The Updated Outlook for Kitchen and Bath from NKBA

The optimistic prediction at the start of the year, like most everything else that has occurred in 2020, took a dramatic about face when sheltering in place orders were issued in the middle of March. Word from DPHA showrooms is that they are busy, some having record months since COVID began. The National Kitchen & Bath Association publishes an industry outlook each year, and recently updated its outlook to account for the impact of COVID-19. The updated study found the following according to a recent article in Kitchen & Bath Business.

• 11% of planned kitchen and bath remodeling projects as of mid-April were cancelled or postponed because of the virus
• Spending on kitchens fell 25%, master bath dropped 18% and second baths dipped 14%
• Spending on medium and larger K&B renovation projects is expected to drop by 22%, while spending on smaller projects is expected to fall by 14%
• Projects that continued saw reliance on designers at 25% compared to 38% before COVID-19
• Homeowners who continued with their projects during the pandemic opted for lower priced products and were more likely to use DYI labor

Primary reasons why projects were scrapped or postponed was fewer resources, fear of strangers entering their homes, limited access to industry professionals, decline in income, fear of job loss and showroom closures. Financial concerns were cited by 25% of homeowners that delayed or cancelled their projects.

Nearly 33% of Americans reported that they have changed the way they view their kitchens and baths as a result of COVID-19, focusing on health and safety, quality, function and design. For Americans working from home, 38% have changed the way they think about their kitchens and baths and 19% of those working from home reported wanting to renovate their kitchen or bath.

The report is free to NKBA members. Call 800-843-6522 to order 2020 Kitchen & Bath Market Outlook: Q1 Update. The full article can be found here.