Interior Design Billings and Inquiries Indexes
Minor Fall In October Billings
The pace of billings at interior design firms saw a minor dip in October as the ASID Interior Design Billings Index (IDBI) score of 54.8 was down from September’s score of 59.0. The most recent score still reflects a positive picture for design services as a score above 50 indicates an expansion in billings, while a score below 50 indicates contraction. The new project inquiry index of 63 was unchanged from the previous month. Recent readings have been choppy, and it is worth noting that the trend in billings is slowing and may indicate some moderation in construction and home improvement spending next year. However, when asked about business conditions over the next six months, ASID panelists’ expectations rose 3.7 points to 69.7, suggesting a positive outlook for the future. Firms within all regions of the country reported a slower pace, but only firms in the west dropped below the critical 50 score.
This month’s special question asked our survey panelists, “What element of the Interior Design business does your firm struggle with the most?” Forty percent of respondents indicated that business strategies were a struggle, while 20 percent reported that practice management was their key challenge. Comments included marketing challenges, client acquisition, and competition from other non-design enterprises.
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