As the economic landscape remains uncertain and with reported downturns driven by the credit crunch in every new bulletin, it may not be all bad news, say Ironmongery Direct, who reported year-on-year growth of 40% in 2007 compared with 2006.
As more homeowners prepare to sit tight and ride out any fluctuation in house prices, many of them are turning to high-end DIY jobs and expensive refurbishment projects in place of moving, say the ironmongery products supplier.
“The evidence from sales at Ironmongery Direct points to home owners rejecting the smaller DIY jobs around the house and opting to make major, quality improvements to their properties instead,” said Ironmongery Direct md Wayne Lysaght-Mason.
“It’s clear from the feedback we get from our customers that thousands of home owners are putting plans to move on hold and preparing to invest in their current properties” he said.
It’s a trend that is benefiting Ironmongery Direct, as its sales results show, while some of the national DIY chains are suffering. B&Q, for example, have just recorded a 10% fall in year-on-year sales with Homebase predicted to announce an even poorer performance.
And, the trend is also likely to benefit builders, and therefore merchants. “This is shaping up to be a far better year than many people first expected for those builders who concentrate on the domestic and smaller business market,” says Lysaght-Mason.