As the year draws to a close and with the general election only days away, the BMA has warned that the bathroom sector will face continued uncertainty in 2020.
“Whilst it is always dangerous to predict anything in the current economic and political climate, it seems likely that Brexit will happen early in 2020,” says BMA CEO Tom Reynolds.
“In reality that won’t end our uncertainty problems, as there will be a new round of brinksmanship between the EU and UK during the transition period regarding the future relationship.
“I expect there to be extensions to the transition period, which will lead to more volatility in the currency market. In the early part of the year we could see a strengthening in the pound with a deal, and then peaks and troughs in line with political tribulations. Therefore, consumer confidence will remain fragile. Moreover, our industry follows the fortunes of the construction industry; the CPA predicts falls in both private housing starts and commercial output.
“But it’s not all doom and gloom. A new report on Bathroom Retailers Market Trends from MTW research for 2020 suggests that whilst the ‘Brexit effect’ has cost bathroom retailers £130 million in lost sales, the bathroom market has strong underlying fundamentals for growth in 2020.
“Another report from AMA Research, on the shower equipment market, says that moderate to steady growth of 2% to 4% a year is forecast from 2020 until 2023.
“Even following midline predictions, BMA members are on course reach the milestone of exceeding £1billion collective sales, which is cause of celebration”