In this exclusive interview, chief executive for the Bathroom Manufacturers Association, Tom Reynolds explains why he sees three economic hurdles looming on the horizon.

“When we assess the progress of the pandemic recovery on a global level, world output is recovering, but it’s fair to say it’s a bumpy ride.

“There are significant constraints across all economies due to supply problems, congestion at ports, and continuing Covid-related issues internationally. Demand for goods is considerably stronger than demand for services and that is positive news for those in the construction products markets like bathroom manufacturers.

“At BMA, our research conducted earlier this year, tracking demand and consumer intentions shows half the population is planning a full bathroom refurbishment. The poll also indicated the immediacy of refurb plans has increased, with 16% of Brits saying they plan to carry out bathroom works in the next 12 months compared to just 13% saying the same at the start of 2021. In fact, many bathroom tasks are viewed as more urgent now than they were at the start of the year.

“The sustained period of demand has created a boom for many construction-related sectors like ours. But in 2022 a new set of pressures may see the nation’s purse strings tighten.

“Firstly, it is now well-documented, economists are predicting bruising UK inflation hikes early next year, with the Bank of England forecasting inflation will hit or surpass 5%.

“The anticipation of this volatility is already taking its toll, with some linking a recent dip in consumer demand and spending levels to faltering confidence.

“Secondly, gas and electricity prices will increase again in April. Although most forecasters predict a correction in the long term, the short-term outlook for the energy markets is rocky. This is sending shockwaves through almost every part of society. The supplies we rely on to heat and light our homes, and to keep the wheels of industry turning, are soaring. When the cost of energy goes up, so too will the price of many other things, as costs inevitably get passed on.

“Thirdly, the housing market, which has buoyed the UK economy through choppy waters recently, is a fickle friend. The end of the stamp duty holiday, credited with fuelling a mini-boom, has prompted wildly varying predictions for the future, with some analysts foretelling a crash, while others are certain the lack of supply will continue to sustain the surge.

“These three challenges are not distinct, of course, they are both reactive and interdependent. In the last 24 months, we have seen an unimaginable set of medical and societal circumstances combining to create economic shocks. Some of that uncertainty and instability will continue for the time being, but despite these unpredictable factors, underlying demand remains high, so there is good reason to be optimistic.”

The world leaders gathering at COP26 in Glasgow, UK are looking for positive headlines to demonstrate their commitment to climate change but whilst they are big on high level strategies, it is the local and collective commitments that will bring about change, so says UWLA MD Yvonne Orgill.

Yvonne made her comments as the conference moves into its second week, with some commitments and pledges being confirmed against a backdrop of the need to act now.

“It’s good to see there is agreement by all that action is needed today, not tomorrow,” says Yvonne. “The time for talking is over, we have to work together to make things happen and facilitate change.

“If there were any doubters before this, then I am hopeful that the noise created by COP26, will finally bring them on board.

“The UWLA has been working with the European bathroom industry to drive forward the message that everyone can play their part, from the manufacturers that create innovative water and energy efficient products, to the retailers and installers that promote the water matters messages to consumers  

“By consistently advising our members of the direction of political decisions and water efficiency initiatives across Europe, we have stayed ahead of the game.  I am proud that the European bathroom industry can demonstrate its commitment with better manufacturing processes, reduced waste, and elimination of harmful substances, to deliver bathroom products that use less water and energy.

“Companies that use and promote the Unified Water Label are raising awareness of how much water and energy is used in the ‘in-use’ phase, keeping sustainability at the heart of our industry.

“Our collective efforts to communicate the link between using water, energy and carbon wisely empowers consumers to play their part, and make more informed choices, which will result in behaviour change for the benefit of the planet.

The Swedish climate activist great Greta Thunberg has said that change will not come from the conference in Glasgow but from individuals showing leadership.

We hope that leadership and collective responsibility across the board will result in many small changes generating the significant change that is required.”

RENOVI, a new NFT marketplace for designers has been launched today – giving creators the opportunity to showcase and monetise their work. 

Validated through the blockchain, NFTs within Renovi can be used for artistic and collection purposes, with actual items also being made available to the Metaverse. 

Renovi will enable leading designers to monetise their existing, new and draft designs, as well as offer the opportunity to profile their business and brands to a global audience – showcasing and sharing best practice examples of work.  

The secure platform, developed by a team of senior leaders within the design, property, tech, finance and legal professions, is the first NFT marketplace of its kind for designers. It will also serve architects and other professions operating in the design space. 

Renovi’s website will be able to integrate with the most popular crypto wallets. The wallets will be able to read the NFT user data and display its contents on the Renovi platform. It will also host live auctions, hot bids, and top sellers. 

The easy-to-use platform means creators can upload their designs in seconds. 

NFT stands for non-fungible token. The tokens are not interchangeable as they have unique properties. They can be used to represent ownership of one-of-a-kind assets such as digital art, digital collectables and even real estate. 

NFTs can only have one official owner at a time, and they’re verified by the blockchain. 

Their meteoric rise has been well documented with the total market capitalisation for NFTs in 2019 at USD 40 million, then rising to USD 338 Million in 2020 to 5.2 billion at the time of writing.  

In March 2021, the market cap of just the 10 biggest projects alone was USD 432 Million while at the time of writing the market cap is at a staggering 2.9 billion. 

The Blockchain technology market size in 2021 is estimated at USD 5.88 Billion and is expected to rise to USD 394 Billion by 2028. 

Adonis Zachariades, Renovi, said: “We are very excited to be launching the first niche NFT marketplace of its kind.” 

“We believe that Renovi will become ‘the go to’ marketplace for people working across design and development sectors. 

“The Metaverse is a collection of alternate digital realities where people work, play, and socialise. We want to play our part in building it and create a shop window for those seeking to raise their profile, promote their projects, or sell their work.”