What is most worrying for tradespeople as a recession hits the UK?
As the cost of living crisis in the UK continues into 2023, and with some form of UK recession seemingly inevitable, we teamed up with leading designer radiator suppliers BestHeating to decipher which financial aspects are most concerning for tradespeople.
Conducting research amongst 2000 people in the sector including plumbers, electricians, plasterers, bricklayers and more, certain trends were evident in terms of what is playing on the mind of tradespeople on an uncertain monetary landscape.
How will the cost of living crisis affect tradespeople?
Having garnered data from the horse’s mouth, or in this case, the tradesperson’s, it is apparent that the relationship between available customer funds and the need for work doing around the home is a primary worry for many workers.
Of those asked, a hefty 41.2% stated that they were worried that customers wouldn’t be able to afford to use their trade services, statistics reflective of fears of dwindling disposable income, and suggestive that people may put jobs off if they aren’t absolutely essential.
In turn, 43.2% of the tradespeople we surveyed stated that they had been forced to increase their prices, as the impact of more expensive materials and an enhanced difficulty to source in some instances, is felt.
Indeed, the largest proportion of those asked admitted they were worried about the rising cost of materials within their trade – with that notion answered affirmatively by 43.6% of the people questioned. So it is little wonder that price hikes would go hand in hand as tradespeople are forced to fork out more for their essentials.
Fortunately, Tradesmen Saver are committed to keeping essential costs, such as public liability insurance, as low as possible. Whatever your trades person insurance requirements, their experienced team are here to help you get the most affordable and comprehensive deal to suit your needs.
Will the cost of living crisis lead to a lower demand for trade services?
Whilst the cost of living crisis in the UK undoubtedly presents a significant challenge for those within the trade service industry, it is not all doom and gloom.
Out of the tradespeople surveyed, a decent 22.4% reported an increase in demand for their services despite looming recession fears, whilst 24% said they had regularly totted up over 40 working hours within a week, averaging out to more than 8 per day.
Team those statistics with the 20.4% that said they had increased the length of their typical working day, and it is clear that some encouragement can be drawn that demand remains high for trade services across a variety of sectors.
Of course, that the services in some trades such as plumbing and electrical fields will always be required as priority work when faults arise practically guarantees that the effect of any living cost crisis will be somewhat minimized amongst tradespeople in comparison with other industries.
Keep up with the latest trade news from Tradesman Saver
Do you have any other concerns surrounding the cost of living crisis and how it might affect your work?
Or have you already noticed any alternative patterns as it pertains to your typical working day or level of demand for the services in your industry?
Please let us know in the comments section below, or hit us up on our social channels.
Until next time, make sure it’s Tradesman Saver.
