Latest research shows that having to spend more time at home has inspired more than 60 per cent of homeowners to invest in renovations to their properties this year
To say that 2020 has been an unusual year is a major understatement. One of the unexpected benefits of the last seven months is that the home refurbishment trade is booming.
Unlike many other industries that have seen their growth stall, or have even lost business during the last year, Granite & TREND Transformations has seen an astonishing increase in sales since June. There has been an upward trend in this market for quite some time now, but 2020 wildly exceeded original forecasts.
The brand’s UK division reported third-quarter results for 2020 which saw like-for-like, system-wide store sales increase by 27 per cent on the same period from last year. August was an exceptionally strong month with an overall 39 per cent increase in sales with five franchise partners posting sales greater than £100,000 for the month.
In addition to the brand’s traditional ‘top that fits on top’ worktop sales, transactions of larger kitchen and bathroom makeovers also soared in the third quarter, with one location posting the networks strongest ever sales result of over £250,000 for the month of July.
With everyone staying home more this year, there has been a lot more time to look at the role that important rooms like the kitchen and bathroom play in the home. Tired, old worktops and tiling just aren’t cutting it anymore, and homeowners are taking this opportunity to do the upgrades they have been thinking about for years.
On top of that, with house prices rocketing over the last few years, more people are investing in improving and increasing the value of their homes and rather than selling and upgrading. As The Independent reported back in 2018, there has been a five-fold increase in the number of homeowners choosing to remain in their property and carry out home improvements rather than moving on. Though that report is two years old now, this is another trend that looks set to increase as the current crisis makes moving house less palatable.
The 2020 Renovation Nation Report from money.co.uk also shows that around £55bn was spent on home renovation this year alone. Further research shows that having to spend more time at home has inspired more than 60 per cent of homeowners to invest in renovations to their properties this year.
Suffice to say that there has never been a better time to tap into this market! Granite & TREND Transformations has been able to ride the crest of this wave through a combination of precision manufacturing techniques, superior materials and hassle-free installation methods. With its innovative approach, it is able to give customers the high-end look they have been searching for while still offering extremely competitive prices.
Investing in a franchise business means that franchisees will be able to employ these innovative methods and set up their own successful enterprise. In times of economic uncertainty, franchising offers a far more secure and sustainable way for entrepreneurial individuals to launch their own business than doing it alone.
Chief operations officer, Danny Hanlon said: “Over the 24 years that we have been operating the company, we have experienced a number of recessions, in different markets and for different reasons. Our concept always seems to do well in downturns or periods of uncertainty and, whilst customers might not have the budget to spend on a completely new kitchen, they are drawn to the idea that they can simply modernise their current layout relatively quickly and for a reasonable investment. I guess you could say that our model is somewhat recession-resistant.”