Consumers cutting costs

The increased ‘cost of living’ is starting to bite. For some families that means deciding between food or heat, for others it could mean a closer look at household finances – where to shop, how much to buy and thinking twice about ‘luxuries’ such as eating out.

Even those who are better off are looking at ways of cutting costs. A recent article in The Times, highlighted the plight of one family from Kingston upon Thames in southwest London, who were thinking about a more economical way of looking after their three-year-old son.

They currently pay a nanny £40k a year but reckon an au pair could do the job for £10k. They’re also thinking about ditching the Audi and hiring a Tesla instead. Tough times…

In all seriousness, it goes without saying that consumer confidence plays a big part in the health of the home improvement sector. So, while the premium end of the market is expected to remain relatively insulated against increases in the cost of living, stories that even wealthy families are ‘counting the pennies’ indicate that installers will have to work a little harder for jobs this year than last.

In other news, Smart Ready’s Gio Laporta has responded to last week’s comment from Ryan Breslin, MD of Cherwell Windows, about innovation in the UK. According the Gio, the trick to real innovation often involves embracing simplicity. You can read his open letter here.