Despite turbulence and uncertainty in other areas of the economy, the statistics are very clear – the kitchen, bathroom and bedroom renovation market is booming
The kitchen and bathroom renovation business is an exciting and dynamic industry, full of opportunities for people from all manner of backgrounds who are looking to tap into a lucrative market.
As 2022 starts, there is a real sense of optimism in the air at last, and a lot of ambitious people are looking to this year to be the one where they finally make the move to a rewarding new career. And a home renovation franchise could be the one. Not only does franchising with an established brand offer a unique route into business ownership but the kitchen and bathroom renovation market, in particular, keeps going from strength to strength.
How we see our homes has never been so important
Back when the first lockdown hit in March 2020 and in the long months after, many in the industry wondered what this would mean for their businesses. Like many other sectors, we were bracing for a massive downturn but, though things slowed for a few months, it just didn’t happen. Quite the contrary in fact!
According to Trend-Monitor’s The Post-Covid Trend Map for the UK Home Improvement Sector, this is because COVID-19 merely accelerated certain consumer trends that were already happening, and one of the biggest of these is how people see their homes. With so many people forced to stay at home during the pandemic, and kitchens, in particular, doubling up as workspaces and classrooms, they became even more aware of the important roles certain rooms play in their lives.
Suddenly, making sure your home was at the heart of your life, and that it looked and felt exactly right, was an even bigger business than before. Many companies like Granite & TREND Transformations saw sales rocket and the market has continued to be more buoyant ever since.
Looking after your home is a trend that is very much here to stay.
Customer spend is still going up
According to a recent report by kbbreview, around 77 per cent of businesses in our sector have reported an increase in the average customer spend over the last 12 months (2021), with an incredible 16 per cent of customers spending £40,000 or more on their kitchens alone.
It’s clear that homeowners are not shy about spending money on their homes. Of course, this is to do with their own personal desire to live in a more beautiful home but there is also the booming property market to thank. Rightmove reports that 2021 was the busiest year on record for house sales, with house values continuing to rise.
Homeowners want to stay competitive and get the best possible price if they go to market, and having a beautiful looking kitchen or bathroom plays a huge role in valuation. Not only can a recently renovated kitchen or bathroom add as much as 6 per cent to the value of a home, the 2021 Rated People Home Improvement Trends Report revealed that outdated décor, or a dirty-looking kitchen or bathroom, could knock tens of thousands of pounds off the asking price.
Sales at Granite & TREND Transformations are up too
Sales in December 2021 were up 26 per cent on the previous year, with some of our best-performing franchises seeing between 30 per cent to 40 per cent year-on-year sales increase compared to 2021, with the top three far exceeding £1m in invoiced revenue.
2020 was, of course, a difficult year for many but Granite & TREND Transformations actually reported higher sales during that year, with a 27 per cent year-on-year increase in the third quarter alone. As a result, 2021’s figures represent so much more than just a ‘post-pandemic bounce back’ – they’re indicative of a buoyant and booming market and a franchise that is exceeding expectations right across the board.
Standing out in a busy marketplace
With these stats, starting your own home renovation business is certainly a very attractive prospect. If you want to get involved, a great place to start is our online guide: 5 Steps to Starting your own Home Improvement Business.
However, before you dive in, you also need to be aware that this is a very busy marketplace and there are always a great number of pitfalls along the way when starting your own business. This is why we see franchising as an easier route to establish yourself in a competitive market.
The Granite & TREND Transformations franchise offers not only a tried and tested business model which allows for an unbeatable head start, but also a truly unique range of products that are unmatched in the home renovation sector. By having the backing of a globally-recognised brand and offering something few others can, franchisees can hit the ground running and always stay well ahead of the competition.
Danny Hanlon is the COO of TREND Transformations UK.