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Presidential Election Will Create Uncertainty for Consumers

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Thought Leadership

Presidential Election Will Create Uncertainty for Consumers

PJ Fitzpatrick CEO reveals his predictions and advice for the home improvement industry in 2024 for Pro Remodeler's Thought Leader predictions series


By James Freeman | CEO, PJ Fitzpatrick January 28, 2024
PJ Fitzpatrick CEO James Freeman
James Freeman | CEO, PJ Fitzpatrick
This article first appeared in the January/February 2024 issue of Pro Remodeler.

This is a snippet of Pro Remodeler's annual Thought Leader Predictions round-up featuring 11 remodeling leaders. Click here to read the whole story.


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.


written by

James Freeman

James Freeman is the CEO of PJ Fitzpatrick. 


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