Covid 19, has changed and is changing behavioural patterns across the globe. One tiny virus has done the unthinkable just a couple of months back - shutting down the entire world and making human beings sit at home! The changes that this is bringing and will bring into the world is unprecedented. Our approach towards life itself will change. Relationships will have new meaning. Words like luxury, satisfaction, comfort, joy will find new definitions.
Once Covid 19 outbreak is under control and the world comes back to normal, India could be one of those countries which will stand to gain the most. There will be anger against China and Chinese products. A lot of international companies are already looking at moving their chinese manufacturing bases to elsewhere in the world. India stands a great chance provided our government cuts red taoism and welcome such investors. International fund flow can be a serious possibility post covid if India comes out without much of a damage as investors look at countries that are less battered for investment growth. These aspects in turn can boos the Indian economy and will turn a boon for the real estate and interior design industries.
For Interior Design Industry, I see a tremendous impact to follow. With real estate trailing for sometime now in India, Interior Design industry too has been going through a rough patch. And with Covid 19 hitting hard across sectors and across the world, the pain is only expected to go north. Real estate is expected to tank with ever more unsold inventories. Builders will be hesitant to launch new projects and new buyers will be hard to come by. For individuals who are not sure of their income in the future, it will be time to put a hold on any high value purchases. However, as with every dark cloud, there is always a silver lining, I would personally like to look more to find the silver linings.
Residential Interiors is one such area that I believe will find silver lining. As everyone got tied down to their homes, people have certainly experienced the need of their homes to be more comfortable to stay in. Many would have mostly seen their homes 100% for the first time and realised a few modifications could have made their stay at home more comfortable. However most people will not go for immediate remodelling or enhancements due to uncertainty. The demand will start picking up once the major scare is over and economy is stabilised.
Secondly, Home Office spaces will see an increasing demand as everyone who is working from home will definitely look for a comfortable space to do so. A space that can both give them the privacy and the comfort to focus on their work and enhance their productivity. Demand for home office spaces will increase drastically. Even with tightened purses, people will make investment in these areas which are the sliver linings for an otherwise cloudy outlook for Interior Design industry in India. At Blucap Interiors, we prefer to look forward to the silver linings!