Bill Miller, managing director of the Kitchen Bathroom Buying Group (KBBG), has outlined his belief that despite the current challenging market, KBB business owners are likely to see a return to positive conditions in the near future.
Speaking at the KBBG’s annual members meeting earlier this week, Miller said: “One thing we all need to do is look forward to the future with some positivity. Let’s address the elephant in the room: the market at the moment is rubbish. This year, it’s pretty awful, and last year was pretty awful, but let’s not stand still.
“I visited a retailer last week having a really tough time of it. The showroom isn’t the best, it’s not really in the best location, and the owner’s been having a tough time of it. We were discussing new concepts and ideas for his business. He said to me ‘I’m making no changes, until the market gets better, I’m not investing a penny into this showroom. I’m not investing in the website, social media, new displays or suppliers’. He really couldn’t be more wrong, in my view.
“This is a great opportunity, while business isn’t so good at the moment, to prepare for what’s coming. And what’s coming is better times. I’ve been in this business for 40 years – I’ve seen great times and rubbish times. This just happens to be one of the rubbish times, but trust me, I’ve seen this before – better times are round the corner.
“Inflation is coming down, cost of living is coming down, and so are fuel costs. We’ve got an election in a month’s time. But the big blocker right now is interest rates. The Bank of England keeps hinting at a reduction, and although we haven’t seen one yet, I’m sure we’re going to be seeing a reduction very soon. It might not be a big drop, but I think that once consumers see the cost of borrowing going down, that’s going to prompt them to go into the showroom.
“So, I think in the second half of the year, things are going to get better. And then we’ll see even better conditions next year – I’m not sure that 2025 will be a boom year – but I think it’ll definitely be better than this year.”
At the same event, Miller also announced a new exclusive partnership between the KBBG and the KBSA, which will see members of each organisation enjoying discounted membership rates when joining the other.