The last 20 years has seen big changes in most home improvement markets, says Lakes Bathrooms. The cumulative effects of a fast-growing population, demographic shifts and the growth in multigenerational households, plus a reduction in the size of new houses and strongly rising housing wealth are the context for important changes in lifestyles, and in showering spaces and brands which are evolving to match.
“These are exciting times for Lakes and our partners,” says Sales & Marketing Director, Mike Tattam. “Our markets are growing and changing in important ways. Most importantly, the effects of 20 years of rising house prices on the housing wealth of the over 55s, and the cumulative impact of economic austerity on the under 55s – the JAMS or ‘just about managing’ as Mrs May called them – is creating two diverging markets of the ‘Haves’ and the ‘Have Nots’.”
The homes of the Haves are still appreciating and, largely free of mortgages and with generally lower outgoings than younger homeowners, these homeowners are driving demand in most home improvement markets. They’re important because they have the money and they’re willing to pay for the quality, style and design they want. They account for over 90% of the money in savings too, and while they may have less income than the under 55s they have fewer outgoings. They’re mostly unaffected by fluctuations in the economy and better protected from the potential effects of Brexit.
“Independent research indicates that collectively the Have Not’s market is flat at best,” continues Mike Tattam, “while the market for the Haves has been expanding strongly across most home improvements.
“We are repositioning Lakes, so we and our customers can benefit from the fast-growing market of the Haves, while continuing to serve traditional markets. This includes launching the first in a series of exciting new products and developing a pipeline of unique and outstanding products to launch in 2019 and after, so our partners can grow strongly with us.
“Our brand looks different too,” adds Mike. “We have a new logo, and a new trading name: Lakes Bathrooms becomes Lakes. And we’re focusing on showering spaces rather than enclosures, because showering spaces puts the focus where it belongs: on the spaces that make showering possible.
“People will notice the difference in positioning and approach when they see our new brochure. It’s very different from what it was before and stands out from other brands. We think it looks stunning, but it’s not just about looks. Rather than replicating the same old images of people stepping out of the shower, we’re focusing on lifestyles and what the showering space means to each of us. It will be a powerful sales tool for stockists and installer customers, because homeowners’ lifestyles are changing, and Lakes is engaging with them to help them buy and our partners to grow.
“Lakes is going on a journey. We hope stockists and installers will join us in selling to this attractive market.”
Call Lakes on 01684 853 870 now to tap into this growth market. Visit www.lakesshoweringspaces.com