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A sharp downturn has hit Britain’s tiles industry as the cost of living crisis has cooled the pandemic-era enthusiasm for home improvement.
While some areas of spending including travel are holding up, consumers are putting off bathroom and kitchen renovations, pushing the UK tiles market down 13 per cent in 2023 from the previous year. UK tiles producers and retailers are slashing sales forecasts, with some going out of business.
“Consumers are much more focused on finances,” said Robert Parker, chief executive of Topps Tiles, Britain’s largest retailer in the sector, which last month warned investors of lower profits. He added that even though he believed the market had reached bottom, the current environment was “the toughest since the financial crisis”.
The company, with more than 300 shops across the UK, said its sales dropped almost 10 per cent on a like-for-like basis in the third quarter compared to one year earlier.
“People probably have…
