We conducted a survey with over 100 Architectural Ironmongers, who shared future concerns facing our industry.
Economic uncertaining and rising prices/costs
Over 50% of Architectural Ironmongers cite economic uncertainty and rising costs and prices as their biggest worry in 2023 according to recent research from Instinct Hardware.
The research quizzed over 100 Architectural Ironmongers about their biggest concern for the future. Many appear worried about fluctuating prices, and how this will affect margins.
One Architectural Ironmonger summed up the general feeling with the statement “Worried about the downturn in the industry due to recession” whilst another recognised the problem of “Tight margins when bills are rising and profit decreasing”.
Delivery and supply also a concern.
There is also concern around the ability of suppliers to maintain current levels of delivery and supply, with AI’s mentioning “Continuity of supply” and “Maintaining an efficient supply chain” as their primary concern.
A comment from Instinct Hardware
Haq Meharban, Director at Instinct Hardware, shares some of the frustrations “I don’t think there are any UK businesses that are unconcerned about the impact of the wider economic uncertainty at the moment. Prices have been very unstable for certain products and obviously we’ve all felt the bite from that. We have tried our very hardest to protect our Architectural Ironmongery customers from the worst of the rises, by keeping a very keen eye on price changes and acting fast.”
“One of the many advantages we gained from acquiring our current premises in 2009 was the space we inherited meaning that we can take advantage of any deals being offered on volume supply of raw materials as we have the space to facilitate storage of this. In addition, we are not overly sensitive to exchange rates as we manufacture here in the UK and have reduced our imports significantly. We strive to maintain the same high quality as you have always come to expect and are committed to providing the most cost-effective solutions for our customers and the needs of our business wherever possible.”
Instinct Hardware is a bespoke ironmongery firm based in Birmingham, UK, producing beautiful, bespoke ironmongery. They specialise in marine-grade 316 stainless steel ironmongery. Contact us to find out more.