Presidential Election Will Create Uncertainty for Consumers
Growth in 2024
We’re projecting a little bit over 21% growth overall, with larger growth in some of our newer markets. As these markets mature, the response to our marketing will align with what we see in our more established markets.
Predictions
I think the industry as a whole will experience flat to moderate growth. It’s getting more competitive from a marketing standpoint and it costs more to get leads. The recent changes to how lead aggregators can do business will disproportionately impact smaller companies.
Larger players who continue to invest in their people, technology, and processes are going to have the opportunity to grow.
Make sure that you are positioned with the right financing programs for your customers that give them options and flexibility.
Challenges
The geopolitical situations—wars in Ukraine and Israel, shipments being impacted in the Red Sea, and the upcoming election cycle—all create uncertainty and shift consumer attention away from home improvement projects. We may lose potential customers throughout the primary season and later during the presidential election.
Advice
The credit market will be an obstacle as we try to ensure that consumers have access to available credit to make responsible purchasing decisions. Make sure that you are positioned with the right financing programs for your customers that give them options and flexibility.
