Designer demand: A slowdown in the housing market is will slow revenue growth
Interior designers in Canada format architectural interiors and their furnishings. Companies take building codes, health and safety regulations, floor planning, electrical needs, interior fittings and furniture into account. These services are used by the hospitality, healthcare, commercial and residential sectors. The industry benefited from the economic expansion in the years immediately preceding COVID-19. Economic growth caused corporate profit to rise, giving companies the funds to purchase new office spaces or revamp existing ones, raising demand for interior designers. Per capita disposable incomes also surged as wages rose, increasing the amount of home improvements and boosting downstream demand for the industry's services. Revenue fell during COVID-19 as demand from businesses plunged amid anemic corporate profit. The industry still benefited from high spending from the residential sector resulting from low interest and high personal incomes. Interior designers have been reeling from high interest rates, as the elevated cost of borrowing has reduced the number of new homes and nonresidential structures purchased. Overall, revenue for interior designers in Canada will creep upward at a CAGR of 1.5% during the current period, reaching CA$2.1 billion in 2023. Revenue is anticipated to fall 3.6% in that year.
This industry designs architectural interiors and their furnishings. Companies take building codes, health and safety regulations, floor planning, electrical needs, interior fittings and furniture into account. These services are used by the hospitality, healthcare, commercial and residential sectors.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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