Wickes sales slow as home renovation boom ends

There are definite signs the home improvement frenzy prompted by people spending lockdown looking at tired old fixtures and fittings has slowed.

“Wickes may have reported record sales for 2022, but profit was down as it was hit by higher costs. Wickes has used innovations like 30-minute click and collect and buy now pay later options to keep sales afloat and build market share,” said AJ Bell’s Russ Mould.

“Buy now pay later may have a role but using it on a larger scale could introduce fresh risks into the business and already sales are starting to drop off in 2023.

“People’s budgets are less likely to stretch to home renovation projects which are becoming less affordable thanks to inflationary pressures, plus a slowdown in the housing market will diminish one of the key drivers for do-it-yourself and do-it-for-me business.”