It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Mark Jennison, Director of Marketing and Business Development at Cosy Garden Rooms.
At the end of 2022, moving towards 2023, we were predicting a business target to survive what we thought was going to be a volatile year. There was little talk of growth, what with the economic climate due to the continuing conflict that had already driven fuel prices up and consequently increased interest rates. Those predictions were correct and 2023 saw many companies fall by the wayside, a consequence of the consumer feeling the pinch and tightening their belts.
And here we are again, making predictions for 2024 and, on the whole, it is much the same but with increased optimism. In 2023, at Cosy Garden Rooms, we used our business agility to keep running costs low to combat the higher raw material prices and still offer great value to our customers. There are signs that as we enter the new year, those material prices will start to return to where we would expect them to be. There are also more companies offering a range of new products on the market and this competition is good for those in construction and for the consumer who is looking for innovative and sustainable designs for their garden rooms.
It was also notable that towards the end 2023, more consumers were asking about finance in order to enable them to either purchase their garden room or maybe get something a little better than they would otherwise be able to afford. This is a great sign that the market is feeling more confident in the future and looking to invest in their property. This trend of investing in what you have has been buoyed by the falling house prices and a reluctance to move. This includes people asking about and building small garden room annexes for a relative to live in or a garden office, to free up that much needed spare room in the house. This is where a good quality garden room that can be used all year round really matters.
We also predict that 2024 will see an increase in alternative markets such as schools and universities that find the demands on their existing spaces easily solved by the addition of outbuilding built on site. Adding a bespoke building is quick, affordable and designed to meet the needs of the establishment, including accessibility for all.
In general, the feeling for 2024 is that business will grow and we will see that companies such as Cosy Garden Rooms, that offer innovative quality products and services, will not just survive, but thrive. 2023 was a wake up call for many, and the end for others. 2024 will see those that have adapted start to benefit from their hard work.
