TAKING ACTION TO SUPPORT GROWTH: The majority of businesses across the industry plan to increase marketing and sales efforts and bring in larger budget projects to bolster revenue growth over the coming year (59% and 56%, respectively). Interior designers are also likely to improve customer experience (35 percent), while both design and build firms, as well as architects, will increase prices, mark-ups, or margins (57% and 39%, respectively).
RISING BUSINESS COSTS: Over three in five of businesses reported an increase in the costs of doing business, such as products and materials and employee wages (62%). Design and build firms experienced the greatest impact (67%), compared with interior designers and architects (54% and 49%, respectively). On a related note, more than a third of businesses reported that managing customer concerns over cost was a top business challenge (35%).
REVENUE GROWTH WAS LESS WIDESPREAD IN 2019: While revenue continued to increase in 2019, there was a slight reduction in the number of businesses reporting an increase (59% in 2018 versus 54% in 2019). That said, a majority of businesses met or exceeded expectations in 2019 (62%), including five percent of businesses who saw results that were significantly higher than their expectations.
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RISING BUSINESS COSTS: Over three in five of businesses reported an increase in the costs of doing business, such as products and materials and employee wages (62%). Design and build firms experienced the greatest impact (67%), compared with interior designers and architects (54% and 49%, respectively). On a related note, more than a third of businesses reported that managing customer concerns over cost was a top business challenge (35%).
REVENUE GROWTH WAS LESS WIDESPREAD IN 2019: While revenue continued to increase in 2019, there was a slight reduction in the number of businesses reporting an increase (59% in 2018 versus 54% in 2019). That said, a majority of businesses met or exceeded expectations in 2019 (62%), including five percent of businesses who saw results that were significantly higher than their expectations.
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