Household spending increase spells good news for CPA members

4 Mar 2016

Figures from the ONS reveal a recovery in household incomes, which had been hit by the financial crisis but now benefits CPA members.

Homeowners satisfied with their new home improvement products; hug, yellow house, couple

Recent figures from the Office for National Statistics (ONS) have shown that homeowners have more disposable income compared to previous years, spelling good news for CPA members.

Figures from the ONS revealed a recovery in household incomes, which had been hit by the financial crisis. This increase has happened because average earnings are rising faster than inflation and employment rates continue to rise.

Spending increases following the end of recession

Disposable income available to the average households in the UK was £25,700 in 2014-2015. This is £1,500 higher than what was available in 2012-2013.

Jeremy Brett, Managing Director at the CPA, comments: “An increase in employment and higher wages has pushed living standards back above where they were before the financial crisis, meaning that not all consumers are still tightening their belts when it comes to spending.

“With more disposable income, some homeowners will be looking to spend this on products and services usually seen as luxury in times of austerity, such as new windows and doors or fitting a new kitchen or bathroom. Let’s not forget that an Englishman’s home is his castle.”

A factor that benefits members of the CPA

Happy homeowners: abolish VAT on home improvements

This is good news for CPA members as it suggests increased demand for reliable installers and their services is soon to hit the home improvement industry.

Jeremy says now could be a good time for its members to start connecting with homeowners with tailored messages and deals; as statistics show that consumers are more likely to buy from companies that are members of the CPA.

He comments: “The CPA give installers everything they need to engage with homeowners and win more sales in the home improvement market. This includes powerful sales and marketing literature, training seminars, sales training guides and our quarterly reports.

“We have also launched a number of initiatives, such as our recent #togetherstronger campaign with Sumo Yuki, which is spreading the message of the benefits of becoming a trusted tradesmen.”

The CPA has been providing IBGs and Deposit Protection for over 20 years and is widely recognised by consumers as a trusted resource for finding accredited and vetted installers for a range of home improvement projects.