The NKBA Pulse gauging the overall impact of the COVID-19 crisis remained flat with last week. By Dianne M. Pogoda
After six weeks of trending downward, the NKBA Pulse appears to have hit a plateau. The weekly member survey measures members’ sentiments about the effects of the COVID-19 crisis on their businesses, and for the first time, there was no movement regarding impact among any of the four member categories. Overall, more than 800 respondents again rated the lockdown’s impact at an average of 6.9 on a scale of 1 (no impact) to 10 (significant impact).
Building and construction pros’ rating remained at 7.2, retailers were stable at 7, designers again placed impact at 6.9, and manufacturers’ rating was the same as last week at 6.8.
There could be several reasons for the stability, including the holiday week, as well as that there hasn’t been a significant difference in the opening of businesses related to kitchen and bath design and remodeling, including manufacturing plants reopening, and contractors resuming work in clients’ homes.
NKBA’s weekly two-question survey measures the impact of the pandemic and resulting lockdown on members’ businesses, and whether demand for their goods and services is increasing, decreasing or staying the same.
This week’s poll also reflected minimal change in demand either way. Overall, compared to the week of May 21, the same percentage of respondents said demand was increasing (39%), and the same said it was decreasing (24%). The greatest change among all segments was just 2 percentage points — with 44% of manufacturers reporting demand on the rise compared to 42% last week. All other segments reported week-over-week demand to be one percentage point or less. However, while the percentage of builders, manufacturers and retailers reporting increasing demand was all in the mid-40s, the designer segment continues to struggle, as a relatively smaller 29% reported demand on the upswing.
Analyzing the data deeper, smaller businesses appear to be having a tougher time, and have a significantly lower percentage reporting that demand is increasing. Just 22% of businesses with a sole proprietor and 28% of firms with two to four employees reported demand on the rise, compared to companies with five to nine employees (49%), 10 to 19 (41%), or those with 30 or more (all over 50%) and finally 60% of very large companies, with 500+ employees, saying demand was increasing.
The NKBA Pulse will continue to poll members and report weekly. To participate in the poll, email marketresearch@nkba.org.
