plum&slate interior design

44 Bennett Avenue, Apt. 4G│New York, NY 10033│(201) 450-6857│info@plumandslate.com

Target Market Analysis

Introduction
Plum&Slate Interior Design will provide full-service, evidence-based residential
design services to enhance the physical and emotional wellbeing of apartment
dwellers in New York City, major cities across the United States, and abroad. The
company has a specialization in pandemic solutions, which will involve the
creation of defined workspaces and learning environments in the home as a
result of office and school closures to decrease the rate of transmission of
COVID-19 and any future virus outbreak. Plum & Slate Interior Design is
enthusiastic about helping clients transform their home into a comfortable and
productive space regardless of the size.

Plum&Slate Interior Design will serve clients who desire a range of services, from
a one-time consultation and basic design concept, to purchasing furniture
and/or accessories and devising a complete design plan from concept to full
implementation. Services will be individualized according to the client’s needs
and executed with utmost professionalism.

Demographics
Plum&Slate Interior Design’s target market is urban professionals (21-50) living in
small urban spaces. Even during the current economic downturn, affluent
urban professionals remain employed full-time and have disposable income.

 Male and female

 Single and married/in a partnership
 With and without children
 Combined household income of $100,000 or more
 Rents or owns their apartment
 White-collar professionals

Psychographics
The coronavirus pandemic has led to a change in attitude about the home:

 The appearance of the client’s home was not a priority before the
coronavirus pandemic.
plum&slate interior design
44 Bennett Avenue, Apt. 4G│New York, NY 10033│(201) 450-6857│info@plumandslate.com

 Client does not consider him/herself creative or tasteful.

 Client does not trust his/her own design choices.
 Client is overwhelmed with the balancing act of telecommuting and
homeschooling.
 Hiring a designer is the result of time taken to reevaluate priorities during
the coronavirus pandemic.
 Client is willing to spend money for assistance in making the home more
conducive to productivity.
 Client values the expertise of the design professional and wants to hire
someone who understands the spatial limitations associated with
apartment-dwelling in a major city.

Industry Type
Client is in non-creative/non-artistic fields as well as classroom educators who
want to upgrade their instructional space at home.

 Law
 Finance/banking
 IT
 Accounting
 Healthcare
 Engineering

The interior design industry is ever-evolving according to shifts in consumer needs

and behavior. The U.S. residential interior design market reflected spending of
$9.34 billion in furniture and home furnishings store sales in February 2017 (a 4.85%
growth from February 2016).

The number of households with annual earnings of $100,000+ are increasing and
therefore, broadening the client pool. Research suggests that affluent
households are likely to spend more on home improvement than on any other
discretionary category, with the exception of purchasing a car. Wellness and
sustainability are also more on the minds of consumers. Source: ASID Residential
Design Sector Brief (April 2017).

Benefits
Plum & Slate Interior Design is uniquely positioned as a residential interior design
firm that specializes in evidence-based, pandemic design:
plum&slate interior design
44 Bennett Avenue, Apt. 4G│New York, NY 10033│(201) 450-6857│info@plumandslate.com

 Evidence-based research is not as commonly applied to residential

design as it is in healthcare, education, retail, criminal justice, and
hospitality, therefore is a unique approach to designing private spaces.
For example, existing research on the impact of exposure to nature and
natural light on student performance and patient recovery will inform
Plum&Slate Interior Design’s guidance on the design of home workspaces
for parents and children.
 Targeting clients internationally rather than limiting the company’s reach
to one city, state, or region in the U.S. will facilitate growth of the
company’s client roster.
 Companies have had great success with virtual meetings on Zoom during
the pandemic. Plum&Slate Interior Design will use Zoom to communicate
with clients outside of the New York area in addition to email and phone
contact. A small company is an effective competitor by providing more
personalized client service than a larger design firm.
 Specializing in the design of home offices and learning/study spaces as a
result of the COVID-19 pandemic is a profitable niche, given that experts
predict long term business advantages of telecommuting. Domestic
spaces are being redefined and their importance has been reasserted
since New Yorkers began sheltering in place in mid-March 2020.
 Providing custom product sources.
 Small urban spaces are often overlooked by residential designers due to
the more lucrative practice of luxury residential design. This is a target
market that is excited to work with a design professional who understands
spatial and budgetary restrictions associated with city living.

Product Usage
Plum & Slate Interior Design’s services will enhance comfort and effectiveness of
home workspaces in the time of COVID-19. The company’s evidence-based
approach will optimize the client’s domestic space to improve productivity and
comfort.

Competition
The residential interior design market in the NY/NJ metropolitan area is highly
competitive, with competition ranging from interior decorators who do not
possess credentials to licensed interior designers. As of May 2017, there were
3,580 interior designers in the NY-NJ metropolitan area; as of July 1, 2020, there
are 266 registered interior designers in the state of New York.
plum&slate interior design
44 Bennett Avenue, Apt. 4G│New York, NY 10033│(201) 450-6857│info@plumandslate.com

Do-It-Yourself (DIY) design has boomed, with consumers referring to popular

design blogs such as Apartment Therapy, Domino, and Remodelista for
decorating advice instead of spending money on hiring a professional interior
designer. As of September 2019, 73% of millennial homeowners are DIYing
instead of hiring a designer. In addition, E-design apps such as Havenly, Modsy,
and Decorilla, which provide virtual design solutions at affordable prices, are
thriving.

Evidence-based design in healthcare was popularized in 1984 and has since

been widely used to inform interior design practice in office, hospitality, retail,
education, and criminal justice, but not as commonly applied to residential
design solutions.