New NKBA Report Pegs Kitchen Remodeling Industry at $49 Billion
May 9, 2017
More than 10 million households remodeled their kitchen in 2015, amounting to a $49 billion annual industry according to research from the National Kitchen & Bath Association (NKBA). The NKBA U.S. Market Size Study: Kitchen Products also finds that consumer spending in this market ranges from an average of $1,024 for a simple replacement job to more than $19,000 for a complete remodel.
This study, completed in cooperation with The Farnsworth Group, provides detailed data on 17 major product categories in the kitchen space. It includes types of kitchen products purchased by consumers and professionals, the amount spent by each, product volumes by type of project, where items were purchased and more.
An executive summary of the study is available to NKBA members free of charge and to nonmembers for a fee. The full report is also available. Both can be found at nkba.org/research.
Other findings include:
- Just under one in five kitchen remodel/replacement jobs (19 percent) were complete remodels, but they accounted for nearly half (47 percent) of the total kitchen spending.
- Nearly half of the dollars spent (48 percent) on kitchen replacement/remodeling products are allocated for cabinets and appliances.
- For all types of kitchen projects, big box stores (e.g., Home Depot, Lowe’s) are visited by around two-thirds of consumers who are remodeling, although most visit more than one type of store.
“The NKBA is dedicated to conducting research that ensures our members stay ahead of important trends and changes in the market,” said NKBA CEO Bill Darcy. “We recently hired a research manager, Tricia Zack, to oversee these efforts. These studies help our members understand what is happening today and what to expect in the near future.”
August 18, 2017 | Business
Construction Resources Expands Partners with Marketing Agency