Many investors and aspiring entrepreneurs are bidding on the home decor business ideas as they foresee the potential of the market already.
Home decor market is poised to garner USD 664 billion by 2020 at a CAGR of 4.2% during the forecast period 2015-2020. And why not! In today’s globalised and modernised world, decorating the home as per recent trends is the most effective way of reflecting upon one’s standard of living.
In the past few years, the gradual changes in lifestyle – the increased affordability, changed ways of shopping, intervention of technology and increased awareness– and basically the growth of urbanisation, have given a greater push to the home decor market in a way that the market has opened diverse arenas for entrepreneurs. Consequently, many investors and aspiring entrepreneurs are bidding on the home decor business ideas as they foresee the potential of the market already.
Let’s take a look at the home decor market in India and what business prospects it brings for the aspiring businesspeople.
The Growth Catalysts
Home decor services are being demanded heavily in today’s time. There are many services which are provided by home decor brands. Services such as painting, remodelling, false ceilings, renovations, furniture and many others are some of the most demanded among them all.
The rapidly changing behaviour patterns of consumers because of the influence of factors like urbanisation, cosmopolitan culture, customisation, and theme-based interiors, are pushing the growth of this sector.
The business model of home interior services as matched with today’s trends is picking up the pace and is a lucrative option for businessmen of this age. Typically, commercial and residential construction accounts for 40 to 50% of spend on home improvement in India, owing to the increased urbanisation. The statistics suggests that the industry holds enormous potential at present and will continue to do so in the near future, alluring entrepreneurs to take a glance at this booming market.
The growing demand and penetration of the real estate sector in both residential and commercial spaces has been directly impacting the home decor franchise business in India. In short, the booming real estate sector is driving the growth of the home décor market in India, which carries tremendous potential in today's world.
Franchise Prospects for Entrepreneurs
The unique selling proposition of a home decor business is that it is a low investment business opportunity. While investing in a franchised outlet of an already established brand, a lot of errands can get cut-off. One of the biggest brands in home decor business offers a franchise opportunity in an investment of just Rs 30-50 lakhs in which, franchisees are provided with complete guidance and training to run their outlets and are given sales, marketing, technical and operational support.
Being a low-investment opportunity itself and combined with a cost-effective business model like franchising, the home decor becomes a lucrative opportunity for entrepreneurs.