This week marks five years since the UK went into lockdown. I can still remember the shock of the announcement, but at the time I thought it would all be over by the end of the Easter holidays.
There’s no way they can shut schools and businesses for any longer than that. Could they?
I won’t need to remind anyone reading this of the effect that lockdown had on a generation of young people, families, the vulnerable and elderly, those who were isolated or confined, nor will I have to recall its impact on businesses up and down the country, including the fenestration industry.
Very few could have then predicted the boom in demand for home improvements that was to follow. In the April issue of Glass Times magazine, Danny Williams, regular columnist and managing director of Essex based fabricator, Pioneer Trading, looks back to March 2020 and the ‘havoc’ that followed.
And while Danny points out that the flood of home improvement sales, fuelled by a £200-£300 million pot of ‘involuntary savings’ – ie money that would have otherwise been spent on holidays or going out – was a welcome shot in the arm for the industry, the long-term impact has been less favourable.
Homeowners are now spending less and saving more, to help manage the cost of living and against higher interest rates, but also because they want a reserve of funds ‘just in case’, says Danny.
He also highlights the ‘household saving ratio’. This was between 4 and 6% of disposable income pre-pandemic, but has now risen to higher than 10%.
And in this week’s newsletter, we also have analysis from Business Pilot that shows a continued slowdown in the home improvement sector over the last five years.
However, according to Business Pilot’s managing director, Elton Boocock, the data also suggests a change in consumer behaviour, with homeowners taking longer to make decisions and doing their homework before purchasing.
This is resulting in fewer, but higher quality leads, and also a significant increase in average order value.
You can read the full report here
Five years since lockdown
This week marks five years since the UK went into lockdown. I can still remember the shock of the announcement, but at the time I thought it would all be over by the end of the Easter holidays.
There’s no way they can shut schools and businesses for any longer than that. Could they?
I won’t need to remind anyone reading this of the effect that lockdown had on a generation of young people, families, the vulnerable and elderly, those who were isolated or confined, nor will I have to recall its impact on businesses up and down the country, including the fenestration industry.
Very few could have then predicted the boom in demand for home improvements that was to follow. In the April issue of Glass Times magazine, Danny Williams, regular columnist and managing director of Essex based fabricator, Pioneer Trading, looks back to March 2020 and the ‘havoc’ that followed.
And while Danny points out that the flood of home improvement sales, fuelled by a £200-£300 million pot of ‘involuntary savings’ – ie money that would have otherwise been spent on holidays or going out – was a welcome shot in the arm for the industry, the long-term impact has been less favourable.
Homeowners are now spending less and saving more, to help manage the cost of living and against higher interest rates, but also because they want a reserve of funds ‘just in case’, says Danny.
He also highlights the ‘household saving ratio’. This was between 4 and 6% of disposable income pre-pandemic, but has now risen to higher than 10%.
And in this week’s newsletter, we also have analysis from Business Pilot that shows a continued slowdown in the home improvement sector over the last five years.
However, according to Business Pilot’s managing director, Elton Boocock, the data also suggests a change in consumer behaviour, with homeowners taking longer to make decisions and doing their homework before purchasing.
This is resulting in fewer, but higher quality leads, and also a significant increase in average order value.
You can read the full report here
Glass Times
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