Description
The National Kitchen & Bath Association has completely revamped its annual Market Outlook report – released in February – to reflect the impact of COVID-19 across the industry. Two-thirds of its pages are either new or revised, including two sections devoted exclusively to COVID-19. This first quarter update provides a thorough and objective assessment of the U.S. residential kitchen and bath industry, including an estimate of current market size and a forecast for 2020. Estimates for 2020 are based on housing industry factors and consumer preferential behaviors, both of which have recently been altered.
Major sections in the 2020 Market Outlook update include:
Kitchen & Bath Industry Size and Growth
Key Housing Industry Factors Impacting 2020 Kitchen & Bath Industry Growth
Impact of COVID-19 on Kitchen and Bath Project Spending
Project Motivations/Obstacles
Project Details and Financing
Impact of COVID-19 on Consumer Behavior
The data in this report is compiled from a variety of sources – US Census American Housing Micro data, National Apartment Association (NAA) Spending, National Association of Realtors, Moody’s Analytics, Home Innovation Research Labs (HIRL), and home improvement estimates and forecasts from John Burns Real Estate Consulting. All dollar figures cited include both products and labor (installed costs).
This report also includes results of a survey conducted among 500 consumers to better understand the impact of the COVID-19 pandemic on spending levels. Responses were equally divided among four groups:
Homeowners who completed a kitchen/bath remodel project
Homeowners who are actively working on a project
Homeowners who started but postponed a project
Homeowners who planned/strongly considered a project but abandoned it.
