Decorative Plumbing & Hardware Assocation

Many will say that they have adapted to new market conditions, but what changes have you really made in the past five years to respond to current market conditions?

Industry partnerships always have value, but nowhere is this more true than during hard times.

Over the last few years, I’ve seen more decorative plumbing and hardware showrooms and kitchen and bath manufacturers collaborating and/or working with other brands in ways that I hadn’t before, and it made me wonder. If you’ve spent years building your brand, is the next logical step collaborating with another?

Unlike our children, you and I don’t have the luxury of a decade or two of reflection on the new world economy. We have to slosh through the mud and try to find ways to re-grow our market share today – despite a still-soft remodeling industry and budget-conscious consumers still wary about investing in kitchen and bath projects.

The Miriam Webster dictionary defines “altruism” as the unselfish regard for or devotion to the welfare of others. While this certainly describes people who volunteer, there are certainly other reasons why people volunteer. Meeting others, making contacts for possible employment, developing an additional skill set, having fun – these are not exactly altruistic reasons, even if they are a byproduct of volunteering.

Today’s market includes multiple challenges: high unemployment, a rise in foreclosures of homes, a decrease in broken ground for residential and commercial construction, fluctuating American stock markets as well as collapsing European economies. All of this is triggering a worldwide crisis.
Many of these outside factors which usually build consumer confidence and encourage people to upgrade their dwellings are now working against us in the decorative plumbing, tile and hardware field. Some of us have chosen to get out of the business while the rest of us are somewhat sustaining what we currently have, and our great challenge is to move forward.