As credit from banks and major lenders just refuses to loosen--even for ongoing projects all over the world--major city projects are coming to a screeching halt. Many of these projects were featured on TrendHunter.com when they were announced.
Dubai has been hit the hardest because they were the most aggressive with building superstructures, but the collapse of building projects is a worldwide phenomenon.
Implications - With the lack of liquidity in the market, expensive purchases have slowed to a halt. The lack of credit offers the opportunity for increased creativity to come into play when conceiving of a design or product. Consumers have not stopped purchasing, but rather, what they are purchasing has changed.
Credit Crunch Construction
Progress Halted on Worldwide Super-Structures
Trend Themes
1. Slowdown in Construction Projects - The lack of credit in the market has resulted in a halt in construction projects, creating a need for innovative solutions.
2. Increased Creativity in Design - With the lack of liquidity, there is an opportunity for increased creativity in designing products and structures.
3. Shift in Consumer Purchasing - Consumers are still purchasing, but the lack of credit has changed their preferences, presenting new opportunities for disruptive innovation.
Industry Implications
1. Construction - The construction industry is being heavily impacted by the lack of credit, leading to a need for innovative approaches and solutions.
2. Design - The design industry can take advantage of the increased need for creative solutions in product and structure design due to the credit crunch.
3. Consumer Goods - The credit crunch has caused a shift in consumer purchasing behavior, creating opportunities for disruptive innovation in the consumer goods industry.