Navigating Opportunities: Window Ware MD Shares Views on 2024’s Evolving Market
Sam Nuckey, MD of market-leading independent hardware distributor Window Ware, considers the opportunities for the year ahead.
Even though demand looks set to continue softening in the months ahead, and we will need to navigate tougher trading conditions, there are still opportunities for agile businesses able to adapt and respond quickly to meet evolving market needs.
As was the case throughout last year, high income households will remain a prime target market in the residential sector. We saw consistent growth in 2023 for some of our high-end products for the aluminium and flush sash market, including our latest range of class-leading MACO lift and slide door hardware, plus our Regal Hardware heritage door and window handles. We expect this trend to continue over the next eleven months as consumers who still have spare income continue to spend their money on premium windows and doors.
With the price cap on energy expected to increase in the first quarter of 2024, any homeowners still in the market for new windows and doors will also be looking for high-performance, energy-efficient installations to help reduce their heating bills.
Predictions suggest that interest rates will carry on dropping during 2024 and this should make mortgages more affordable and help to boost consumer confidence which would be good news for the home improvement sector too.
And while ongoing economic and geopolitical uncertainty will undoubtedly continue to influence the business landscape in the year ahead, fenestration firms remain cautiously optimistic. We have had lots of positive conversations with forward-facing industry professionals who are still keen to develop their businesses and invest in new products. Entrepreneurial spirit is very much alive and kicking in this industry as we would expect.
Last year, we focussed our efforts on strengthening our internal and external sales teams to drive and deliver excellent service in terms of accuracy, response times and OTIF. Great service has always set Window Ware apart and continues to be our priority in the year ahead. As a reliable hardware supplier with exemplary service, we know this builds trust, earns loyalty, and adds value. We want our customers to work in partnership with Window Ware to maximise their sales pipelines with the right hardware products, improve productivity and help them achieve their business goals.
As with every year, 2024 will definitely bring its own set of risks and challenges. And as always, business resilience and adaptability will be key to survival. If we can keep our eyes and ears open, react fast and embrace new ways of thinking, we will all be able to seize those opportunities, whatever 2024 has in store!
