Laura Richardson, Director of major North East uPVC and aluminium fabricator TWR Group, looks at where the opportunities will be in 2024.
The market is undoubtedly tough now, certainly on the domestic side of things, due to the current cost of living. Small-to-medium businesses can buckle down and keep their costs under control, [but] it will be more of a struggle at the top end for those bigger companies that need more leads and have larger outgoings.
While the landscape might seem a little stormy at the moment, however, it’s not all doom and gloom and there will certainly be opportunities out there.
The global energy squeeze continuing to bite is the most obvious one, which will keep the demand for energy efficient windows and doors high from homeowners who have disposable income. Indeed, it is this top-end, middle-to-upper class demographic of the market that remains strong and will continue to be a key driver for home improvement sales.
Predicted cuts by the Bank of England will ease the borrowing burden, which will make borrowing for home improvements more affordable, while a predicted 5% rise in house prices could increase homeowner confidence and spending power.
Coupled with potential tax cuts in the Spring budget, there could well be a spring in homeowners’ steps which could translate into a surge in home improvement spend, particularly with the promise of lower interest rates. Homeowners, empowered by cheaper mortgages, might choose to stay put and invest in their existing properties, further fuelling the potential for home improvement projects and windows and doors.
A target market of higher earners bodes well for companies who can manufacture and supply higher-end energy-efficient windows and doors, and we are perfectly placed to cater for the desire for enhanced comfort, security, and energy efficiency.
For those fabrication businesses that don’t specialise in more aspirational products, 2024 could be an even harder slog. It’s the reason we have become a valuable invisible partner in many fabrication businesses to help them to help them take on projects that they would usually have to turn down due to not having the time, capacity, skillset, or resources.
That could be the way for suppliers to take advantage of the opportunities that will present themselves and be able to compete in the market and, ultimately, win more business.
TWR Group manufactures and supplies aluminium doors and windows using profiles from Smart Systems and Cortizo, and the full range of uPVC products made with the Logik system from Eurocell.