KBB professionals optimistic for 2024

The majority of KBB professionals are optimistic about business in 2024, according to a LinkedIn Poll by Kitchens & Bathrooms News - KBN.

02 Jan, 24

The majority of KBB professionals are optimistic about business in 2024, according to a LinkedIn Poll created by Kitchens & Bathrooms News – KBN.

Black Friday boosts November retail sales

According to the results of the poll, nearly two thirds of KBB professions (64%) stated they were more optimistic about KBB retail sales as they moved into 2024.

The KBN poll featured for a week on LinkedIn and 114 votes were cast during that time.

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Editor of Kitchens & Bathrooms News – KBN Philippa Turrell commented: “It’s great to see KBB retailers have confidence in the market, despite the challenging times they have faced over the past couple of years.

“While, the market may remain somewhat uncertain, accomplished KBB retailers are able to adapt.”

Writing on LinkedIn membership director of the Kbsa Malcolm Scott stated positive retailer views were supported by UK economic growth, a drop in inflation and overall wage increases.

He commented: “The Institute for Fiscal Studies estimates that an interest rate of 5.5% over two years holds back underlying growth in an economy by over 4%, suggesting that as interest rates come down growth rates overall UK GDP will increase.”

It follows on from sector research by Kbb Birmingham which reported mixed success for the KBB sector in 2023 but with two-thirds of retailers reporting the same or greater revenue than the prior 12 months.

In addition, it found almost 1: 5 retailers said they have increased the number of outlets; however the majority kept the same number of outlets.

All of which is despite a challenging time for retail, as reported by the Office of National Statistics (ONS).

It reported retail sales volumes  increased by 1.3% in November 2023, from no growth in October 2023, with sales broadly around the same level for the past three months

Non-food store sales volumes in November 2023,  rose by 2.3% against October 2023, driven by Black Friday and wider discounting, following a 0.2% increase in October 2023.