$48.5 bn business expected by 2016

HYDERABAD: The Indian interior products market is expected to grow at a compound annual growth rate of 11.34 percent to touch $48.5 billion in 2016 from the current $44 billion, according to trade reports.Interestingly, Hyderabad, which contributes approximately 10 percent of the total business, at roughly $4.4 billion, is one of the fastest growing cities across the country and is expected to contribute nearly 15 percent by 2016.There are two market segments in interior design-- residential and commercial.Both commercial business, including design of hospitals, retail outlets, offices, malls and departmental stores, and residential interior designing are booming, notwithstanding the global economic recession.This is because of the city’s changing culture, rising income levels and the growth of hospitality business.According to Insight Instore, a trend research and retail shopper marketing consultancy firm, the business for interior designing is on the rise considering the citizens’ penchant for personalised home design.Products such as bathroom fittings and accessories, fabrics and soft furnishings, flooring, kitchen, lighting, office furniture, tableware, decorative products, and wall and window coverings are being increasingly sought after by both the urban middle and rich classes.