Key Takeaways: KBIS 2022
TZR recently hit the road to attend the Kitchen & Bath Industry Show (KBIS) and the International Builders’ Show (IBS), considered one of the largest kitchen/bath and housing industries showcase for new products and services with more than 1000 brands exhibited.
The team was excited for the in-person networking opportunity and we enjoyed catching up with our connections and making new ones.
The events were so well attended and you could feel a buzz in the air, “The halls were teaming with people and vendor booths were full of activity. Vendors said that they were having good leads and the building industry felt strong; most companies have been reporting record sales and profit, so that was positive to hear.” said Mark Fisher TZR president.
2022 is Coming in Hot
Many project that 2022 will stay on the current trajectory, supply chain issues still seem to plague most everyone, although some are navigating it better than others.
The companies who have rapidly and systematically been able to pass on supply chain costs to customers have had record sales and profits. Those who have not been able to pass them along in a timely manner have suffered, failing to hit profitability targets and are now struggling.
Everyone is Actively Recruiting
Another thing on exhibit at the show was that the employment market is highly active: top talent is in high demand with a smaller than usual supply.
Compensation escalation, much like supply chain costs, has been one of the steepest curves in decades. This may be due to inflation as well, but supply and demand is certainly having its impact.
To retain top talent, companies are recognizing the competitive markets and trying to keep people with higher wages and bigger bonuses, and continued flexibility with work-from-home situations.
Plan Now Before Your Competitor Gets Your Talent
All in all, the building products market is still red hot. It will remain so, as long as the economic pillars like real estate remain strong.
Good people are in high demand, and navigating that well to retain your team or attract new talent is something that we can help companies navigate. This is a great industry to be a part of and it was good to see such a strong showing of vendors. If you need help with what comes next for your business and team reach out today.