management, and execution of the design. The design business enjoys strong demand as people continue to buy or move into new homes and remodel old ones.

The interior design business is a go out of your house kind of home business. While doing the business aspects inside the home, most of the sales will be done at the client's home or office as you evaluate the space, match colour swatches to existing furniture and measure windows for draperies, etc. There have been countless books and magazines published for the sector. Both of the owners of this new design business have been trained and have worked in this sector for a number of years. These skills will play a big role in the success of the business.

Market potential & Strategy

The global interior design market was worth INR 10,8120 Crores in 2020 and is further projected to reach INR 15,6250 Crores by the year 2027, growing at the CAGR of 5.5% during the forecast period (2020-2027). The growth of the global economy, changes in the social environment, and improvements in the standard of life among millennials are important factors that are projected to drive the growth of the global interior design market in the coming years. The lifestyle and work choices of Millennials differ from those of earlier generations, and this is projected to have an impact on the global interior design market in the coming years. The market for home interiors and renovation in India is estimated to be between INR 14880 Crores – INR 22320 Crores. The interior design market is a crafty science enhancing the interiors of a space to achieve a healthier and aesthetically pleasing environment. The interior design business is developing rapidly in the Indian market. Interior Design in India comprises of architects, interior designers, trade members, and educationists in the planning, designing and decorating the interior spaces. The growth in interior design is attributed to the growing Indian real estate market, growing population, rising income levels, and urbanization. Other factors that lead to a surge in demand for Interior designing services include smart homes, the influence of social media, and changes in the living standards and lifestyle of the people. People are choosing theme-based designs for their commercial and residential spaces. Countless themes like the Mediterranean Style, the European Style, the Ethnic Indian Style of Design and Decor are getting common nowadays. New innovations are taking place to make homes more tech friendly. Virtual Reality is disrupting the interior designing industry and has made visualizing and experimenting process easy for both client and designers. However, the cost of using this technology is too high for incorporating in the industry. Some of the factors that restrain the growth of the market are high gestation periods for the project.

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