TRENDS & ANALYSIS
whereby a new battery or accessory may need to be replaced every two to three years. This durability, albeit advantageous to the end user, has had a knock-on effect on the hand tool category with core types of tools, such as screwdrivers and hammers, suffering the heaviest volume declines of 23.3 per cent and 17 per cent respectively. The hand tool market’s close
correlation to the property market impacted negatively on the category during the recession but a now buoyant construction industry is expected to see the sector grow during 2011 and beyond. So much so, research reveals that demand for hand tools in the UK is expected to rise and by 2012 the market value is forecast to reach £246.7 million, representing a 4 per cent growth1 To encourage end users to
continue spending on hand tools, despite the decline, tool manufacturers and suppliers have looked at the design and function of products. There has been a great investment across the board in product development and improvement, making tools durable, fit for purpose and
visually appealing. The method of manufacture contributes to the superiority and quality of a tool, as does the company’s willingness to constantly develop it so it continues to meet the needs of those who use it day to day, which in turn helps drive footfall for retailers and generate those all important sales.
“The durability of .
hand tools, albeit advantageous to the end user, has had a knock-on effect on the hand tool category with core types of tools, such as screwdrivers and hammers suffering the heaviest volume declines of 23.3% and 17% respectively.”
Retailers and manufacturers
must constantly monitor and assess the needs of the industry in order to develop new tools for professional use. Working closely with a dedicated group of professional tradesmen to understand how they work and
what they need from a tool can help the industry achieve this. Tools are a tradesman’s bread and butter, and holding regular research group sessions can offer insight into how tools are used in real life and how to develop products fit for purpose. Retailers from all
backgrounds are well aware that building a profitable business depends on choosing the right mix of products for their target audience and marketing them effectively to maximise the profits they achieve. To put things in perspective, hand tools and tool storage solutions can offer a 25 per cent additional profit over other lines.
At a time when so many
companies are feeling the need to cut back and cut corners, it is reassuring that leading brands in the hand tool market still believe in pushing the boundaries and are prepared to invest in product development and improvement to bring truly innovative and market
leading solutions to market. 1
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