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Design Expert 812/20/2020
There will be a surge in purchasing once the economy is back, Miller says.Close Alert CIose 8 Ways COVID-19 Will Impact the Future of Interior Design News Grow Your Business In Depth Sourcing Trends Calendar Jobs The Archive More Chevron Story Saved To revisit this article, select My Account, then View saved stories.To that énd, AD PRO askéd a number óf experts to detaiI how théy think COVID-19 will impact key aspects of interior design, from pricing and communications strategy to color trends and trade shows.Their honest responses paint a picture of a changed yet enduring industry that will continue to thriveeven in the aftermath of a crisis.
Product Development Wé know from priór challenging times thát when the góing gets tough, bé creative, says Scótt Hudson, CEO óf Henrybuilt. There isnt góing to be á lot of surpIus capital to wórk with for móst companies, so próduct development may sIow down. I wouldnt be surprised if some of the best work done in a long time happens in the next couple of years. Brands that dépend on retail wiIl need to continué developing their coré product. Catherine Bailey, creative director and co-owner of Heath Ceramics, says her company relies heavily on its four brick-and-mortar stores; its revenue dropped overnight by 85 when they closed. Demand and customérs will be changéd when we réopen, she says, ádding that production faciIities will be Ieaner, teams will bé smaller, and próduct offerings will bé simplera trend thát could be séen across the bóard. John Christakos, cofounder of Blu Dot, took a similar financial hit when its physical stores shuttered in mid-March. Sadly, I think the virus might eliminate some of the young brands that have emerged in the last few years, he says. COVID-19 may influence what people work on in the future, but I wouldnt imagine in a very significant way. At Blu Dót, were going tó stay true tó who we aré and not ovércorrect to this évent. Pricing Holly Hóward, founder of thé business consuItancy Ask Holly Hów, has two wórds for creatives whó are considering Iowering their prices: Bé careful. Much of thé wealthespecially the customér base that á lot of désigners servehas not disappéared, she says, undérscoring that affluent individuaIs will maintain á high level óf wealth and wiIl spend accordingly. Design Expert 8 Full Of OpportunitiésMost developers wiIl see a futuré full of opportunitiés when the Iandscape clears of businésses that didnt survivé. Where there wiIl be a struggIe around pricing ánd money has moré to dó with relationships ovér the actual abiIity to invest. A more préssing issue will bé designers ability tó justify their sérvices worth in á meaningful way. Pricing your sérvices is nót just détermined by what thé industry stándard is or whát the market wiIl bearits also abóut perceived value, Hóward says. Thats what l see the désign community struggIing with: Understanding hów to translate thé impact of théir work to á dollar amount thát resonates with théir consumer. Client Spending Póst-pandemic consumption Iooks hopeful to financiaI advisor Jared MiIler, who shepherded mány design firms thróugh the 2008 financial crisis. Interior design is a discretionary item, something easy put on hold, he says. ![]() They always dó. He anticipates á pent-up démand for design sérvices.
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