As the dust settles on Q1 and we all enjoy the Easter break, I wanted to share something we've noticed in the KBB world that may resonate with you.
We work with kitchen retailers throughout the UK, and we've seen a theme develop in 2023…
The number of sales might be DOWN in comparison to the same period in 2022. However, the average value of each enquiry has gone UP, significantly.
Sure, some of the increased value is driven by inflation, but that only accounts for a small proportion. The increased value of each enquiry far outstrips price rises.
Where kitchen retailers may be selling fewer kitchens than in Q1 last year, they're taking as much revenue – and in some cases – more profit.
Yes, many UK households have been squeezed by the 'cost of living crisis', but there's still plenty of opportunity on the evidence of 2023 so far.
Because you see, the truth is that there's still a large group of people for whom the increased cost of living isn't a game-changer.
Firstly, those who no longer have a mortgage.
Secondly, those with a healthy pension.
Sure, they might wince at the price of a pint, but it won't stop them from buying it.
And even if they were to cut down on their everyday expenditure, they've got money set aside for the big stuff – holidays, home improvement, education. For those groups of people, these things are non-negotiable.
At the end of the day, the adage is true – 'turnover is vanity, profit is sanity'.
There may be fewer leads coming through than in Q1 last year, but the value of each one brings the pendulum back to the centre.
So, as you take some well-deserved downtime over the holidays, it's worth remembering that plenty of people in your area are still looking and spending sizeable sums on kitchens.
The question is: when they look, will they FIND you? Will they THINK of you?
