Report Price: $1995
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The National Kitchen & Bath Association has just released the first update to its 2021 Kitchen & Bath Market Outlook. The report provides a thorough assessment of the U.S. residential kitchen and bath industry, including a gauge of current market size and a forecast for the entire year. Using a variety of industry sources along with 530 online surveys to better understand home improvement activities as COVID-19 subsides, NKBA built its estimates based on housing industry factors and consumer activity.
Kitchen and bath projects are extremely popular, and rank #1 and #2 in 2021 home improvement plans among a dozen home areas offered.
Key Takeaways
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Industry revenues continue to be revised upward. The latest forecast, calling for $170.9 billion, is almost 8% higher than the initial 2021 estimate, and over 21% above the $140.8 billion for 2020.
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High-end projects are leading the growth. While small and mid-level projects are increasing, the highest levels are surging, and are now expected to exceed 2020 by 28% vs. the initial forecast of just under 20%.
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More homeowners plan to increase their home improvement discretionary spending than that of any other category. Specifically, 30% plan to boost spending for home remodeling vs. 20% or less for eating out, entertaining, travel or health.
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Kitchen and bath projects are extremely popular, and rank #1 and #2 in 2021 home improvement plans among a dozen home areas offered. Fifty five percent who plan a remodel will be doing so for their kitchens, 40% for their primary baths, with exteriors, patios/decks and primary bedrooms rounding out the top five at lower levels.
Additional Topics Covered
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Growth/upgrade plans for both kitchen and bath
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Housing activity trends
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Home price appreciation by market
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Residual impact of COVID-19 on home projects
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Kitchen and bath remodel motivations
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Renovation activities of single-family rental (SFR) operators