The National Kitchen and Bath Association has released the results of its updated 2020 Kitchen and Bath Market Outlook, which has been modified to account for the COVID-19 pandemic’s impact on the kitchen and bath industry. The report estimates the current value of the industry at $130.8 billion.
“Our initial 2020 Kitchen & Bath Market Outlook was conducted in late 2019, before the pandemic hit our members and homeowners in the U.S. and Canada,” says NKBA CEO Bill Darcy. “Kitchen and bath spending had been increasing steadily prior to the pandemic at 9% in 2018 and 4% in 2019. As such, the original report projected a strong 2020, bolstered by an especially bright Q1. While the COVID-19 crisis, unsurprisingly, led to a double-digit decline in spending across all major categories, we are already seeing signs of positive growth as shelter-in-place orders are lifted, and we’re optimistic about the industry’s long-term health.”
In a study commissioned by the NKBA and conducted through John Burns Real Estate Consulting, consumers cited fewer resources, limited access to industry professionals, store and showroom closures, and a fear of outsiders entering the home as hurdles to home improvements. However, lower spending in other areas and more free time spent at home has led to a higher focus on DIY home projects.
As of mid-April 2020, 81% of kitchen and bath remodeling projects had been postponed or canceled, but 70% of homeowners said they plan to reschedule those projects. Kitchen spending fell by 25%, compared with 18% for master baths. Of the projects that continued through the pandemic, only 25% made use of a designer, compared with 38% pre-COVID.
Almost one-third of respondents say that the pandemic has “changed” the way they use or think about their kitchen or bath. When one or more members of the family work from home, the number rises to 38%.
Click here for more information on the full report.
