At present, the refinishing industry is witnessing a resurgence. The refurbishment, renewal, and restoration of furniture and various surfaces have become a popular alternative to traditional replacement. Thus, it’s easy to see why the refinishing services market is becoming bigger and bigger.
The service costs of refinishing jobs are also quite high at times and bring in good amounts of money for the service providers. For instance, according to HomeAdvisor, refinishing kitchen countertops can cost customers between $209 and $523.
On the other hand, to refinish a bathtub, according to Forbes, customers have to pay between $200 and $1,000. Then there’s furniture refinishing, which can cost between $335 and $918. Therefore, making profits in the refinishing industry is somewhat easy, given how costly the services can be.
Now, as we navigate the ever-evolving landscape of the refinishing industry, it’s essential to stay abreast of the trends shaping its trajectory. In this article, we will delve into a few key trends that are transforming the refinishing sector and influencing its future.
1. Technological Advancements Drive Innovation
As technology continues to advance, the refinishing industry is experiencing a wave of innovation. Automated refinishing processes powered by artificial intelligence and robotics are streamlining operations and enhancing precision. These technological advancements not only increase efficiency but also contribute to a higher level of customization.
3D printing, for example, enables refinishing professionals to create intricate designs and textures, providing clients with unique and personalized finishes. The integration of technology into the refinishing process is transforming the industry and offering new possibilities for creative expression.
2. Customization and Personalization
Consumers are increasingly seeking products and services that reflect their individual tastes and preferences. In the refinishing industry, customization and personalization have emerged as significant trends.
Clients are no longer satisfied with generic finishes on their countertops, bathrooms, floors, etc. Instead, they crave unique solutions that cater to their specific needs.
Refinishing professionals are responding by offering a diverse range of colors, textures, and finishes. The ability to create bespoke designs and cater to individual style preferences sets businesses apart in a competitive market, fostering customer loyalty and satisfaction.
3. Rise of Niche Markets
The refinishing industry doesn’t necessarily have to cater to individuals alone. This sector now has the opportunity to work in various niche markets.
Take the real estate market in Michigan as an example. As reported by Bridge Michigan, states with less population growth, like Michigan, have, on average, slow-growing home prices. In such a situation, the home sales in this state have been rather slow in recent times.
Hence, those eager to sell real estate without too much struggle are mostly having to sell old homes or properties instead of new ones. The idea is that when sold, older homes, even at low prices, will return better value than newer homes at low prices.
However, the responsibility to make these old homes look new is now in the hands of different refinishing services in Michigan. They are to restore and make different parts of the home look better and newer before those homes can be listed on the market.
According to New Finish, whether it’s residential flooring or commercial countertops, expert refinishing service providers can do it all. Right now, these service providers are targeting niche markets, like the real estate sector, to make large profits.
4. Health and Safety Standards
The health and safety of both professionals and consumers have become paramount considerations in the refinishing industry. With a heightened awareness of the potential risks associated with certain chemicals and processes, there is a growing emphasis on adopting safer refinishing practices. This includes the use of protective gear, proper ventilation systems, and the implementation of best practices to minimize exposure to harmful substances.
Industry standards and certifications for environmentally friendly and health-conscious refinishing products are gaining importance. This, in turn, is providing consumers with the assurance that their chosen refinishing service adheres to stringent safety protocols.
5. Sustainability Takes Center Stage
Consumers are increasingly seeking eco-friendly options, and businesses in the refinishing sector are responding by adopting environmentally conscious practices. In fact, such sustainability-conscious customers can be found across several other industries as well.
According to Kantar, 22 percent of shoppers at present are sustainability-conscious. In 2022, this percentage was 18 percent, and in 2021, it was 22 percent.
In the refinishing sector, water-based finishes and low-VOC products have become staples, reducing the environmental impact and health risks associated with traditional refinishing materials. Also, the reclamation and repurposing of furniture and fixtures align with the global push towards a circular economy, emphasizing resource efficiency and waste reduction.
In conclusion, the refinishing industry is undergoing a transformative phase driven by evolving consumer preferences, technological advancements, and a commitment to sustainability. As businesses navigate these trends, adapting and innovating will be key to staying competitive and meeting the diverse needs of consumers. By keeping a vigilant eye on these trends, refinishing professionals can carve out a successful path in this dynamic and ever-evolving sector.