NKBA Study Finds Millennials Outspend Others on K&B Remodels
July 26, 2016
Millennials outspend other age groups when remodeling their kitchens and bathrooms, according to new research from the National Kitchen & Bath Association (NKBA). The research found that millennials spend an average of 17.7 percent more than the $19,155 typically invested in a kitchen remodel, and 42.3 percent more than the $11,364 normally allocated to remodel a bathroom.
The NKBA research study, “Understanding Millennial Kitchen & Bath Consumers,” compares the behavior and attitudes of those ages 18-37 to other generations when planning kitchen and bath remodeling projects. The study, conducted by The Farnsworth Group, also found that more than half of the millennial generation has purchased a home in the last five years.
The Executive Summary of the study is available to NKBA members free of charge, as is a brief SlideShare presentation at: www.slideshre.net/NationalKitchenBathA/understanding-millennial-kitchen-bath-consumers. The complete study can also be purchased at nkba.org/research.
Other findings include:
- When purchasing kitchen and bathroom products, younger generations value Internet searches and information from friends and family members more than other age groups.
- Customer reviews are more important to millennials when selecting kitchen products compared to other age brackets. In the bathroom, the cost of a product is paramount for millennial buyers when compared to other generational groups.
“Our market research helps our members stay ahead of important trends and changes in the $31 billion kitchen and bath marketplace,” said NKBA CEO Bill Darcy. “Our market intelligence and research studies interpret current trends, and predict what we can expect in the near future.”
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