UK hardwood market slow in the face of consumer “hangover”

The UK hardwood market this year is considerably slower than the last two years, now that the COVID home improvement boom is well and truly over. British consumers are suffering from a “hangover” with annual inflation still close to 8% and the bank base rate having been pushed up to 4.5% following 12 consecutive increases since December 2021. High stocks of hardwood products were built up in the first half of last year when prices were higher and have only been selling slowly, often at a loss to maintain cash flow. Nevertheless, there are emerging signs of ...