Page 11 - Widthwise Magazine

revisiting their assumptions about the market. Dogmatism is most definitely on the way out. Pragmatism is in.
On the upside, the British govern- ment’s loosening of planning regulations and hefty investments in infrastructure suggests that this may not be a bad time to be supplying building hoardings and wraps, wallpaper and murals and textile print for homes and interiors.
In the UK, as in any other developed economy, any recovery is, at best, likely
to be a stop/start affair. The latest Bank of England guidance says that, even though the initial rebound in GDP will probably exceed previous forecasts, the British econ- omy will not get back to where it was until the end of 2021. Other experts insist the Bank of England’s forecasts are over-op-
timistic, citing such known unknowns as consumer confidence, job losses and the potential for economic activity being affect- ed by further lockdowns.
The 2020 Widthwise survey suggests that many wide-format printers recog- nise the challenges ahead. The five top priorities for PSPs, consulted in July,
as they look to the future are: growing revenue (62.5%), reducing costs (44.3%), diversifying their wide-format offering (39.8%), improving cash flow (31.8%) and exploring new markets outside the wide-format sector (17.0%).
In former, more prosperous, times, many PSPs saw diversification into new sectors as too difficult, time consuming and therefore, quite frankly, hardly worth the effort. The responses to this Widthwise survey suggest
Q13. Which of these wide-format markets will you move into over the next 2 years? (please select all that apply)
that the economic turmoil experienced in the first half of 2020 has convinced 48.9% of respondents that new markets hold the key to their future. Recessions, like takeover bids, are useful for focusing the mind.
Almost half of the PSPs surveyed - 46.6% - are prioritising organic growth, while 36.4% are looking to ecommerce and 34.1% are relying on creative design services, presumably aiming to offer buyers a total solution. The results of the initial Width- wise survey - in which 65.3% were looking to add creative design and 42.5% planned to move into installation services - would seem to confirm these trends. There are those who argue that PSPs cannot possibly offer the kind of creative design that a specialist agency can provide but it does seem that many buyers are not particularly
74.56%
Q16. Over the next two years, do you expect to employ?
Widthwise 2020
None of those below Wallpaper/murals Textile printing for banner/flags Textile printing for home/interiors Exhibition and display graphics Building hoards/wraps Packaging Retail/POP/POS Transport graphics Textile printing for garments Posters General banners/flags/signage Window graphics Floor graphics Cardboard engineering Industrial speciality (ceramics, metals etc) Fine art/photography Billboard/outdoor advertising Furniture
7.02% 5.26% 4.82%
3.95% 3.07% 2.63%
2.19% 2.19% 2.19%
1.75% 1.32% 1.32% 1.32% 1.32% 1.32%
0% 0% 0%
More staff The same number of staff Fewer staff
34.21% 33.77%
32.02%
Q17. Are you finding it harder to recruit staff?
No 75.44%
Yes 24.56%
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