Key Takeaways:
- Smart-home products are the most likely feature to be at a premium level;
- Comparing households with earnings above and below $120,000, appliances had the smallest gap of all features in the desire for higher-end upgrades;
- Mature singles/couples without kids at home were far more likely to opt for premium upgrades than any other life stage group.
By Robert Isler
Premium upgrades have been surging this year, leading mid-level renovations and far surpassing low-end in growth compared to 2020. NKBA took a closer look at what was driving that trend in its October update of the Kitchen & Bath Market Outlook, and the results yielded a few surprises.
For four of the kitchen features examined, more than half the upgrades were high-end. These were led by smart-home products, where 57% were premium. Water-filtration systems was next at 54%, while some of the more standard features, including appliances and countertops, were high-end 51% of the time. Even more basic kitchen features that aren’t as top-of-mind during a remodel did very well, with 44% of households going the premium route for flooring, and 43% for lighting. Somewhat surprising were cabinets, which came in last and far behind all others. Only 33% of remodels including cabinets were premium in nature.
To read more of this story, visit NKBA Insights here.
