Why You Should Want to Attract Luxury Clients for Interior Design Projects

Interior Design Trends
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Attracting design clients who are willing to spend in the upper five to six figure range doesn’t happen every day. (Attracting those who are able to is even more rare!) However, landing one or two of these design projects can make your year. In an abnormal year like the one we’re experiencing now, being able to attract luxury clients can save your business.

A recent article in the “For Pros” section at Houzz.com got us thinking about this subject. It also made us realize how working with clients who spend more than the average on a remodel could help so many designers recover more quickly from the economic turmoil that has been 2020 so far.

Value of Luxury Bathroom Remodel Projects

First, it makes sense to define some terms. According to HomeAdvisor.com, the national average for a bathroom remodel costs $10,500. In the Houzz article though, we discover an entirely different level of spending among the upper echelons in various markets. For example:

“At the top 5% of the market, homeowners remodeling bathrooms in Chicago spent $40,000 on their projects. Those at the top 0.5% of the Chicago market spent about 11 times that, at $450,000. In Los Angeles, homeowners at the top 5% spent $50,000, while those at the top 0.5% spent six times as much, or $300,000.”

If you could attract luxury clients who are willing to spend four to five times the national average for a bathroom remodel, we’re pretty sure it would go a long way toward recovering from the pandemic lockdowns.

Value of Luxury Kitchen Remodel Projects

As the most used and popular room in the majority of homes, shooting for the top end of the budget spectrum in kitchen remodels makes even more sense.

Once again, HomeAdvisor.com gives us a place to start, telling us that the national average for a kitchen remodel is about $25,000. The pros at Houzz however, want us to know that a luxury kitchen remodel will be worth considerably more to your design business. For example:

“For kitchens, homeowners remodeling in Houston spent $90,000 at the top 5% of the market and about four times that, or $370,000, at the top 0.5%. Houston had the highest top 0.5% spend level of any city. Homeowners in San Francisco spent $157,000 at the top 5% of the market and nearly twice that, $350,000, at the top 0.5%.”

These numbers are stunning when you consider they range from about four times the national average to fourteen times what the average homeowner spends on a kitchen remodel.

Know What Luxury Clients Are Looking For

Finally, the author wants us to know that a big-budget alone does not define a luxury design project or remodel.

“In addition to spending a lot on their projects, luxury clients tend to have higher expectations for the work as well as the experience they get during the process. [Contributing designer Wendy] Glaister explained that luxury clients:

  • Expect a project that is completely customized

  • Want projects tailored to their specific needs and aesthetic

  • Expect an enhanced client experience

‘Luxury doesn’t mean movie star,’ Glaister said. ‘Luxury means custom. A lot of us are in the luxury market more than we might think’,” author Erin Carlyle explains.

The concept of “custom” also implies excellent value. This ties in remarkably well with the recent post we shared about making value the purpose of your business. (And no, we did not coordinate with the editors at Houzz! LOL)

Now that your mouth is watering at the idea of landing a few luxury clients who will spend far more than your average, we must ask you to wait for our next post. In it, we will offer some tips on how to land projects like these, instead of why you should want to attract luxury clients.

To get in touch with Ted, who has been in the luxury furnishings and design industry for more than 25 years, for consulting that will help you attract more big spenders get in touch with TD Fall today.