The weekly tracker aims to establish a pattern of business and expectations among members. By Dianne M. Pogoda
NKBA’s effort to quantify the impact that the coronavirus pandemic is having on members’ businesses is under way, and its first NKBA Pulse survey ranked the impact of the health crisis and resulting lockdown at an 8 on a scale of 1 to 10, where 1 is no impact and 10 is significant impact.
The NKBA Pulse provides a snapshot in time measuring members’ sentiments on the significance of the impact, as well as the increase or decrease in demand for their goods and/or services. The goal is to track these sentiments and to share them with both Association members and the kitchen and bath industry at large. This careful monitoring will chart the course of COVID-19’s impact, from decline through recovery.
Overall, this week’s findings are based on more than 500 members’ responses. The impact is being felt most in the Building & Construction sector, at 8.5, while manufacturing ranks impact a full point lower, at 7.5. Manufacturers tend to be slightly more optimistic than other segments because they are the farthest from the end-user. Retail/sales professionals ranked impact at 8.1, while designers put it at 7.9.
Anecdotally, designers have reported that January and February were fairly robust for their businesses, so they still have work in the pipeline.
The second part of the NKBA Pulse asked about demand for members’ goods and/or services compared to the prior week. Overall, 62% said demand was decreasing, 29% said it was the same, and just 9% said it was increasing. By segment, builders and retailers were hardest hit, with 64% reporting decreases, while 61% of designers and 60% of manufacturers said demand was falling.
The NKBA Pulse will continue to poll members and report weekly. To participate in the poll, email marketresearch@nkba.org.
