A new survey from Electrical Direct has found that plumbers are the least optimistic about their business prospects in 2023, with just 7% saying they expect to have a good year.
The poll of over 500 tradespeople aimed to assess the confidence of the industry and found that concerns around the rising cost of materials and increasing fuel prices is dampening the expectations of most tradespeople.
Results showed that 48% believe materials costs will be their most significant challenge in the next 12 months.
Among 13 trades surveyed, 38% of roofers and 26% of electricians came at the top of the rankings in terms of business success in the new year. Most see a difficult landscape ahead. Only 10% overall believe the industry will grow stronger over the coming months.
Just 17% of plumbers think they’ll be better off financially in 2023, and 21% are looking to expand and hire new staff.
However, with widespread societal issues, such as the cost of living crisis affecting most UK households, some plumbers are naturally more wary about the next 12 months. All the respondents acknowledged that there will be challenges, and top of the list is the rising cost of materials (48%).
The top five challenges for UK plumbers in 2023 are:
1) 48% – the rising cost of materials
2) 38% – rising fuel costs
3) 38% – customers doing their own DIY work
4) 38% – lack of work
5) 34% – getting hold of materials
The trades most likely to feel that 2023 will be a good year for their companies are:
Dominick Sandford, MD at ElectricalDirect, says: “It’s been a really tough couple of years, both nationally and for the industry, but while many challenges remain, it’s encouraging to see that some tradespeople are feeling positive about the future as we approach 2023.”
For more information about the report, including data breakdowns by age, region and trade, visit: https://www.electricaldirect.co.uk/blog/a-bright-future-2023
